Business myths that you need to avoid
Entrepreneurship is not for the faint-hearted. People get discouraged on starting a business because of the myths that circulate all over. As much as the saying goes that a business is a risk some rumors that spread about businesses are not true. This article will look at those myths and try to demystify them.
It is a must to have a large business plan
You don’t need a giant business plan to get started. You’ll need something simple that outlines your vision and
mission effectively. You should also have a good marketing strategy and you are almost there. Some young entrepreneurs even go ahead and hire someone to write a business plan for them only for the business to fail after a few months of starting. A good example of a company that bootstrapped their startup is San Francisco Bay Area Towing. They started with little money for their first truck, and a broad outline of their plan going forward. Since then they’ve grown into one of S.F’s biggest towing service’s.
Business myths: A lot of capital is required for a business
Lots of ways are available for you to start a business without that huge amount of capital. Having capital can make your business grow at a faster rate but sometimes a steady and slow growth is important to make your business stabilize and grow your profit margins evenly.
Business myths: Working all day long
When your business is new and young you tend to work on long hours and this is what is required. However, understand that it is not only your cash that is burning out but yourself too. You need to be in good health for you to be successful in business. You don’t need to work 24 hours a day and seven days a week. While you are working hard, remember also to work smart by getting enough time to sleep and to relax. As much as the business requires you to work hard and dedicate much of your time, it is supposed to be enjoyable too.
Knowing what you are doing
You don’t need to know everything when getting started. Time has continuously proven this. Successful businessmen like Megan and Steve jobs only had a general idea and they had not planned for what would happen later. The myth that you must know what you are doing must be overpowered by your curiosity.
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