Starting a Business: Myths and Realities

Starting a business

Starting a business is not an easy feat. Starting a business right is much harder. With so much misinformation out there, let's address some commonly shared myths about entrepreneurship.

Myth #1: When I start a business, I’ll have more time to do what I want

The opposite is true. It takes time to set up and grow your business. Yes, you might be able to take your kids to dentist appointment during work hours. But that might translate into working late nights or weekends. To be successful, you’ll need to embrace that being an entrepreneur is a lifestyle, not a job.

Myth #2: I should be profitable after six months, because I’m an expert at what I do

It’s a fact that even if you’re a pro at what you do, most new business owners don’t see a profit for two to three years. It takes time to develop your brand, your marketing materials, and the right plan, systems, and processes to generate sales. It may take months, even years – and lots of reinvestment in your company – before you get on a steady ground. To shortcut this timeline consider joining my upcoming webinar to stir you in the right direction quickly.

Myth #3: I don’t need a marketing plan or marketing materials - my product/service sells itself

Even if you think your product is the best idea since the invention of electricity, if you don’t have a marketing plan or budget, you will fail. You can’t wait for your customers to find you. You need to bring your product/service in front of them. There’s a reason why big brands continue investing in their marketing even though they already have brand awareness and solid client base. The good thing is online marketing made things easier, cheaper and faster. You will still need to take time to learn the ins and outs of marketing and develop guidelines for your team.

Myth #4: I must do it all

There are many reasons why startups decide to “do it all”. Some might be afraid to spend too much money upfront and decide to learn it all, delaying their results and success. Others might have control issues, worrying about others not doing the job up to their expectation or stealing their ideas. Whatever’s your reason, trying to do it all will significantly delay your results. None of us is an expert in everything. Success is never an effort of an individual – it’s a team effort. Being solopreneur is like replacing your job with another job – but with more work and less benefits. Try to find the right scale solution for your situation. If you can’t afford hiring a part-time person, hiring on per-project basis, abroad or getting an intern to help might be a better option. Turn your excuse into challenge and tackle it.

Myth #5: I have to work 24/7

After you start your own business, you’ll quickly discover that there’s this endless list of tasks and activities that need to be done. You’ll be tempted to tackle them quickly to fast-forward your success. But keep in mind that even machines need a break to function longer. How much more you! If you choose to keep going without a break, you will stifle your creativity, motivation and drive and you will eventually get sick and unhealthy. All of this will affect your success. Yes, you will need to work hard and there will be periods of intense work, but you will need to learn to balance it with good sleep, good food, plenty of movement and some fun.

With these myths out of the way, you will need to determine whether you have what it takes to start and run a business. Millions of people dream about starting and running their own business. Most businesses never make it beyond 5 years mark and fail.

Interested in learning how to build a business that will succeed? Register for my upcoming webinar to discover the latest updates and recommendations.

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