FreshBooks banner ad

5 Myths about Small Businesses to Bust

If you’re planning on starting a small business, but are slightly unsure about firing the shot, you’re most likely holding back due to factors you presume are required of a startup.

It’s time to switch this wary mindset. This article busts myths that prevent enterprising individuals from building a petite to a larger empire.

Starting up requires a lot of money - or not?

You’ll need a large capital

Not quite so. Many multi-millionaires have started with practically nothing. Oprah, daughter to a coal miner and housemaid, only wore potato sack-material dresses, and Steve Jobs had to drop out of school because his Foster parents could no longer afford tuition. What they did: combine confidence with pragmatism.

Take small steps before scaling the grand scale. You can micro-test a service or product in small batches first. Entrepreneur Bob Adams’ Cape Cod map business hit off by first asking his potential customers to finance him. With the help of local merchants, he priced a dollar for every mock-up map and offered a free ad for every print. Stability is then guaranteed throughout the growth period.

You need to be a business graduate with a plan

“Large ventures are primarily leaped by degree-holders in business and it starts with a strategy.” Myth. Did you know that Google, Microsoft and other billion-dollar companies found success without a tooth and nail proposal? Alternatives are always in the picture and it’s not vital you walk the clear, lit path.

In truth, the vast market changes so rapidly, that new and niche business models can be birthed while you’re springing for it. Great business models are learned in time, and not based on college record. Google co-founder, Alphabet, Inc. CEO Larry Page is a testament. He graduated from engineering.

You must have an out-of-box idea

The notion that unique or quirky products, services, and niches are all it takes to thrive is a false idea and should be busted.

Everyday commodities and services translate high value to society and are just as necessary in the market. Do analysis on the current trend. Customer satisfaction and a promising service are hard factors to helping your business continually thrive.

Don’t attempt to trend away from the market, this will only shred more finances, time and unfortunately, failure. Selling clothes online or having a drop shipment business is a nice pick-me-up. Modernity is the gateway to the future, and the internet is a lucrative ground.

Employee development

Not Invest In Employee Well-being

There is no doubt that the workforce is the most important resource of any company. A regular business cannot function without its employees. Therefore, it’s important that entrepreneurs dedicate company resources to maintain the overall wellness of its employees.

Paid health screenings and drug tests through reliable means can prove to be useful in keeping employees in tip-top shape. Whether sending employees to drug testing centers or providing them with hair drug testing kits, it’s important to nip potential health problems early on also saves the business time and money in the long run.

It takes long hours of toil

A few weeks is well enough to kickstart your idea into a business of your very own. Sometimes, strife for perfection can cause delays, and the brightest ideas can spark at a creative instant.

Once it strikes, you’re well on your way to making the good profit with time and experience. It’s not about what you lack, but what you utilize.

The book Zero to One, by PayPal co-founder, early Facebook investor and venture capitalist Peter Theil, together with Blake Masters, is a good guide for startups.

About author

Ivan Widjaya
Ivan Widjaya 3160 posts

Ivan Widjaya is the Owner/Editor of Noobpreneur.com, as well as several other blogs. He is a business blogger, web publisher and content marketer for SMEs.

Funding Note

You might also like

Tips

The 10 Commandments of Video Conferencing

In a very technical business World which is constantly looking to reduce costs, HD video conferencing can prove very useful since it provides an effective means to communicate whilst not

Tips

What to Do When You Get Injured at Work

Nobody wants to get injured while on the job, but sometimes accidents happen. Even though you hope to never be injured while at work, it’s still very important to know

Management

5 Customer Retention Tips for Every Entrepreneur

Many entrepreneurs work diligently to grow their startups and focus on getting new customers. Unfortunately, many also forget to effectively address the need to retain the customers they already have.