Entrepreneurship and running a business is for brave people with leadership skills. That does not mean you need to have much courage, however, calls for some amount of tenacity to take challenges head-on and come out of the 9-5 job mindset.
According to an article published on Entrepreneur.com, as the appeal of entrepreneurship exists, so do the misconceptions of starting a new business. These days, business leaders are keen on entering unexplored territories. Then, you will find tall stories that go together with the unfamiliar. Here are some of the common myths about starting your business that you must ignore:
Eric Daslius the time taken to start your business
There is a common myth that starting a business takes much of your time, which is untrue. Though some time is needed for market research, finding clients, and financing your business, it does not mean that will take several months or years to kick-start your venture. Of course, it is not possible to start a business in a week or week because planning is essential. Then, you can use vacation time to think of small business ideas and work on them.
Some quick business ideas include buying about 60 bicycles, used models, and rent these to summer visitors. It will fetch you good money with little investment. You can also start a house-painting venture. It is a good idea if you would like to start something quick.
Huge funding is required to start your business
It is one of the greatest myths, thinks Eric Dalius because you can kick-start your agency with as little as $2,000. These days, you will also find numerous financing options such as loans, crowdfunding, small business investment, and so on. You can even ask your friends and family for small loans, which is not difficult to get unless you are not asking for a huge amount.
Though huge capital helps to grow your business quickly, it is better to take a slow and steady path for consistent growth. Huge investments also mean bigger risks if your business fails and shuts down in a year or so. With a small investment, you can ensure stable growth and increase the margins gradually. When you have made a name for your brand and made enough profits, you can take a bigger loan for further business expansion, that too if necessary.
You need to work round the clock
Though business leaders have long working hours, it does not mean they do so 24/7 and 365 days a year. Even if you work for nine hours when you have just started your business, you can reap the benefits provided you implement the right marketing strategies. You need to work hard, but at the same time, you find time to get good sleep and find time for relaxation.
You can vacation, spend some time with your loved ones, and have fun, when you have the scope to do such things, especially during the weekends.
Now that you have learned about these myths, take the right steps to improve your branding, implement the right strategies, and focus on providing value to your customers.