Like to Travel? Do It With a Group of Awesome Entrepreneurs Learn More

12 Myths about Starting a Business

1 I need to write a business plan before I start.

No you don’t. Start-ups are so unpredictable that writing a business plan is a pointless exercise.  You don’t exactly know who your customers are or what benefit/value they get from your product/service. If you think you need to prepare a plan to raise start-up funding see point 3 below.

2 I need lots of business experience.

No you don’t. There is a little unknown principle called be, do, have.  But for some reason our society believes it is the other way around – have, do, be.  People think you need to have a certain amount of skills, knowledge, contacts before you can start a business (do) and be an entrepreneur/business owner.  A better way to live is first of all just be an entrepreneur then you will do all the things that entrepreneurs do and eventually have the necessary things you thought you needed before you could start.  Essentially fake it till you make it.

3 I need to raise lots of funding before I can start

No you don’t. This is a risky and unnecessary strategy.  What you need is a minimal viable product to send to potential customers to receive their valuable feedback. Then you can alter your product/service until it’s exactly what they want.  Let them guide you as in the end its customers that will eventually be paying you for it. If there is no demand for this product/service idea you will find out without wasting much time, energy or money.  An MVP is not just market research.  If you were conducting market research you would ask someone if they would find your product useful and they may respond yes – but there is a massive difference between what someone says they will do (during market research) and what they will actually do in the real world.

4 I need a flashy website that will cost thousands

No you don’t. You just need and MVP (see point 3). Just use WordPress and build a basic website and buy a domain. Build the site yourself for peanuts.  If your idea is a complex website that would perform a particular function online produce a concierge MVP which essentially means use manpower to carry out the function on a couple of customers to see if the idea has any potential and refine the idea before you spend thousands building a flashy website that would perform the function.  An example is a comparison website. Instead of paying someone to build the functionality – gather the information manually from the relevant sources and produce the comparison by hand and email the customer the results.

5 I will need to spend lots of money on advertising

No you don’t. Open a Google Adwords account and teach yourself how to run it effectively.

6. Once I start my own business I’ll have the freedom to do what I want when I want.

When you start a business you need to remember 2 things

1 You will be doing the job that earns the money PLUS all the other roles you didn’t need to worry about whilst in your previous job e.g. sales, marketing, finance, accounting, quoting, invoicing, HR, ordering stationary, buying the coffee, customer service etc.

2 When you start a business your customers own your arse until you can afford to hire staff to deal with these people. Remember this – they will want to know where their work/product is and how quickly you can sort problems out when they happen.

7 I need a nice office to impress customers/clients

No you don’t. This is not a required expense in the age of email/skype/dropbox/cloud computing and virtual offices. Work from home and if you need to meet a client then meet them in a hotel bar or book a meeting room at a virtual office centre. They will automatically assume you’re based there.

8 I need to come up with a revolutionary idea

These ideas carry more risk as they may not have a predefined market established. A much less risky way forward is to look at how current problems are solved (needs are satisfied) and question the obvious – is there a better way (quicker, cheaper, easier, simpler, different) to solve this problem or satisfy this need.  A good place to start is to solve one of your own problems/needs.

9 I’ll need to hire lots of staff

No you won’t. Hire only when it hurts and only when subcontracting freelancers doesn’t work for you anymore.

10 I haven’t got the time.

Yes you have. Turn off the TV and learn about the pareto principle.  Then follow it.

11 Its too risky to start your own business

No it isn’t.  The concept of a job for life and job security doesn’t exist these days.  We live in a fast paced, ever changing transient world and due to the state of the current economy redundancies are commonplace.  I was made redundant 3 times before starting my first company.  Now I have owned my own business longer than I worked for any other previous employer. So I put this to you. It’s too risky to stay in a job and assume that you will continue to receive your paycheck at the end of each month.  When you set up on your own you are in control and can influence your own destiny better than when you work for a company.

12 It doesn’t matter if I’m not passionate about the product/service/sector I just want to make loads of money.

Take it from me it does matter. The joy of making money soon fades. After making loads of money you will be searching for something that is fulfilling and this comes from following your passion/purpose/calling.

Mark Heptonstall is a young entrepreneur, start-up mentor and personal development enthusiast from Leeds, England.  He likes to constantly question the obvious and experiment with conventional wisdom to see if there is a better way to do things.  Follow him on twitter @markheptonstall

12 Responses to 12 Myths about Starting a Business

  1. Ellmicy says:

    For sale isotretinoin Buy Generic Secure Ordering Bentyl In Germany Worldwide buy generic cialis online Zithromax Not Working Chlamydia Clobetasol Eczema Best Website

  2. One important issue is that when you are searching for a education loan you may find that you will need a co-signer. There are many cases where this is correct because you might discover that you do not possess a past credit score so the loan company will require that you’ve someone cosign the credit for you. Thanks for your post.

  3. I’m amazed, I have to admit. Seldom do Iencounter a blog that’s both equally educative and interesting,
    and without a doubt, you haave hiit the nnail on the head.
    The issue is an issue that not enough men and women are speaking intelligently about.
    Now i’m verty happy that I stumbled across this during my hunt for something regarding this.

  4. I ѡas suggested thіs blog by wayy of my cousin. I’m now nnot surre whether or not thiѕ post iѕ written Ьy ԝay of hіm
    аѕ no one else understand sսch speciofied ɑpproximately mү difficulty.
    Үoᥙ are incredible! Thank yоu!

  5. It’s going to be еnd of mine day, except beforе end І aam reading tһis
    wonderful article tο improve mү know-how.

  6. It’s neafly impossible tօo find knowledgeable people іn thіs particular subject, however,
    you sound like you қnow what үοu’гe talking ɑbout!

  7. Heya i am for the first tije heгe. I found
    this board and I find It trᥙly ᥙseful & it helped me outt
    much. І hope to gіve something badk and heⅼp others like yоu helprd me.

  8. Right here is the right website ffor ɑnyone wwho гeally wants
    to find out аbout this topic. Youu understand а whоlе ⅼot
    its almоѕt harԀ to argue ѡith you (not tһat I reaⅼly will
    neeԁ to…HaHa). You definitely pսt ɑ fresh spn օn a subject that’ѕ been ɗiscussed fοr many
    years. Great stuff, just wonderful!

  9. Thiis paragraph ρresents сlear ideda in favor of tһe
    neԝ viewers of blogging, thst tгuly һow to do blogging and site-building.

  10. Plerase let me қnow if you’re l᧐oking fօr a article author fօr your blog.

    You hɑve ѕome really ցreat posts and I tһink I would bе a good asset.
    If you еveг ᴡant tto taкe some оf the load off, І’d love tⲟ writе somе content foг your blog in exchange foг a link back to mine.
    Please shoot me an e-mail if іnterested. Kudos!

  11. If you woսld liҝе tߋ grow your knowlefge οnly кeep visiting this web site and
    bе updated wioth tһe most uⲣ-to-ԁate news update posted һere.

  12. Αsking quhestions аre in fasct fastidious
    thing if you are not understanding something compⅼetely, exceрt this article рrovides pleasat understanding еven.

Leave a Reply

Your email address will not be published.