FIVE (5) MYTHS ABOUT STARTING YOUR OWN BUSINESS THAT SHOULDN’T STOP YOU

FIVE (5) MYTHS ABOUT STARTING YOUR OWN BUSINESS THAT SHOULDN’T STOP YOU

 

Entrepreneurship is on the rise in present times. With the power of the internet and social media, starting your own business has never been easier.

But nothing good in life comes easy. And starting your own business isn’t an exception. You need to learn what the customers demand, build an impressive product or service, and find ways to minimize costs and risks.

Unfortunately, many people don’t even take the first step because of fear of failure. They believe the myths they have been told by friends or inexperienced people who couldn’t do it themselves.

Here are the five myths about starting your own business that shouldn’t stop you.

1. You Need A Lot of Money

Starting your own business takes effort and willpower, not money. Small amounts of money can bring in small profits, which then, can be reinvested to scale the business. Many of the successful companies in the world – including Dell, Facebook, Apple, Microsoft, eBay, and SAP – started as a bootstrapped enterprise.

2. It’ll Take A Long Time To Start

A serial entrepreneur, Bob Adams started multiple businesses within weeks. His Cape Cod map business took five weeks to generate profits. He started other business such as bicycle rentals, boat brokerage and trading, and house painting.

Starting your own business seems hard because you look at the big elephant and get scared. If you eat the elephant one bite at a time and focus on action, soon uncertainty will convert into certainty and you’ll be astounded to find that it was not that hard.

3. You Need to Quit Your Job

You don’t need to quit your job. In fact, it’s advisable that you start out small while keeping your day job. A day job will give you the mental peace to work on your business with a free mind. If you have work, it’s better to hire people on hourly basis to keep the workflow smooth.

It’s important that you start small and slow. That way, you will have enough space to make mistakes and learn how a business really works. Without your job, you won’t be able to take risks. With a job, you’ll be better able to test an idea, analyze the results, revamp the product, test it, and keep your product improving this way until you get it right.

As Mark Cuban says, “You only have to be right once.”

4. You Have to Work 24/7

It’s true that you need to put in great effort. But great effort is about consistently working every day, it’s not about burning yourself out so much that you don’t feel healthy or active during work.

You can’t pour from an empty cup, therefore it’s important that you take the time to recharge and rejuvenate yourself. Eating healthy, sleeping enough, exercising every day, taking regular breaks, and taking a day off every weekend are all part of the deal.

5. You Need Experience

Elon Musk, the founder of SpaceX, Tesla, and SolarCity, says that, “even if you’re the best of the best, there’s always a chance of failure.”

Starting your own business in an unexplored field fills you with excitement and curiosity. Everyone makes mistakes and learns along the way. You can learn any business by breaking it down into digestible pieces.

As Tony Robbins says, “success is 80% psychology and 20% strategy”. What matters is that you put in the effort, break down dreadful problems into doable tasks, and keep persevering till the bitter end.

Starting your own business is not about resources, it’s about effort, willpower, and ability to learn and adapt.