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.
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.
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.
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.
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.
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.
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.
There are ways to raise money on your own and could be better because you
have more control.
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.
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.
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.
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.