Entrepreneurship is not for the timid. It’s not that it takes tremendous amounts of courage, but you do need a certain tenacity to hit the ground running every morning when you swing your feet out of bed.
Myth 1. You have to know what you’re doing.
You actually don’t need to know exactly what you’re doing to get started. Time has proven that continuously. I sure didn’t know what I was doing exactly and I feel that I am doing great. Granted I didn’t just guess my way through everything I did do research and asked many questions. I suggest if you do not want to pay for classes Youtube and the internet in general pretty much has all your answers to what you need to do to be successful in your start up.
Myth 2. You have to have a full business plan.
I personally don’t like giant business plans and never did one. Something simple that effectively outlines your mission, vision and marketing efforts with some data matrix around how you’re measuring your success and you should be good to go. All this talk about where is your in depth business plan is crazy!
I’ve witnesses many entrepreneurs get bogged down in the mud of insisting they need a full business plan to start their businesses. I’m of the philosophy that you should test out whether your business is even viable before you sink money into it.Get a solid two- or three-page outline of your business plan and then get to work. Don’t get trapped in business plan analysis paralysis. What are you trying to do get a business loan, which I do not recommend and I will let you know why in another post.
Myth 3.You have to start at the right time.
Wrong! The only timing that will ever be right is now. In fact, countless entrepreneurs have started their businesses at the worst possible times in history, and the worst possible time in their personal lives. JUST DO IT! Nothing more to say.
Myth 4. You have to have a lot of money to start.
You don’t need a lot of money to get started. There’s a whole book by Eric Reis about why this is the case called The Lean Startup.
There are lots of ways to kick-off your business without a bunch of capital (if you even need it I know I started with $500.00). One of the best ways to debunk this myth for yourself is to start micro-testing your product or service either on the side or in small batches to scale your growth incrementally. Big chunks of capital might help you grow faster(You will be in debt before you even made a penny), but sometimes a slow and steady growth rate can help you stabilize and get your business legs underneath you while your profit margins grow.
Myth 5. You have to hire staff.
This is one myth I quickly debunked when I started my first business with my husband. Staff is EXPENSIVE to keep, cost time to manage and are in most ways the biggest expense any business will have on the books. The longer you can keep your business under your core leadership, the better.
Myth 6. You have to work 24/7.
Entrepreneurs tend to work long hours most days. In startup mode, that’s simply what’s required. However, you have to be aware not only of your cash burn rate as a startup, but also your personal burn out rate.
If you grind yourself into the dust day after day without relief, you’re going to get sick and unhealthy, and that’s going to affect your success. You don’t have to work 24/7 to run a successful business. While you will need to work hard, and there will definitely be periods of seriously intense work, you also need to balance that with good sleep, good food, plenty of movement and some fun sometimes.
Myth 7. You have to do it all.
This might appear to believer the earlier myth about not hiring staff, but the truth is that you don’t have to do it all in your business. It’s important to delegate and outsource some of the daily tasks and responsibilities of the business so you can have breathing space from time to time. Doing it all will mean burning yourself out and it’s a common mistake I see amongst new entrepreneurs. Keep your sanity and learn not to do it all.