Home > Productivity > Don’t Believe Everything You Hear/Read: Entrepreneurship is the Hardest J-O-B EVER! BUT it Rocks!! Here are 5 Myths Debunked…

Support is not super-abundant when you decide to take that leap into being a leader, innovator (aka entrepreneur). When you announce to the world that you want to be an entrepreneur (except for the support that you’ll find here, of course!), there will be more naysayers than cheerleaders initially and for quite a while-the reasons for this are long and many (hmmm the next article subject perhaps!?). Still, some of this negativity and seeming lack of support from those around you may largely stem from a few myths that have been circulating forever and day now.  As you may already know from reading this blog, being a pioneer, thought leader and all around non-conformist takes guts, courage, and (most of all) passion. But, there’s another ingredient to consider as well: The knowledge, truly knowing in our heart and soul that starting a business is possible if you can separate fact from fiction and further, persevere in no matter what the naysayers think/say/do, or what your own self-limiting beliefs and ego/fear might throw at you daily. So let’s dive-in and battle some of these myths together shall we?

Myth Number One: You need lots of money to start your own company. While you may not grow to be a Fortune 500 company overnight, it doesn’t take a fortune to start a business. If you’re working with a limited startup budget (and who isn’t?), the most important thing that you can do is design a business plan around your budget. Consider renting equipment (big items are often found in specialty rental stores); paying employees a commissioned wage, and borrowing money instead of maxing out those credit cards. Many successful businesses were built on very few dollars. It’s all about “thinking outside of the box!”

Myth Number Two: You can take as much time off as you want. No way! Running your own business means being involved in every aspect of your company at all times. From big decisions to small ones, you need to be around to make sure that your idea flourishes. Those individuals who run lucrative businesses work extra hours (and sometimes that means weekends!). The good news is that if you love what you do, it never feels much like “work.” Woo Hoo—Life is short have FUN with it all!

Myth Number Three: Anyone can start a business. This statement is both true and not so true. The truth behind myth number three is that anyone who has a great idea, a solid business plan, and a true enthusiasm for a product or service can make a business work. Opening up any kind of business takes a lot of hard work! So not anyone is cut out to start their own gig and if they do start – they may not be the personality to sustain it and ensure it succeeds. No judgments in that because we all have our brilliance – and it takes all kinds to make the world go ’round. Can you imagine if everyone at a dinner party all did the same things and all agreed on every topic? Can anyone say b-o-r-i-n-g?

Myth Number Four: Take the advice of others. This myth comes with a (large) grain of salt. The first thing that anyone who runs a business will tell you (and here’s some advice you can take to the bank!!!) is that you must trust your own gut at the end of the day. You know that intuitive feeling you get when something just doesn’t feel right deep in the pits of your stomach? Well, that small feeling has made people like Warren Buffet rich. Trust your instincts above all else!

Myth Number Five: A business plan is not necessary. Even if you aren’t receiving funding from any kind of institution, you need a business plan-even a short and simple version with a 3-6 month clarity plan and goals with actionable steps. Sure, the very term “business plan” sounds intimidating, but you don’t need to have a MBA in order to create one. All you really need are clearly defined goals that make sense financially and logically. You can download business plan templates from the Internet, and you can find lots of helpful business tips on this site.

Still, despite the many myths and challenges, please don’t be scared off by all of the myths, naysayers and fears floating around out there! Starting your own business is more than a possibility, it is within your reach, and it will happen with just a few steps in the right direction, along with support and acknowledging that it might be a bit of a bumpy road but what’s a little bump or two (or 20) to achieving a brilliant business that’s thriving, fun and profitable? Start down the road and keep in action, moving forward toward your vision of the “pot of gold!” Here’s to your success and beyond in 2012 my fellow pioneers!