Thinking About Starting a Business? Put a Stop to These 6 Misconceptions First
Starting a business is often romanticized, especially the idea of being your boss. In reality, being your own boss is not for the faint of heart. Launching a business from scratch can be as stressful and daunting as it is liberating. The market is full of different types of businesses and each has its own long and difficult trip to success. Learning from setbacks, making the most of challenges, and most importantly having a derive to reach more than just financial gains makes every entrepreneurial journey unique to its own. This is the reason why only some end up earning a reputation as social purpose-driven entrepreneurs because social value creation is more than just running a profitable business. Some have become successful in several businesses at the same time such as David Karp, Catherine Cook, and Milan Kordestani.
It's helpful to know the myths and misconceptions about entrepreneurship. Here are six misconceptions that might steer you down the wrong commercial road.
You have to have good credit
While it’s helpful to have good credit and cash on hand when starting a business, you can begin a company even if you have a low credit score. Aspiring business owners can rely on grants, purchase order financing, crowdfunding, and other options that don’t require credit checks. Alternatively, business owners can also turn to business cash advance loans for help.
You have to work 24/7
Starting a business is time-consuming, but you will still find time to relax and spend time with your family and friends. Plan time for relaxation, so you don't spend all day working. You could work all day, every day, but you don’t have to do that to find success. Your business will be there, even if you turn off your computer and put away your phone for a few hours.
You’ll have to hire employees to start a business
If you want to start a new business, you aren't required to hire people. Many small businesses are solo operations. However, if the business grows, you might need to hire people to help you manage the scale. If you don’t want to search for candidates, you can employ your children, family, or friends. You can reduce your expenses and learn from the experience as you run your business. Alternatively, if you do need expert help, whether this is for accounting, IT support, or even help to manage your personal reputation, you could outsource rather than employing someone full time.
You’ll need a unique idea that no one else has
You’d be surprised at how many businesses don’t involve new ideas. Most contemporary companies take something existing but make the product or service better. Check your competition before you put your time, money, and energy into a new endeavor, so you aren’t trying to make money in a market saturated with similar ideas and is the key to getting help.
You have to quit your job to start a new business
Many people think they have to give their new business 100 percent or it won’t succeed, but this idea is a myth. Most new businesses don’t make money right away, so some entrepreneurs keep their full-time jobs with reliable salaries. People have to pay their bills, so they keep their jobs while they build their businesses.
You must have a business degree before you start a business
Sadly, this myth keeps some people from starting a business. If you have an idea and some money, you don’t need a business degree to get started. You can find everything you need to start a new business online.
Wrap up
Anyone who wants to create a new business can do it, even if they don’t have money, good credit, or a business degree. While opening a business can be risky and time-consuming, you can learn to reduce your stress by balancing your time.
