If you are thinking of launching your own business, you may hear these few mistruths that could potentially kill your venture before it even sets off. So make sure you listen not to the following:
Heed not the untruths!
1. You do not need to have expert knowledge about your field
Don’t believe it. Having expert knowledge about your field is not only an advantage, it is essential. Starting a restaurant because you enjoy eating out now and then is not a recipe for success.
Take time learning about the industry, the business, your market and everything else before you venture out.
2. You do not need a lot of starting capital
It may sound nice, but unfortunately this is not true either. For a typical start-up, you are looking at a minimum initial investment of twenty thousand dollars.
Even if you are starting a small business, it will take at least a year and a half to break even. So not only do you need to have capital, you also need enough cashflow set aside to keep the start up going for the first couple of years.
3. You are waiting for the right time
There is really no ‘’right time’’ for starting a business. No matter what anyone tells you, waiting for that right time to arrive will mean that you are losing out on time. So if you feel confident that you have it all ready, the right time is probably now.
4. You have to quit your job first
This is a serious mistake, especially if you are venturing out for the first time. Too many would-be entrepreneurs quit their jobs before they start a business. This is just not a good idea because losing your job means losing a constant stream of income. In the event that your start up does wade into troubled waters, having a day job to fall back on will provide you with invaluable breathing space .
Making your start up a side project to your job is not just playing it safe, it’s playing it smart.
5. Marketing is not important or it is too expensive
Marketing is all talk. Marketing is too expensive. Marketing is for the big guys.
You hear it all the time, but none of this is true.
The reality is that marketing is incredibly important for the success of your venture and you can easily play out a few marketing tactics yourself at no extra cost. Search engine marketing, social marketing and content marketing (using blogs and other online content platforms) are great examples of effective, DIY marketing on a limited budget.
6. You know everything
For any business, regardless of age or size. learning is something that happens every day. And it will keep happening everyday, for the entire span of the business. The business world is constantly changing, and so as a player you will always need to update your knowledge bank. It is impossible to exhaust the new things that can be learnt. Learning is growing. so always keep at it.