S TA RT I N G A B U S I N E S S : 7 M Y T H S T O B E AWA R E O F

S TA RT I N G A B U S I N E S S I S H A R D , B U T I T D O E S N ’ T N E E D T O B E S O D I S C O U R A G I N G . T H E R E A R E

M A N Y M Y T H S S U R R O U N D I N G S TA RT I N G A B U S I N E S S T H AT M I S L E A D E N T R E P R E N E U R S .

1. They have to know exactly what they are doing

Some of the biggest companies started out with nothing more than an idea of what direction they

wanted to go. They didn’t need to have a clear and set plan.

2. You need a full and elaborate business plan

Crafting a huge business plan is time consuming and can get expensive if an outside source is

contracted to put it together. Beginning entrepreneurs often get bogged down with crafting a

thorough plan instead of actually starting on their business.

3. There is a right time to start your business

The best time to start your business is NOW. Waiting might actually lead you to launch at a worse time.

Regardless, many companies launched during times that would be considered “bad”

4. A lot of money is needed to start

While a lot of startup capital can help a business grow faster, slower and steadier growth may be more ideal. Scaling a business at a slower pace can reveal better practices while avoiding the unsustainability

that comes with large growth but little profit.

5. Hiring staff is a necessity

Hiring a lot of staff at first can get expensive, especially for a growing business. In fact, staff will

likely be the biggest expense on the books.

6. Entrepreneurs need to work 24/7

Overworking is not something that will benefit an entrepreneur or their new business. It is damaging to their health which will then slow down any progress

they have made.

7. Entrepreneurs need to do all the work themselves

Not doing all the work yourself doesn’t mean go on a hiring spree, it means that it is okay to outsource

certain tasks to outside contractors or freelancers. This allows entrepreneurs to focus on other aspects

of starting a business.