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Sep 15, 2018 - 09:39 AM
Myths about owning a business
1. You must be an expert. Many entrepreneurs are not experts and learn along the way. Even if you are an expert there are still many things you will need to learn.
2. You must have a perfect business plan. Although a detailed business plan is useful, even then it will continue to evolve, so don’t let it stop you from moving forward with what you have.
3. You can make your own schedule. Although over time you can achieve flexibility, in the beginning this will be difficult as there will be a lot of demands. Be prepared to work harder and longer hours than your previous full-time job.
4. You can pay yourself what you want. In the beginning this will be especially difficult as the costs will be high while you figure everything out and any money you will make will need to be reinvested into the business.
5. Your customers will come running because your product/service is so great. This couldn’t be further from the truth. No matter what your product/service is you will need to do marketing.
6. All you need is a great idea. No matter how great your idea is there will be a lot of hard work and long days as a business owner.
7. If you do what you love the money will come. There are many factors involved determining your profitability and survivability as a business and just doing what you love is not enough and you will likely fail.
8. You need investors. There are ways to raise money on your own and could be better because you have more control.
9. You can do it all on your own. Running a business is a lot of work requiring different skill sets. It is very difficult to do everything on your own and to do it well and fast.
10. Money is more valuable than time. Considering opportunity cost of doing everything yourself for saving money vs outsourcing to save time, you get revenue faster when you save time.
11. Being first wins the race. Slow and steady wins the race. Timing is super important. If your cutting-edge product is too early, there are additional challenges. For example, Microsoft had a tablet computer a decade before the iPad.
12. Data shows that the market is too competitive. With all the useful tools available now to help us make decisions, it’s common to get overwhelmed with the mountains of data. With a unique selling point targeting specific areas of the market, you can be successful.
Here are some more courstesy of Arlin Sorensen:
1. You must be an expert. Many entrepreneurs are not experts and learn along the way. Even if you are an expert there are still many things you will need to learn.
2. You must have a perfect business plan. Although a detailed business plan is useful, even then it will continue to evolve, so don’t let it stop you from moving forward with what you have.
3. You can make your own schedule. Although over time you can achieve flexibility, in the beginning this will be difficult as there will be a lot of demands. Be prepared to work harder and longer hours than your previous full-time job.
4. You can pay yourself what you want. In the beginning this will be especially difficult as the costs will be high while you figure everything out and any money you will make will need to be reinvested into the business.
5. Your customers will come running because your product/service is so great. This couldn’t be further from the truth. No matter what your product/service is you will need to do marketing.
6. All you need is a great idea. No matter how great your idea is there will be a lot of hard work and long days as a business owner.
7. If you do what you love the money will come. There are many factors involved determining your profitability and survivability as a business and just doing what you love is not enough and you will likely fail.
8. You need investors. There are ways to raise money on your own and could be better because you have more control.
9. You can do it all on your own. Running a business is a lot of work requiring different skill sets. It is very difficult to do everything on your own and to do it well and fast.
10. Money is more valuable than time. Considering opportunity cost of doing everything yourself for saving money vs outsourcing to save time, you get revenue faster when you save time.
11. Being first wins the race. Slow and steady wins the race. Timing is super important. If your cutting-edge product is too early, there are additional challenges. For example, Microsoft had a tablet computer a decade before the iPad.
12. Data shows that the market is too competitive. With all the useful tools available now to help us make decisions, it’s common to get overwhelmed with the mountains of data. With a unique selling point targeting specific areas of the market, you can be successful.
Here are some more courstesy of Arlin Sorensen:
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