There’s a lot of advice out there about starting your own business in the form of books, blogs, podcasts, articles, and helpful friends and family members. A lot of it is good, but unfortunately, there are persistent myths that circulate as well. Below are just a few of the common ones and why they aren’t true.
You Need a Lot of Money
This may or may not be true depending on the nature of your business, but it certainly is not a given that you need to be wealthy or even have a lot of cash at all when starting your business. These days, you may not need much more than an internet connection. Of course, having a cushion is always helpful, which is why some people keep their day job for a while when they start their business. You might find sources of cash in other places as well. For example, if you have a life insurance policy and if your intended beneficiary has unfortunately passed, you might be thinking of letting the policy lapse. Rather than do that, you may want to look into a life settlement. You can review a guide about selling your policy with a life settlement and what to expect.
You Have to Pick the Perfect Time
There are certainly bad times to launch certain types of businesses. The dead of winter is probably not the best time to start advertising your pool cleaning company. However, suppose you’re hesitating over whether the time is right. In that case, you may want to examine whether there are actually good reasons for postponing or if you are just letting your anxiety get the best of you. If you’re already overwhelmed in your work and personal life, if you need to get another certification or there’s a piece of equipment you must have, it might be best to wait a little while. However, recognize that there will never be a perfect time, and go ahead with the launch as soon as you can.
You Have to Work Constantly
There’s an image of the entrepreneur of someone who works crazy hours, lives at the office, and never sleeps. Those entrepreneurs are out there, but that doesn’t have to be you, and it doesn’t guarantee success. In fact, if you read about the routines of many of the most successful business owners, what you’ll often find is that they emphasize balance in their life, making sure that they create time in each day to exercise, spend time with their children or read a book. They also still make time for extended breaks to spend time traveling with the family, doing a project at home, or enjoying a longer break around a holiday.
Don’t let yourself get on the treadmill of believing that the more dedicated you are, the harder you’ll work. That’s a fast track to burnout, which can lead to failure. Instead, be intentional with your time and create efficiencies in your routine that will matter more in the long run. The old adage of quality over quantity applies.
Failure Means You’re Not Cut Out to Own a Business
There’s a lot you can learn from failure, but this shouldn’t be one of those things—unless, of course, you decide that you really are happier drawing a paycheck and letting someone else worry about keeping a business afloat. However, if your business fails, don’t take that as a referendum on your suitability to run one. Most successful business people have failed more than once. It’s just a matter of persistence and learning from your mistakes when starting your own business.
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