A few years ago, I watched a video on “YouTube” entitled “How to start your own business”. The remarks of the resource speaker took my attention. He said “clear your mind, set aside the misconceptions” in starting your own business. My experience led me to this Internet venture. I tell you how scared I was that time. I invested in a computer unit, paid for the internet connection and sent my resume to many companies. And believe me, my investment was worth it. Maybe you’re just too scared as what I have experienced to try something different out of your plan. If you have an entrepreneurial spirit and are inspired to start your own business, don’t let some common myths hold you back. Whatever the reasons are, assess yourself and evaluate your beliefs about entrepreneurship and set aside the common myths on starting your own business. And here are some few tips from Sabah Karimi – Wise bread of US News Money.
Here are six common myths about starting your own business:
1. I have to get my business degree first.
“While having a degree in business or some college-level training in entrepreneurship can help you focus on the right things as you launch your new venture, there’s no guarantee of success of having a degree” Sabah Karimi said.
Some people don’t have their business degree when they started their businesses. Some of them just took an entrepreneurs training course, and some of them have the passion and the drive to start their own business ventures. There is no school for dreamers but a room for believers.
2. I’m waiting to launch with a revolutionary idea.
“This is one of the biggest myths out there and probably stems from reality shows and success stories you see in entrepreneurial and business magazines”.
Not all brilliant ideas come from brilliant people, many of exemplary ideas come from ordinary people. Big or small business sometimes needs just a concrete plan combined with passion, your business will start to roll and in due time, pursued by commitment your business endeavor will flourish.
3. I need more money.
“Many businesses begin very small and then generate enough revenue to fully support operations” .
If possible, start with what you have, roll your investment with plan and target. You can get a loan to fund your business if it is necessary. Having enough money will make your business start right but use it with caution or else you will end up broke and in debt.
4. I should wait until the economy gets better.
“Very few businesses are completely sheltered from the effects of the economy”.
Businesses do have ups and downs, but if you wait for the right time, you could be missing a business opportunity. Start with a good business plan; build your network and don’t be hindered by any situation. The right and honest business will help you stand up against bad economy.
5. I’m waiting to figure out which businesses will be the most profitable.
“While some market research is necessary for your business launch, don’t waste time waiting for that “next big thing” to just come to you”.
Entrepreneurs are often creative types, dreamers and inventors. What you need is a product that is fit and needed in the area; it may consumable or services. All companies, large or small, need to be customer-oriented than pure profit oriented. For business needs not to be perfect but with a pure heart and service and by then profit will soon follow. And most of all, move business in the market where it starts to “walk the talk”.
6. I need to go part-time or quit my day job before I can branch out.
“Many small business owners started their venture as a hobby or just put in the hours on weekends and when they had free time”.
If you really want to make your business succeed, you must put your heart on it, find time and make a plan. Business is like a child, it needs full attention and with proper care, it will grow with a firm foundation. Make the most of it, have fun and if you are happy with your business it will bring you back happiness.
If you’re thinking of starting your own business, look for one that truly interests you. Consider if you want to learn new skills or build on the skills you already have. Decide how much you will want your new business to depend on technology. Most importantly, think through your business plan before you open your doors.