7 Business Myths About Starting A Business That I Used To Believe

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Date:

November 17, 2022

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Milan Kordestani

Entrepreneur, writer, and founder of 3 purpose-driven companies oriented toward giving individuals control over their own discourse and creation. Milan works to produce socially positive externalities through a mindset of social architecture.

Hi! I'm Milan, an LA based founder and writer, architecting impact-first businesses.

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7 Business Myths About Starting A Business That I Used To Believe

Peter Drucker once said, "The best way to predict the future is to create it." This quote can be encouraging when you're considering starting your own business; instead of focusing on what an entrepreneur should be, find out who you are and what your passion is. The truth is that there are many things to consider when starting a business, but the best way to get started is to just do it.

When I first started out, I believed plenty of myths about businesses.  Like many people, I thought that entrepreneurship was an incredibly hard skill to learn. When I began working for myself, I realized that my goals were much more achievable than I had expected. Building a business is challenging, but you don't have to know everything or have every aspect of your business planned out from the start. The willingness to take action is the most important asset an entrepreneur can have.

7 Myths About Starting A Business And Entrepreneurship

A lot of people have a lot of wrong ideas about starting their own business.  You may have heard that you can only start a business if you have money, or higher education, or a 20-page business plan.  But none of those things are strictly necessary for starting a new business. If you have the drive and determination and motivation in entrepreneurship, you can succeed.

Here are 7 business myths that I’m here to correct:

  1. Only geniuses can start a business

Some entrepreneurs exaggerate their own expertise in starting a business by claiming that it takes a lot of knowledge. While business savvy and a higher education certainly help you navigate the world of entrepreneurship, they’re hardly requirements. The truth is that you don't have to know everything before you start a business but all you need is learning by doing. The founder of Alibaba, Jack Ma, has an inspiring story of success despite failing his university entrance exam (twice). After years of rejections and initial failures, he was able to build one of the world’s largest e-commerce conglomerates.

  1. You need to have a lot money to invest

When starting your own business, time is more powerful than money.  While money is always helpful, many entrepreneurs started with nothing more than their services and skills.  If you want to know how to start a business with no money, look to entrepreneurs like Michael Dell.  He started with just $1,000 from his family, yet he was able to become one of the richest men in the world.

  1. You need to begin with a full business plan

A business plan is an asset, no doubt. But you don't need a ton of detail and a rigid structure to get started. It's okay to begin with just a few initial steps and an overarching purpose to guide you through the beginning stages of your business. Once you've gotten started, you'll get more information to fill in the blanks as you go along.

  1. There is a “right time” to start

Too many entrepreneurs are paralyzed by the idea that they have to wait for the perfect time to start their business. Don't be one of them. You always have reasons not to act–you don’t know enough, the market isn’t right, you’re not organized enough. The truth is that waiting for the perfect conditions to start a business will never happen. The right time to get started is now!

  1. You need to hire a full staff

Many businesses need employees to help manage day-to-day operations. But if you're just getting started, it's perfectly acceptable to work alone for some of the initial period. You can take on many roles yourself, then hire freelancers to handle tasks as needed. Instead of hiring a full-time copywriter, outsource your web copy to a freelance writer. You can keep your business lean by hiring part-time staff and contractors until the business has grown enough to warrant full-time employees.

  1. You should be ready to work around the clock

One of the biggest myths about starting a business is that if you want to be successful, you have to work 24/7. The truth is that if you take on too much too fast, you're likely to burn out. Quality work is much more important than quantity, especially when you know how to prioritize and focus on what's most important. 

Work smarter, not harder. Focus on high-impact tasks and delegate or delay the minor stuff. If you spend 30 hours a week doing high-quality work, it's likely to get you farther than burning out after a grueling 60-hour workweek.

  1. You need to be an expert at marketing and branding

Taking one or two online marketing courses can be a great asset to starting a business.  However, it's not required to be successful. If you know your customers and you have a clear goal, it’s possible to succeed without being an expert marketer. Think about the value you want to provide your customers and use that as a guide.  This will help you create a strong brand and connect with your audience.

When it comes to starting a business, there's a lot of information out there. Some of it is good, and some of it is less than accurate. In order for you to get up and running as efficiently as possible, it's important that you avoid these seven common myths when getting started in business. 

Don’t wait any longer to pursue your dream of entrepreneurship. I’ve reframed the myths that are likely keeping you from getting started, so there’s nothing left to stop you.  Anyone can start a business but not everyone is able to push through the failures required to achieve success. In my journey of becoming an entrepreneur, I’ve learned the most from my failures. If you want to create a successful business, you have to be ready to embrace your fears, be willing to fail, and learn from it.

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