January 1/15/08 – The Myth About Being in Business for Yourself

January 14, 2008 Sharilee

by David Bach

“Whether you’re considering going into business for yourself or you’re working to build a team, you understand teh allure of making your own schedule, being your own boss, working from home, and having independence.  Unfortunately, a fear of the unknown or an unwillingness to take risks often keeps people from acting on their desire to own their own business . . . dispel the myths of entrepreneureship and, as a result, create an atmosphere for an informed decision-making process about business ownership.”

Let’s take a minute to consider some of the myths.  Dispelling the myths and focusing on the facts can help you develop the right attitude and help you move your business to new levels.

Myth #1: You Need a Lot of Money to Start.

Truth:  “The average start-up cost of the companies on Inc. magazine’s 2004 list of America’s fastest-growing small businesses was $25,000, and many of them were started with $5,000 or less.”  Many of you reading this blog will know of many businesses that can be started for less than $100! 

Myth #2:  You Need to Have Experience

Truth:  “While experience definitely helps, action beats inaction any day of the week.”   There are many businesses that provide mentoring and assistance so you can be in business FOR yourself, but not BY yourself.  Also, there are government agencies that now offer assistance, volunteer organizations staffed with experienced entrepreneurs to share their knowledge, and even businesses tailored to assist you in succeeding.

Myth #3: You Need a Lot of Time

Truth:  You can start a business on the side in 1-2 hours a day.  Don’t let anyone else steal your dream by convincing you that you’re too busy, you have a job, kids, running the house, etc.  If you spend just 2 hours a day that is 14 hours per week , 60 hours per month and 720 hours a year.  That is plenty of time to run a side business.  There are also some businesses that can be done in the course of your day.

Myth #4:  Nine out of Ten New Businesses Fail

Truth: “According to the Small Business Administration, two-thirds of all new businesses survive at least two years, and about half survive four.”

Myth #5: You Need a Lot of Stuff to Get Started

Truth: “The only things you absolutely need to start a business are passion, commitment, desire and a willingness to take action.”    If you have these things, the rest will fall into place as you follow your passion.

Myth #6: You Have to Be Passionate About the Particular Business You Choose

Truth:  Okay— I am a strong believer in choosing a business that you love, so this one I’m going to go straight with Mr. Bach’s words and you can decide: “I’m a big believer in the idea if you do what you love, the money will follow.  But I also recognize this cliche has held many people back from starting their own business.  Why? Because they don’t know ‘what they love’ or because they believe ‘what they love’ dan’t make money.  If your goal is to earn an extra $500 a month, that in and of itself can be enough reason to start a business.  People become successful in business all the time even though they aren’t really turned on to the product or service they happen to produce or sell.  What they are passionate about is being an entrepreneur and being their own boss.  If you really want to be your own boss and are dedicated and willing to work hard, then you have what it takes to start your own business.” 

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Entry Filed under: 2- Getting Started

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