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There are a lot of small business myths floating around that are discouraging both investors and the ambitious entrepreneur. These myths can prevent a lot of small businesses from ever gettting off the ground and keep a lot of amazing ideas from coming to fruition. While it is no easy task, debunking these common myths may be the key to getting the next Google or Amazon out of the garage and into reality. Let the debunking begin!
Small Business Myth #1: You have to be lucky
This statement couldn’t be further from the truth. Being someone who doesn’t believe in luck, this isn’t a myth that I’ve ever bought into. You might be surprised at how many times success is blown off as dumb luck. The reality is that mom and dad were right; hard work pays off. Having a solid plan, knowing your market, customer service and great advertising will take you much further than anything with four leaves or a rabbit appendage attached to a keychain ever could. Find any small business owner that has persevered and they will tell you that there wasn’t any luck to it. In order to be successful you will need to cling to your work ethic and determination and not bet on luck to lead you to success.
Small Business Myth #2: You’ll need a ton of cash
I’m not saying that it’s free by any means but one thing is for sure, you won’t need millions in your pocket to get off the ground! Apple was started on a credit card, Mattel started in a garage and Dell was started with less than 1,000 dollars. The one thing they did have in common was a product and determination. You will need the same thing, an idea, determination and a good credit score.
Small Business Myth #3: You’re the boss
You may be thinking: Wait a minute, isn’t that the idea? Sure it is but you’ll soon find there are some details that you may have to rethink. You may not be able to start with the pay you want (in the beginning) or the schedule you want. Starting a business takes a lot of work and you will have to be willing to put in the work in order to get the luxuries you seek.
Try to start with the expectation that there may be a revving up period in which there is little to no profit at all. Head into your new venture with determination and the expectation that you will need to work hard and that the reward will be further down the line. After all, it is better to be pleasantly surprised than to be let down.
Small Business Myth #4: They are a dying breed
There are superstores and internet bonanzas hanging over your small business and you start to think that you are trying to extend the Retail Jurassic Period. That’s definitely not the case. While those big name stores definitely bring in the revenue, that doesn’t mean there isn’t a substantial piece available for your small business.
There will always be something to be said for the small business experience. Big cities and small towns alike can appreciate the convenience and simplicity of choosing a small business over the overly complicated, highly populated and excessively manufactured presence of a large chain store. There is also a growing number of consumers who want to support local business owners and small businesses, so don’t get discouraged.
Small Business Myth #5: You have to be an expert
You don’t have to be a marketing genius to be a successful entrepreneur. Your business grows at your pace. You may even be able to keep a full time job while you start up your business. You can take your time, start slow, and learn from your mistakes as you go.
Go big or go home is great in theory, and one we all hear frequently. However, if you are responsible for your family’s financial stability, or you don’t have a business background, that mindset can leave you in financial ruin. It’s best to do what makes sense for you and your comfort level. Can you go all in? Sure. But the point is you don’t have to.
Still on the hunt for more great information for you small business or startup? Check out our other blogs here.
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