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Six myths about starting a small business

myths starting a small business

There are many myths which are told or thought about when starting a new small business. Here are some of the myths debunked.

Myths about starting a small business

Myth 1: You need a lot of start-up capital

Most small businesses do not require a huge amount of start-up capital. Many service-based companies can be started with the resources you already have available. So look at what resources you have available and check if there is a market for the business you wish to run.

Myth 2: Entrepreneurs are risk-takers

Though entrepreneurs are risk-takers, they are not gamblers. An entrepreneur is able to view the pros and cons of a situation and will take a calculated risk by knowing what the potential outcome should be and what the worst possible situation could be if the risk is unsuccessful.

Myth 3: You need to do it all

When you start your business you do have to be willing to do all the jobs in your business from sweeping the floors to thinking about the grand plans. In addition, it is important to delegate some of the menial tasks in your business or to hire freelancers to do the parts of the business in which you lack the expertise. In addition, you can improve your knowledge about your business by learning about it. There are many ways to get information to help improve your knowledge base about how to run a successful business

Myth 4: You need a thorough business plan

It is important not to get business planning paralysis. You need to have the basics of a business plan laid out when you start your business but then you need to take action instead of fine-tuning your business plan. By having an excellent business plan but no business you will not know what works and what does not. By running your business and fine-tuning the business plan as you go, you will be able to create a sustainable business plan.

Myth 5: You have no boss

This is not entirely true. When you run your own business, your clients become your boss. They will require you to produce a product which they are willing to pay for and after-sales service which is up to standard. You will also have to be disciplined to ensure that you get all the work done in the time you have allocated for it.

Myth 6: You need a great location

It is important to have low start-up costs when starting your business, so it is critical to consider the importance of location for your business. If you want to start a retail business, then location may be critical but you can start in a small centre and grow from there. Some of the biggest brands where started in a garage, look at Apple Computers and Hewlett-Packard. So do not let the expense of real estate squash your dreams.

These are just a few of the popular myths which people believe when considering starting a small business. So put them to rest and go out and become the shining business star you always believed yourself to be.

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