It is true that starting a business is difficult. In fact, starting a business is in many ways similar to being an early explorer of the seas and discoverer of new lands. It’s risky yet full of wonder, and, of course tied down by many myths. But just as explorers like Magellan braved it all and set out to discovered uncharted lands despite the foretold risks and myths surrounding such voyages, so to do entrepreneurs who aim to start a new business. Here are 7 myths surrounding starting a new business that entrepreneurs need to realize aren’t true.
1. They have to know exactly what they are doing
New entrepreneurs don’t exactly need to know what they are doing, or have a clear path in mind for their business. Early explorers often new just what direction they wanted to take, but were aware that things along the way could change any course they had in mind.
2. They need a full and elaborate business plan
You actually don’t need a full business plan. Many people who are starting up their own business often spend more effort on crafting a big business plan and not enough effort on actually starting. This can lead to wasted time and money. Sometimes, keeping a business plan simple is the best way to go and it is likely manageable for most entrepreneurs to do it themselves rather than outsource the work for it.
3. There is a right time to start a business
The only time that should be considered right is now. Always waiting for the right time might ensure that you launch your business at the worst possible time, instead. Regardless, plenty of businesses got their early start at what could be considered “bad times.” Microsoft, for example, began near the end of a recession in 1975.
4. A lot of money is needed to start
A lot of money isn’t always needed to start a new business. While having large amounts of startup capital can help you grow faster, growing at a slower yet steadier pace may be what your business needs to really get off the ground and stay up. This would allow you to instead focus on growing your profit margins as time goes buy. On the other hand, large growth with small profit margins is hardly sustainable.
5. Hiring staff is a necessity
It is expensive to keep a larger staff than what you might need when you are in the early startup stages. There’s a lot of expense that goes into this, starting with recruiting. In all, staff may be the biggest expense on your books. Outsourcing some work to freelancers, at least in the beginning, is a better idea than trying to grow your staff right away.
6. Entrepreneurs need to work 24/7
Entrepreneurs should expect to work long hours, but they should also expect to take time to rest. Overworking is not something that would be good for a new business, much less for the person starting it. It can harm their health which in turn slows down progress. Working hard is one thing, but depriving yourself of sleep, food and entertainment may hurt your business more than you expect.
7. Entrepreneurs need to do all the work themselves
This doesn’t exactly contradict the earlier myth about hiring staff. Entrepreneurs really don’t have to do it all and they still don’t need to go on a hiring spree. Outsourcing certain tasks is always an option to give the business owner some breathing room or concentrate on other parts of the new business.