Starting a business? 10 start up myths you can ignore

Monday, 25 March 2019

Upon starting a business, entrepreneurs often search online for helpful advice. Search results bombard entrepreneurs with ‘handy tips’, but not all of them are true! For example, did you know a 20 page business plan isn’t essential for a successful business. But to save you scrolling through the endless google search results, we've rounded up our 10 favourite start up business myths.

You Need Lots Of Cash
Many start-ups began with only a couple of thousand dollars to kick-start them. Apple is a prime example starting their now multi-billion global business with only $1300.

There are many ways to make start-up capital go further, joining a business network club can result in befriending a tech guru who can give you mates rates and allow you to save money in the first year.

Business Consultants Can Help
This applies to business consultants, marketing and creative agencies.

In reality, you are the person who knows your business best, what direction to go in, who your target market is and the product it sells.

It can take months for a business consultant to understand your business and begin advising on which direction your business should take.

If you really feel a need for advice from a third party, previous business owners can help mentor you on mistakes they made and what to avoid. Mentors can be cheaper than consultancy firms and sometimes even free!

Entrepreneurs Choose Their Hours
It is not uncommon for entrepreneurs to work long hours for the first couple of years.

Entrepreneurs often find themselves putting in as much time as possible to a new venture, it is new and exciting. As it is new, sometimes it may not go right and take a bit longer.

A Team Is Required
The largest cost in any start-up is often the cost of labour. To reduce overhead costs, avoid hiring any staff for as long as possible.

Not only is the cost of each hour of labour going to have an impact, there is also the legal side to consider - before hiring any staff, entrepreneurs have to read everything they can on employment law to ensure they're compliant.

You Have To Take Risks
Even the least risky business should be aware that handling and taking risks is a part of owning a business. There will always be risks but they can low danger risks.

A wood smith who enjoys making wooden objects in their spare time is not taking a great risk by then selling them online, although this is still entrepreneurial.

You Have To Have Qualifications
Volunteering is a great way to gain skills in a certain industry, and not waste time by studying to achieve a degree or qualifications.

There are many examples of successful entrepreneurs who decided to start a business without a degree or any formal qualifications. Mark Zuckerberg famously dropped out of his Harvard course to peruse the creation of Facebook instead.

The Only Motivator Is Money 
There are many reasons entrepreneurs choose to set up a business. Sometimes it is money and the things you can do with it.

However, an equal number of individuals choose to start a business because it is their passion, or they enjoy the freedom which comes with owning their own business.

You Have to Leave You Day Job
It can take up a long time to establish a client base and get your business known. Don’t quit your day job until your business is comfortable to support and sustain your lifestyle.

The Business Needs to Grow Quickly 
Natural growth is essential for a business, entrepreneurs often get so focused on growing as quickly as possible, it causes their business to burn out both physically and financially.

Previous start-ups have failed by investing all of their cash flow into growth which never materialised. A business is more likely to gain longevity if it grows naturally.

The Customer is Always Right
Entrepreneurs often over promise and under deliver. This isn’t intentional. They are pouring their heart and soul into their passion, which takes time and money.

Customers can be difficult and awkward, but you will learn from each one. Whether it is improving a product or growing a thicker skin, not everyone is going to share the same passion you have, you don’t need to break the bank trying to make them

By Hannah Alex Moody

Hannah is a Travel blogger born in London and now based in Norwich. Previously working solely for one of the leading volunteer abroad companies, she has recently decided to go freelance, working on sharing her love for all things travel with real-life experiences. You can find her online on her blog: Twenty Six O Two and also on Twitter, Instagram, Facebook and Pinterest.

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