Just as there are a lot of truths in this world, so are very big lies. Very big lies that sadly, a whole lot of people have come to believe that when properly looked into, don’t just make sense and shouldn’t even have been given credence from the onset.
So, if you’re thinking about starting your own business, I’m here to change a few things about how you see “starting a business.” I’m here to put your mind at ease about a few others also. So, please pay attention!
Here are five big lies you have been told about starting a business. Let’s get started!
1. You need to have “Capital”
Yes, of course, you need capital to start up your business, but what I’m talking about here is thinking the money has to come from your pocket. We have a lot of business ideas, but sadly, fail to act on them because we cannot “afford” to start that kind of business. Draw up a great business plan, write your proposal, get the idea out there and raise the capital. Don’t wait till you have the money and stop killing great business ideas; be an entrepreneur!
2. You would have a lot of free time to do what you love
While this is possible and actually true, it NEVER applies to small businesses. Starting a business is really hard work and until you have perfected your prototype, it’s Work! Work!! Work!!! You may have sleepless nights for months and possibly years before that business can stand on its own. That’s, of course, dependent on your level of mastery over building businesses.
3. A great product equals a successful business
Sadly, this isn’t true. While there are perks to having great products, there is a whole lot of marketing and promotion that’d still have to go on to get your business out there.
4. You need to be very skilled in that line of business
Having a skill and running a business that uses those skills are two different things entirely. Most people ask the question, “How much experience do you have in this business you want to venture into?” While that is an important question, a whole lot of people fail to realize that they could actually learn along the way.
You don’t have to be perfect to be able to solve problems out there. Get basic, rudimentary knowledge in that field and understand your business; that’s okay to start with. And then start, don’t wait till you know enough because sadly, you won’t.
Understanding a business is way beyond just understanding your product or services, as there are a lot of aspects to every business. So, ask this question instead, “How can I create a system that would deliver my product or services better and more efficiently?” Then, let the answers that follow guide your decisions along the way.
5. Don’t focus on money
Yes, I have personally preached this and I’ll continue to but I want to talk about the other side of the coin and how imperative we gain balance. Even if you’re passionate about your product or services, you should never forget the place of gaining profits to sustain your company.
You may get carried away by the other aspects involved in your business set up that you put making a profit on pause “for now”. It doesn’t help, as what you’re trying to build may soon crumble because of lack of adequate resources. The strongest pillar of a business is sales, as all businesses revolve around it. Let that dream for your business remain in your head, that’s great! But let that money keep coming into your hand, that’s important!
It’s certainly not anyone’s fault if you made the mistake of believing any of these lies. Most of these lies were just believed because they were repeatedly told and people began to see them as the truth. You should pay more attention to building financial intelligence just as you focused on building physique, or IQ.
Stop relying so much on learning that you don’t ensure you practice what you learn. Also, read books, attend seminars and also get a mentor. You should be able to reduce the number of “assumptions” you’ll be making when launching out into your own business.
1 comment