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The Truth Behind Entrepreneurial Myths
If you are
about to start off in business you will have no doubt heard these comments:
"So many businesses fail. Why are you doing
this?"
"I hear that you need a large amount of money to
get a business off the ground these days."
"Why are you throwing away the security of your
job?"
These, and
more of the same, are typical of the barriers that so called friends and
advisors, put in your way if you are thinking of starting a business. These
barriers are built on the back of myths about the pitfalls and challenges
which surround running your own business.
In this
article,
we'll take a look at some of these myths and reveal them to be exactly that
... just myths! Don't get me wrong, being an entrepreneur can be tough and
there are hurdles to cross, but let's bring some common sense into the
debate!
You Don't Have a Personal Life
Yes you will!
It can be hard juggling the responsibilities of running your own business
and spending time with the family, but at the end of the day, you are going
to have far more flexibility with your personal life, than any employee will
ever have. The real issue is, do you have the time management and planning
skills to get things done, thereby allowing you time to spend with your
family.
You Have To Be Cunning and
Ruthless To Be a Successful Entrepreneur
Ok, it may
help you in the short term but this is not a sound, long term strategy. To
be a successful entrepreneur you need to build relationships with both
customers and suppliers who will stick by you during the rough times. Being
ruthless over pricing may get you one or two good deals but you are unlikely
to build a lasting and profitable relationship. Your aim should be to strike
a balance between what you want and what your customer or supplier wants.
You Won't Have To Work As Hard
Your current
job may be stressful and subject you to long hours. The idea of running your
own business is appealing because you can slow down and take life at your
own pace. To a degree this is true but there's no getting away from the fact
that it will be hard work. Most small businesses don't achieve profitability
until year 3 and so it’s a long slog. Remember, if was easy, everyone would
be doing it!
What does
make the difference though, is that you are finally doing something you love
and so the hours and the struggles don't seem like hard work at all. So
perhaps this myth may be true after all!
You Have To Have an Original
Idea
No you don't.
Most businesses are built around a central idea. The difference is usually
how it's delivered. The core products of all fast food places are the same,
as are clothes shops, newsagents etc. You can make a decent living
effectively copying someone else's idea but done in a slightly different
way. Don't be put off by the doomsayers who will gleefully point out that
"it’s been done before". Your response should be, "Great! That shows the
idea works!"
You Will Be Your Own Boss
No way!
There's only one boss in your new business ... the customer. They are
essential to your success. When you were working for that large, faceless
Corporation, the loss of the odd client wasn't that big a deal - plenty more
where they came from. In your new world you have to do whatever it takes to
keep your customers and keep them happy. The customer is the one who calls
the tunes. You have to listen and take note, before someone else does.
However, at the end of the day, when all their demands are met, then perhaps
you can have some time to yourself and enjoy the pleasures of being your own
boss after all!
You Need A lot Of Money To Get
a Business Off The Ground
Some
businesses do need a fair bit of cash to get moving but there are many areas
you can go into without the need to invest in a large amount of stock,
machinery or equipment. The low-capital businesses involve the use of three
very cheap commodities - your brain power, your knowledge and your time.
A business
where you sell your expertise, not actual goods, to other people can be
cheaply set up and carry high profit margins. All you may need is a PC, a
desk and a telephone line. What's stopping you?
You Only Have To Do What You
Want To Do
Unfortunately
this myth is wrong. We all have areas or skills in which we excel and it's
this expertise which usually forms the basis of your business. Your
dedication to paperwork, bank statements and the VAT man may not be that
high, but branching out on your own doesn't mean you have the choice to
avoid these terrible tasks.
Whilst you
were able to do this when you were sitting in the big corporate office, you
can no longer hide. These tasks have to be done otherwise the deck of cards
can start to collapse.
If you do
have serious misgivings on certain areas, marketing for example, then
consider taking a course to improve your skills. If it's something you
seriously can't do, then go and find someone to do it for you - don't hope
it will go away because it won't.
You will have
seen that some of the myths not being true is good news and others not so
good news! Be sensible in considering the myths which are thrown at you. See
it for what they are - comments from people who don't know what they are
talking about!
© Robert Warlow
Small Business
Success
http://www.smallbusinesssuccess.biz
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