Myths About Starting A Business

Myth: Look at the world the way you want it to be, the way you think it ought to be, or the way the media (or your schoolteachers) told you it would be--not the way it really is. Believe people when they tell you your idea is terrific because "everybody needs this." Don't be "cynical" because nobody likes cynical people.
Reality: Conduct the necessary research to determine if there is a need for your product or service and at the price you plan to offer.

Myth: Don't be too aggressive in pursuing your business goals. Being too pushy and demanding is not the way to go. Worry a lot about what other people think about you.
Reality: A successful business takes time and energy. More than any work you have done for any of your previous employers! Fortunately, the rewards of business ownership usually are worth the effort.

Myth: Choose a business because of its intellectual content, not because it sounds exciting.You are an educated person and must use that education to be Successful, or else you're a failure. Never mind that many Successful people in business never finished high school (or in some cases grade school). Given the choice between an interesting business and a lucrative one, choose the former.
Reality: Find out what it is that ignites your passion. Look at your motivation to start your own business. Is it to make more money? Be your own boss? Turn a hobby into a career?

Myth: Don’t waste time learning the financial part of your business such as accounting and financial management. You can hire people to do this for you.
Reality: The more you know about every aspect of business--finance, marketing, management--the better off you'll be. As a business owner, you need to keep you fingers on the pulse of your finances. Also, it's imprudent for someone else to know more about your business than you do. Financial results may highlight areas of your business that require adjustments. For example, suppose one of your products is selling better than others. What does this tell you? Can you make adjustments to your sales strategy to increase sales of other products?

Myth: It’s your business so go at it alone. Its no one else’s business but yours.
Reality: Use the guidance of experts. While you must be familiar with all aspects of your business, it's not realistic that you become an expert in multiple disciplines.

Myth: Tell everybody everything. If you learn something about your business that gives you a competitive advantage, tell the world about it, especially at an industry conference or a "networking" session.
Reality: There's a reason why the formula for Coca-Cola is top secret! Savvy business people know the difference between sharing knowledge for the improvement of a cause or industry and keeping competitive secrets.

Myth: Choose a business that requires skills, money, other resources or a personality that you do not currently have. You can always get these from other people. Besides, isn't that half the fun of small business--doing the impossible?
Reality: Use your strengths and natural talents as a place to start. You'll need to develop new skills as a business owner.

Myth: Your business is the most important thing. Do not bother things like you personal life and family when you begin.
Reality: Both your business and personal lives will suffer without clear boundaries between the two. You need time to play, be with family and friends or simply relax. Likewise, you need to let others know when you're "on the clock" and not able to attend to personal matters.

Myth: Forget what it was that made you want to start a small business in the first place. In the long run, it doesn't matter what Success means to you as long as you're Successful.
Reality: Your original dream or reasons for starting your own business may be just the thing that sustains you during tough or challenging times. Additionally, a well thought out mission statement will keep you on course and help guide a wide variety of decisions.