5 Common Myths About Starting A Business That Is Holding You Back
Are you thinking about starting a business but unsure where to begin? You're not alone. Many people have the same questions and concerns when embarking on this journey to working for themselves. One of the biggest hurdles to starting a small business is overcoming common myths about entrepreneurship. If you can debunk these myths, you'll be one step closer. So we're busting the 5 most common myths about starting a business that is holding you back.
Myth #1: You Need a Lot of Money to Start a Business
While it's true you'll need some start-up capital; you don't need thousands of dollars. There are many ways to start a business with very little to no money. You'll be surprised to find out the number of multi-million dollar companies that bootstrapped their businesses.
There are many ways of generating cash flow for your business. Look into grants, loans, or crowdfunding to get your business off the ground.
Here's what we recommend to get started: chalk out your business plan and find out the costs associated with starting your venture. Then get scrappy or find ways to begin doing it for free (or low-cost) to generate momentum.
For example, let's say you want to use digital marketing to promote your business. Using paid ads will cost money that you might not have right now. In such a case, try exploring the alternatives. Maybe you can focus on growing your social media following or learn how to increase SEO for your website that organically increases the reach of your business.
Myth #2: You Need an Original Idea
The truth is, you don't need to reinvent the wheel to start a successful business. There are plenty of companies that have been successful by simply offering a service or product already available. There is enough competition in the market without you needing to have a completely original idea. What's more important than having a unique idea is having an exceptional execution of that idea.
Suppose you want to start a bakery with an at-home delivery service. There may already be bakeries in your town that offer this. But what makes your bakery different? Maybe you use local, organic ingredients, or you focus on creating unique artisanal cakes. It's crucial to find a niche for your business to stand out.
Myth #3: You Need to Know Everything about Running a Business
There's a lot to learn when starting and running a business. But you don't need to know everything about running a business to be successful. Many successful entrepreneurs have no idea what they're doing when they first start.
What separates successful entrepreneurs from unsuccessful ones is their willingness to ask for help. They surround themselves with experts who can fill in the gaps where they fall short. And they're always learning and growing on the journey.
If you come across a problem that you don't know the solution to, try finding a mentor who can guide you through the process. Anytime you encounter an issue, look up resources or consult with someone who has more experience. There are plenty of people who want to help you succeed, which leads to the next myth.
Myth #4: You Need to Do Everything On Your Own
Many entrepreneurs feel like they need to do everything on their own to succeed. But the truth is, you can't (and shouldn't). Trying to do everything on your own will only lead to burnout and resentment. It's vital to delegate tasks and build a team of people who can help you with your business. Hiring employees or contractors can free up your time to focus on other areas of running your business.
As a new business owner, it might be challenging to determine when it's the right time to delegate. A good way of deciding this is by measuring the value you bring to the business and finding out your hourly rate. Once you have this, consider what you can do with your time if you delegate other tasks that aren't in your zone of genius.
For example, let's say you spend 10 hours a week writing content for your blog that you can spend on pitching to clients directly. In such a case, you can find a writer with an hourly rate lesser than yours and focus your energy on client acquisition.
Myth #5: You Will Love Running the Business
Most entrepreneurs start a business because of their passion. You might be interested in coffee or social media and start a business surrounding that. It's only natural to think that you will love the day-to-day workings of running a company out of passion. Often, this might be far from the truth.
There will be times when you'll have to do tasks that you don't enjoy, such as bookkeeping or customer service. And there will be days when you'll feel overwhelmed and stressed out.
The key is to create systems that allow you to automate or outsource the tasks you don't enjoy. Focus your energy on the tasks you enjoy to ensure long-term success.
There will be times when you don't feel like working on your business. It's natural to feel this way—you will have to discern when it's worth it to push through. Remind yourself why you started in the first place and think about the end goal. Having a clear vision helps move you forward!
There is no one-size-fits-all answer when it comes to running a business. Knowing that entrepreneurs often figure out the right thing to do by trial and error, what works for someone else might not work for you. If you make mistakes, learn from them and keep moving. Don t let anyone hold you back from your dream of entrepreneurship.
Subscribe to the Digital Orange Juice for juicy ideas and the people who fund them. You can find out about our next pitch competitions. Also, be sure to join our new community BGV Connect!