If you are about to start off in business you will have no doubt heard these comments:
“So many businesses fail. Why are you doing this?”
“I hear that you need a large amount of money to get a business off the ground these days.”
“Why are you throwing away the security of your job?”
Don’t get me wrong, being an entrepreneur can be tough and there are hurdles to cross, but let’s bring some common sense into the debate!
Myth 1: You Don’t Have a Personal Life
Yes you will! It can be hard juggling the responsibilities of running your own business and spending time with the family, but at the end of the day, you are going to more flexibility with your personal life
The real issue is, do you have the time management and planning skills to get things done, thereby allowing you time to spend with your family.
Myth 2: You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur
To be a successful entrepreneur you need to build relationships with both customers and suppliers who will stick by you during the rough times. Being ruthless and cunning may get you one or two good deals but you are unlikely to build a lasting and profitable relationship. Your aim should be to strike a balance between what you want and what your customer or supplier wants.
Myth 3: You Won’t Have To Work As Hard
Your current job may be stressful and subject you to long hours. The idea of running your own business is appealing because you can slow down and take life at your own pace.
To a degree this is true but there’s no getting away from the fact that it will be hard work.
Most small businesses don’t achieve profitability until year 3 and so it’s a long slog.
Remember, if it was easy, everyone would be doing it!
What does make the difference though, is that you are finally doing something you love and so the hours and the struggles don’t seem like hard work at all. So perhaps this myth may be true after all!
Myth 4: You Need A lot Of Money To Get a Business Off The Ground
Some businesses do need a fair bit of cash to get moving but there are many areas you can go into without the need to invest in a large amount of stock, machinery or equipment. The low-capital businesses involve the use of three very cheap commodities – your brain power, your knowledge and your time.
A business where you sell your expertise, not actual goods, to other people can be cheaply set up and carry high profit margins. All you may need is a PC, a desk and a telephone line.
What’s stopping you?
If you are still wondering if taking an entrepreneurial leap is too risky, book a clarity call with me, let’s analyze what might be stopping you from making and doing more for yourself.