Rumor Has It: Avoid These 6 Myths When Starting a Business
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Starting a business can be an intimidating experience; the last thing you want is to have it tainted by myths that appear to be true! But remember there are myths and misconceptions attached to everything in this world so should it deter you from your path to success?
What you should do is make a list of all such bogus myths and cancel them out on your way! But you’re too busy starting your business! You don’t have time to make a list of myths to avoid!
No worries! Because we’ve done it for you! Here’s a list of 6 myths that you should turn a blind eye to when starting your business:
I Should Have A Business Plan To Start My Venture!
Absolutely not necessary! It’s a good thing if you do, but a startup usually stems out of a brilliant idea; so really the plan is pointless. In fact, in most cases, the plan can hold you back! A business plan will have risk and opportunity analysis and a foresight built on absolutely nothing; but it’ll play a huge part in making you doubt yourself!
Will it work? Will people love it? Will I make any profits? Is it good enough? The business plan will give way to all these questions and insecurities and might cause you to shut down on your idea before you can even bring it out in the open!
It’s scary but the more you think about it, the more you’ll become skeptical. Just trust your instincts and go with your gut feeling; success will be ultimately yours!
I Need Prior Business Experience
Some of the most successful businesses of the 21st century, like Facebook, were started by individuals who had never stepped into the business world before!
Why must you learn to do something that you have a natural knack for? An entrepreneur is born with the skill and talent it takes to take risks and has good instincts! And who says you can’t gain business experience with your own startup? There’s no right way to find success. Everyone does it on their own terms and at their own pace. The only thing constant here is your will to do well, experience be damned!
I Can’t Start My Business Without Raising Lots of Funds!
You certainly can! Raising funds usually means raising unnecessary risks for your business in the form of creditors. All you really need is just a substantial amount of capital to build your product or service and then have it tested by your target audience. Let their feedback be your guide. Keep altering and improvising on it until you’ve created something that the public demands and then let them pay your bills!
This won’t only save you the energy of going around finding capital but it’ll also be a great way to access where you stand as an entrepreneur. It’s possible that the public doesn’t take well to your product and/or service. In that case, getting excessive funding prior to its final release is a bad idea.
Raising My Own Funds Won’t Do Any Good!
Another misconception that plagues startups is that personal funds aren’t sufficient enough to establish their business. But remember while external funding is more efficient, it almost always comes with strings attached. On the other hand, your own savings and personal funds, albeit small, won’t demand returns.
In fact, speaking statistically, 77% of small businesses are started with personal funds and continue to grow and flourish.
Bank loans and other financing outlets might be more appealing but personal funds are of great importance too. Pulling in your personal savings into your entrepreneurial venture also has its advantages. Not only does it show that you have 100% faith in your vision but it also serves as a driving force for doing well as it’s your own money on the line!
I Have The Freedom To Do What I Want!
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Being your own boss isn’t as fun as you might think it is. A wise man once said, “With great power, comes great responsibility!” This is especially true for new entrepreneurs who think that they aren’t answerable to a higher authority; they can do whatever they want. But you need to keep in mind two things:
You now have more responsibility than you did at your previous job. Now not only do you have to do your assigned job of running the business but also take care of various other responsibilities. At the start of every business, the owner has to multitask and since there isn’t any authority to watch over you, it’s easy to fall behind on your tasks. So take being your boss as a serious position and use the discipline that you learnt at your 9-to-5 to apply to yourself!
The second thing you need to keep in mind is that with your startup, you might think you’re the boss but in reality it’s the customer who’s the boss. For the initial period, you have to abide by their wishes and demands and do what they want. So, thinking you have the freedom to do whatever you like is just another myth you should avoid!
I Need To Launch A Very Costly Website For Marketing My Business!
While digital marketing is vital for your small business to grow into a giant, given the number of people using social media in the US alone keeps on increasing, it’s how smartly you use digital media rather than how much money you spend on it that’ll guarantee positive results.
You don’t need a flashy website worth thousands of dollars. What you need is a digital marketing expert who can strategize your digital marketing and search engine optimization even on your very basic website!
Just contact the MVP of digital marketing the ‘Turnaround Specialist’ Makarand Utpat who has helped various businesses build their marketing strategies from the ground up and leading them on their path of success!
Feel free to connect with Makarand Utpat for a free consultation about how to go about your startup and start reaping the rewards now!