It’s the 21st century and information is just right at the tip of our fingers – thanks to the wide, wide, internet world. However, in spite of all the availability of information and the easy access to it, many people are still under the cloak of hoaxes and myths – and the business world is no exemption.
Entrepreneurship is never easy-breezy or as simple as a walk in the park. It’s not for the “weak of heart”. It demands the right mix of courage, tenacity, and enough faith that your business will make it through the roughest of times. And, these are especially true in big places like Australia where businesses are competitive. You may have all those qualities and enough business ideas to begin with; but if you’ve fallen into a business myth trap, you may find yourself in some kind of trouble. Read on ahead to find out which myths to watch out for and the truths behind them.
Myth #1: Startups are only for the young
Age isn’t a requirement nor a limitation in starting up a business. While the young may have fresh ideas, older people have experience. And everything else in between can be learned through the advice from others or the knowledge from books and the internet. In fact, a report from the Global Entrepreneurship Monitor states that self-employed older adults outweigh the number of the younger ones.
Myth #2: You need to have a detailed business plan
Business plans and all the details in it are necessary before launching your products or services, however, obsessing over it is an entirely different story. While many entrepreneurs are so keen on making the “perfect” business plan, there’s really no such thing as perfect. Markets are always on a change these days, and detailed financial projections can become futile.
Although business plans are necessary to make, especially when you are applying for a business loan or courting an investor to invest in your business, you do not need to spend all your time doing it. What’s more important than a business plan are the actual feedbacks from real customers. Once you get a hand of their good or bad feedbacks, you make actual revisions accordingly and them test that again.
Myth #3: You need to hire people
This point in not necessarily true to everybody. If your business is still small and you can handle all parts of it well, then there’s clearly no need for you to spend extra paying for employees you do not really need. Be on the lookout, though, when the need for you to hire people arises. You’ll know when that time comes when you can no longer focus or spare some time to do an important aspect in your business because of all the other tasks at hand. Also, when you are at a point on hiring new employees, carefully decide which tasks need to be done with the extra hands coming in. That way, you will know the exact number of people you will be needing.
Myth #4: More capital is needed to start
There are people who want to start up their own businesses but ware waylaid because of their limited finances. Sure, money is the fuel to start the engine but the truth is, you won’t necessarily need huge chunks of money to get off the ground. You can start off by catering only to a smaller market size. With that, you won’t be wasting so much money testing, adjusting, innovating, or reinventing your products to suit the demands of the market. If your start-off capital is really low, you can try a loan from your family or a friend, or get a partner instead.
Myth #5: You need to find the right time
There’s really no right timing and bad timing starting a business. Microsoft can be the perfect example for this. It was founded in 1975, the year when recession was only coming to its near end. In 1981, it re-incorporated at the time when recession in the 80s just only started. What could be a better wrong timing than that? For others, they start a business after getting laid-off from work, and their household and family responsibilities are impossible to put on hold. If you are still waiting for the right time to make your business idea a reality, the time might not come for you. There’s really no other right time but now.
In conclusion, don’t let business myths hold you down and stop you from reaching your goal. Things may be rough at the rough at the start of the business, and even get rougher in time, it’s the reality and there’s no easy way around it. But if you want to achieve your goals, you need to work for it. Just always stick to the reality and not on myths.
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace