Debunking the Common Myths in Starting your Own Business
When considering starting your own business, you might be plagued with different business-related myths. Although myths are considered as generally harmless, business myths are not simply old wives tales. There are important lessons to be learned from them. For instance, you should never allow someone else’s failure to hinder you from starting your business or wait until you have more money to start your own venture. Likewise, don’t easily assume that calendar marketing or business cards are obsolete just because your techie friends told you do. It’s important that you know fallacies from not so you can easily and effectively put your small business on top.
Here are some of the common myths about starting a small business:
- Wait until the economy gets better before you start your own small enterprise. No one is protected from the wrath of the economy. If you continuously wait for the right moment, you could be missing out on a lot of business opportunities. It’s best to start small and build you way up.
- You need more money to start your business. If you keep waiting to get more money, you won’t get any business started. You can always start small and get funding along the way. With a good, solid plan you can already get things going even if you have to stick with a bootstrap budget for a while.
- You won’t get anywhere without a business plan. Although there’s some truth to this you don’t really need to create a fixed and detailed plan. Why? Because a fixed plan will work for fixed goals. In business, things are constantly changing. Consumer demands are changing by the day so if you keep thinking that you need a fixed plan to achieve things, you might not last long in the market. It’s best to keep an open mind and make the necessary adjustments as needed.
- Delegating the unpleasant tasks. Sure, you won’t know everything about your business, but you have to at least have a general knowledge of how things are done. Remember that it’s always easy to hire good employees. At the early years of your business you can be the jack of all trades to keep the cost down. When your business grows, that’s the time to hire some help.
- You make all the decisions. Yes, it’s your business so you have the right to make all the shots. However, listening to what your employees and customers say will help in making the right decisions.
- You have more freedom when you run your own business. Not exactly. Unlike having a job, you can forget about the concerns of the job at the end of the day. If you run your own business, every problem in the company is your problem. No one will solve it for you. You have to look at your company as an extension of yourself and simply as something you have to do for money.
- Investing in traditional marketing materials is unprofitable. We may be in the digital age, but there are instances when traditional materials are more practical to use. This is especially true to small businesses. The good news is modern technology has made it possible to produce printed ads on a budget. Today’s print shops are able to provide discounts on calendars, business cards, and posters, which will greatly help cut down the cost of printing.
Myths may be untrue but it helps not to easily ignore them. Re-examine them and take out the good things.
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