There are many business opportunities for entrepreneurs who are looking forward to starting their own small business. However, many people do not take these opportunities because of small business myths.
I want to share with you some of these myths and the reality related to them.
- You need a lot of experience to run a business.
You go to school to get a job because that is what students learn in school – to work hard and get a good job. In business, it is different; you run a business to learn a business. You have to venture into business to gain the necessary skills. There are many groups in your neighborhood that meet to discuss business ideas and how to implement them. If you are interested in starting a small business, then it is high time you start joining such groups where you can share ideas and learn how to implement them.
There are also online forums and blogs which are very useful to communicate and brainstorm with great business ideas with proven business professionals. As you can see, in business you learn as you practice. However, you should not spend more time learning and not have enough time to run your business.
- You need a lot of money to start a business.
The amount of money you need depends on which avenue you choose to take, and the kind of business you want to start. Establishing a company that markets health products is going to be a lot cheaper than setting up one that sells helicopters. The little money you have is enough to start a business and grow it to a big company if you choose the right one. There are also government programs out there that will assist you in financing your business with the proper paperwork and plan of activities.
- 90% of small businesses fail.
This statistic is exaggerated as high as 97%. The truth is that 20% of small businesses succeed between their first and third year. This is good news as one in five people are successful, which is better than one out of ten. The failure rate drops when you manage to remain steady for a while. You should also remember not to compare yourself and your business with others as you are entirely different. Your mode of running the business is different and same with success rate.
- It takes a lot of time to operate a business
It depends on how much time you are willing to devote to your business and following the schedule you create. With just five or six hours a day, that can be enough time to operate your business. It is all about sticking to the schedule.
To successfully run a business, it is necessary to bust these myths. All you need is determination, passion and commitment. You need to have that urge and drive to succeed and these small business myths will never cross you mind.