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7 Myths About Starting A Business I Used To Believe

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7 Myths

There are some people who can sell you sand in a desert. I’m not one of those people.

I’m not a natural entrepreneur. I did not set up lemonade stands on summer days as a kid, and I did not sell anything until I hit college.

My dad held the same government job until his retirement.

The fundamentals of business that come so easily to so many entrepreneurs took me months and years to grasp.

Unsurprisingly, I believed a lot of myths about starting a business. These myths kept me from taking the plunge sooner.

Today, I want to dispel some of these myths.

 

Myth #1: You need to be business smart to start

In undergrad, I studied English. Then, because I love being unemployed, I followed that up with a Master’s, also in English.

So when I say I don’t have any business skills, I’m really not kidding around. I can analyze a Shakespeare sonnet, but hand me a business plan and I’ll look dazed and confused.

This is important to remember. Entrepreneurs, like writers, do a lot of myth-making.

There is a pervasive myth that you need to be some sort of entrepreneurial genius to start a business or have an MBA and years of business experience.

The truth: anyone can start a business. Anyone!

To create and transact is as fundamentally human as sketching stick figures on a cave wall or falling in love.

Most of the knowledge you need to start a business is easy to acquire. Much of it can be learned on the job.

I’m not saying that an MBA or years of experience won’t help. They will, But the average person reading this doesn’t need them, at least not at the start.

Business experience is good to have, not a need to have.

Learn to identify between the two. It’ll save you a world of trouble later.

 “If you are the kind of person who is waiting for the right thing to happen, you might wait for a long time. It’s like waiting for all the traffic lights to be green for five miles before starting the trip.” – Robert Kiyosaki

Myth #2: You need a flashy website, office, or business card

No, no you don’t. I got my first two clients without a website.

I straight up emailed them. Something like, “Hey, you don’t know me, but your blog sucks. I’ll make it better.”

I was shocked by how many people responded. I had no website, no references, nothing.

What I had was a willingness to start a conversation. You’ll be surprised how far that can take you.

Even now, my website is just a single page of plain text, nothing fancy. I want to make it bigger and better, but that can wait.  Just like the office and the fancy stationery.

 

Myth #3: You need money to start a business

This is true. Then it’s not. It really depends on your business.

You’re not going to start an airline without cash, but you can start a service business.

Anything small, simple. Something that requires only one investment. That investment is time.

Think about some of the most successful service businesses: building a website, writing a blog post, mowing someone’s lawn, taking care of someone’s pets/kids.

Doing any of these professionally doesn’t require a lot of initial investment. Perhaps a domain name and a web host at most. That’s about $15.

Surely you have $15 to spare?

 

Myth #4: You need to have a lot of contacts to start a business

I stalled starting a business because I was convinced you need to have tons of contacts to start.

But I’m an introvert. Networking is alien to me. I walk into a room and freeze.

So I stopped networking. Instead, I started giving.

I found my first client by giving something away (a slide share presentation, made from one of her blog posts) for free.

I did not ask anything in return, but when she needed someone to help her repurpose her content, she turned to me.

I made my first friends online like this. A couple of these friends turned into clients.

It’s a powerful idea. It isn’t transactional. It doesn’t assume a ROI.

You give something because you feel it will add value to someone’s life. Sometimes, that value will come back to you tenfold. Sometimes it won’t, but that’s the very nature of giving.

“Chase the vision not the money. The money will end up following you.” – Tony Hsieh

Myth #5: Your business needs to be perfect before you launch

You don’t need perfection. It’s a good aim to strive for but it can often be a crutch. A crutch that keeps you from launching.

Forget about perfection. Instead, embrace the pivot.

Right now, as I type this, I have a huge whiteboard in my room filled with business ideas.

Some of these are service ideas. Some of these are product ideas. I won’t work on 95% of them but that doesn’t matter.

What matters is that if business A doesn’t work, I can always pivot to business B, C, D, E, or F.

That’s the good thing about being an entrepreneur. Your first iteration of a business doesn’t have to be its final iteration.

There is tremendous room to change in-between.

In other words, build the business you can build today, not the business you want to build tomorrow.

 

Myth #6: You need to be an expert to start a business

Being an expert is great. It means you have knowledge about a narrow topic. You can often sell this knowledge for cold hard cash.

There is one problem though: becoming an expert requires time. Lots of time.

I’m lazy. I’d rather start a business today than spend years becoming an expert.

So I took the anti-expert route. I figured out what problems people had, then I offered them my help for a fee.

I learned how to solve the problem along the way, or hired someone else to do it.

It’s just a faster way to do things.

7 Myths
 

Myth #7: You need to master branding, positioning, marketing, advertising, accounting, and hiring to start

Before I’d even started a business, I worried about hiring the right people. I wondered where I could find the right people.

Then I wondered whether they would even join my company.

When I got over my hiring worries, I worked myself up into a fit over keeping accounts.

Never mind that I did not even have a business yet, or any revenue.

Before launch, I fretted over branding. I worried if my logo looked good, or if the orange on my site was too bright.

In hindsight, all of these are trivial things. Logos can be changed, accountants can be hired, and people will work for you if you pay well and give them interesting challenges.

 

The only thing you need to do is go out there and build.

What myths are stopping you from building your business?

Puranjay Singh is passionate about helping businesses grow their traffic and revenues through content marketing. He currently runs http://growthpub.com where he helps startups create world-class content for their blogs. You can follow him on Twitter @puranjaycom

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4 Comments

4 Comments

  1. Troy Mason

    May 28, 2015 at 10:54 am

    Thanks for writing this Puranjay. There is some really great and actionable advice in here.

    The idea of getting rolling and then pivoting as you move is something that I am really big on!

  2. Puranjay

    May 22, 2015 at 9:47 pm

    @Mayank

    You won’t believe me, but I won my first contract precisely this way – I emailed an important VP of a $1B company that the blog of his new venture was terrible. He asked me how I would change it. I gave him some ideas, and within two days, I had a $1,000 contract. I knew next to nothing about blogging at that time.

    Either way, it never hurts to write an email. NO ONE will think less of you.

    @David

    Thanks for the kind words!

  3. Mayank

    May 18, 2015 at 8:24 pm

    Hi Puranjay
    Loved this article, specially
    “Hey, you don’t know me, but your blog sucks. I’ll make it better.”

    Mayank

  4. David

    May 6, 2015 at 9:55 am

    LOVE this article! If only you could get more people to believe it and realise their potential! Great work!

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Startups

You Are The Problem With Your Business

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A great way to screw up your company is to get into the habit of blaming your suppliers, the market, your staff or your product for your failures.

I recently heard a story of a business that had set up a website. They sold various products and services focusing on helping people with psychological issues. The business owner was smart. The product solved a problem.

Unfortunately, the company was making almost no money. They’d hired someone to help them with their digital marketing and it wasn’t working.

Plenty of traffic was coming to the site, users were having a look around and then not buying a single thing. Who’s fault was this?

Well, according to the business owner it was the person running their digital marketing. As a result, they wasted approximately eight months marketing a website that couldn’t make any sales. The reason the business was failing according to the owner was because of the keywords that were being targeted in the marketing campaign. This is a horrible excuse.

The reason your business fails is because you’re blaming someone other than yourself. It’s the quickest way to bankruptcy. Don’t do that.


Your company is a reflection of you.

It took me a long time to figure out that a company is a reflection of its founder.

One of the businesses I had, had a toxic culture and a bunch of people that were rude to customers, arrogant and not nice people. That was a reflection of exactly who I was at the time.

The company was reflecting the flaws of my own life and what I refused to admit.

In the case of the business owner above, what was obvious is that they were good at telling lies to themselves. It was easy not to change as a business owner and insist that the change needed was nothing to do with their vision.

The issue of their company was not the digital marketing strategy but their lack of understanding around what their customer wanted.

The thought that their products were too complicated, not solving a real problem or priced incorrectly was an admission of guilt they wanted no part in. Hence the eventual demise of their company.


Take responsibility and it will change.

When you own the business, everything is your fault.

You have the power to solve any problem you choose. It starts with you being brave enough to admit that there’s a problem, and then secondly, being bold enough to insist it’s your fault and that you can change it.

The problems in your business can all be solved. That’s what it took me a very long time to understand. When I changed as a person and faced up to my hidden battle with mental illness that I didn’t want to talk about, the odds turned in my favor.

Had I have not taken responsibility for my mental illness, I would have never become a leader in a business or started another side hustle. I would have been crippled by the big, bad world that I thought I could control.

Control came from responsibility, and responsibility solved the major problem in my business: me.


Change is a must.

Not with your digital marketing strategy.
Not with hiring new people.
Not with developing a new product.

Changing yourself is the *must* because YOU attract the problems and the solutions into your business”

You can’t find the solutions or stop the never-ending problems until you stop the cause of it all: you. You’re the problem with your business. The good news is that it’s entirely within your control to fix.

Change you.

Not the business.

<<<>>>

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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Startups

The Different Ways of Measuring the Success of Your Start-Up

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Image Credit: Unsplash

You’ve probably heard people use the term “unicorn” in a business context. This means a privately held start-up whose value has grown to at least one billion American dollars. Think Airbnb, Uber, and so forth. There is no doubt that some start-ups have been major financial successes. And many smaller-scale start-ups are doing great as well, working hard and turning a steady profit. But that begs the question of whether finances are the only way to measure the success of a start-up. As it turns out, they might not be. At least, not always and not on their own.

How to Evaluate Success

As anyone who’s been involved with start-ups knows, you need a fair amount of flexibility to do well in this environment. Take the division of labour for example – rather than strict roles, you’ll often see everyone do a bit of everything. The same principle extends to measuring success. It can be vague and mean different things to different people, and it can change over time.

But amongst all that vagueness, one thing has become clear. Predicting the success of a start-up is very difficult for external observers. As a matter of fact, it’s often impossible. Therefore, in order to evaluate how successful a start-up has truly been, we need to know the goals of its founder(s).

“Success means we go to sleep at night knowing that our talents and abilities were used in a way that served others.” – Marianne Williamson

The Numbers

When people think about business, it’s common to boil matters down to the finances. And it certainly is possible to use numbers to measure and predict the performance of a start-up business. Net worth, gross margin, customer acquisition cost – these can all be indicators of success. But, a start-up can post impressive numbers for a while, perhaps even attract large investors, and still shut down in the end. So does this make it a failure?

The answer to this depends. If the founders wanted to start a lasting business, then yes, they failed to meet their goal. However, that isn’t always the case. If they were looking for a short-term solution and came out with more money than they had coming in, a closed-down start-up needn’t be unsuccessful. It can actually be the opposite of that.

So, looking at the figures isn’t enough, and there are different perspectives to consider. When they start planning their business venture, start-up founders may not have any particular numbers in mind when it comes to profit. Instead, they can judge their success according to some of the following criteria.

1. Happy Customers and Solving Problems

The story of a start-up often begins with a problem. The desire to help people overcome a specific issue can be the spark which ignites the creation of an entire business. And in the end, that may be all that matters to the founders.

This is closely connected to the happiness of the customers. If the resulting product or service has made people happy by helping them solve a problem, that is all that may be required for a start-up to be a success. Now, no business wants unsatisfied customers. But in cases like this, happy customers aren’t the way toward the ultimate goal – they are that goal.

In other words, some start-up founders don’t just use financial reports to measure how much they’ve achieved. To them, the one metric which stands above all others is the quantity of positive feedback they’ve received. The main area of focus is customers who use the start-up’s products or services to solve a problem they were having.

2. Impact

Every start-up founder likes doing well in terms of revenue. But for some of these entrepreneurs, the profit is merely a side effect of what they actually set out to do – impact the world in a positive manner. You can see an example of this line of thought with Elon Musk. He said that back in college, he had wanted to be a part of things that could end up changing the world. The continuation of this philosophy is evident in his electric cars (which aim to reduce pollution) and the SpaceX program (which strives to break down some of the barriers of space exploration).

In both cases, the furthering of mankind is the ultimate goal. Many other start-up founders feel the same, even if they have smaller goals in mind. To these people, there is no greater proof of success than if their company has had a positive impact on society or even a small segment of it. In their view, to make a difference is to succeed.

“The only limit to your impact is your imagination and commitment.” – Tony Robbins

3. Freedom

For some, starting up their own business is less about getting rich and more about gaining the freedom to conduct their business the way they want to. In this case, financial success is just a means to an end. The endgame is to be your own boss.

The fact is, some people don’t do well when they’re constantly receiving orders. They are simply hardwired to be free thinkers and they require an environment that allows them to do things in their own way.

Being in a position where you hold all the cards can be exhilarating. The knowledge that your decisions are final is very empowering, and many strive for such freedom. If a start-up can allow such people to go from being a regular employee to being in charge of making all the decisions, then it has already achieved all the success that it needs to.

4. Time for Friends and Family

As many people know all too well, a job can easily turn into the focal point of your daily life. Instead of being a way to support your lifestyle, your work dominates your time. And when that happens, the time you have to dedicate to your loved ones becomes scarce. Combating this is precisely what some have in mind when they decide to take the leap and start their own business.

Now, running your own company is no mean feat and it will require a lot of effort. But the beginning is the most time-consuming part of the process. Later on, it can be possible to create a system which leaves you with a lot more time on your hands. You can spend this time with your significant other, your children, or your friends. A start-up which gives you this opportunity is perhaps the greatest success of all.

A start-up is an extension of its founders and so are that company’s goals. Some entrepreneurs are in it for the profit, but not all of them. In the end, there is no single way to measure the success of a start-up. It all comes down to the specific aims of those who established it. But if the founders can end their day on a happy note, then the venture is a success even if it doesn’t fit some standard definition of the term.

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Startups

The Problem Is Not Your Website Or Your Product.

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spend a lot of my time talking to business owners. They focus on their product, their marketing channels and trying to make more profit.

I met one such business owner who was in the plastic surgery business. Their product (boob jobs and nose jobs) was not working. Their website sucked and people clicked off as soon as they visited it.

People would call their office, get put on hold, listen to the on hold message and hang up.

This business didn’t seem all that special. I’ve talked to many businesses and didn’t think for a microsecond that a plastic surgery clinic could ever teach me anything valuable.

I’ve been to Hollywood on holidays and the issues of body image are all too apparent to me. Anyway, this post is not about body image.

I ended up losing this business as a customer — not that I would ever have sold anything to them if it were up to me. I sat down one afternoon and thought about why we no longer did business with them.

That’s when I realized it’s not about your product or your website. All the issues with this plastic surgery clinic and a lot of other businesses I’ve dealt with stem from one thing. Let me explain in more detail.


Your Google Reviews say you’re an piece of work.

I looked up their Google Reviews and their customers said they were assholes.

They spoke down to clients, they didn’t deliver their clients what they wanted, they argued with their staff in front of customers and they treated people like they were nothing more than a dollar sign.

All I had to do was read their Google reviews to see that the problem wasn’t their product or their website.


Your clients tell you every day that you suck.

I asked the plastic surgery what their clients said.

Many of their clients told them that their services sucked and they would prefer to go to places like Thailand where they could get a better product at a much lower price.

The business owner made the mistake of thinking it was their product that was the problem and that a new website will tell clients a different message.

That wasn’t it.


You abuse your staff and they consistently leave.

I spoke with many staff that worked for this business.

Every single one of them hated the company and were not afraid to say what they thought of the business owner.

The business owner would sit outside on a nice sunny day and look across the street at all the yachts and the people boarding them.

They’d sit there and think that every lead they got was going to take them one step closer to owning their very own yacht.

“If only I could deliver more boob jobs, maybe I could have one of those,” they thought quietly to themselves hoping that no one else could hear how ridiculous this sounded.

I can remember multiple times being on the phone to the business owner and having one of their staff burst into tears halfway through the call.

The first time it happened I didn’t think much. After the third time, I got the message. During the short time I dealt with this business, people consistently left. If you made it to the six-month mark, you were some sort of hero and would probably be given a free surgery to say thank you for your work and make you feel worse about your own body at the same time.

It was free noses and boobs in return for daily abuse.

The problem still wasn’t the website all the product.


You don’t solve real problems; you solve your own problem.

A good business solves a problem.

That problem typically affects human beings and solving it is how you make money in business. Solving problems can start out with a problem that affects you, but at some point, you’ve got to start solving that same problem for other people/businesses.

This owner of this plastic surgery clinic was only trying to solve their own problem which was making more money to buy fancy items like yachts.

Only solving your own problem is not just selfish but bad business.

Good business is solving a big problem or lots of small problems for entire strangers who you don’t know thus doing something valuable for the human race.

Solving only your problem will make you poor.

The problem still wasn’t their website or product.


Creating more problems.

Everything this business owner sold created more problems.

They’d film videos to purposely make people feel like their body wasn’t perfect.

They’d write articles suggesting that everyone needs botox to feel young.

They’d take photos of men and women who were supposed to be perfect so that young people would dream of looking like them.

Not only was their business not solving a real problem; it was also creating more problems every day that it existed.

If your business creates more problems than it solves, you’re in real trouble.You need to take a long hard look at the business and become obsessed with doing everything you can to change it — and do so damn fast to limit the whirlwind of problems you’re creating behind you.


The heart of the problem.

It’s the business owner.

The business I mentioned will fail. That part is certain. The problem with the business is not the website or the product.

The problem is the business has no heart because the business owner has no heart.

You cannot focus on your own selfish desires, create really bad problems in the world, treat other human beings like garbage and expect to go buy a yacht and live happily ever after. It just doesn’t happen like that.

Whether you are a plastic surgery clinic like the one I described or a solo entrepreneur, the problem with your business is you.

Fix the problem of YOU. You can’t get away with being horrible forever.
Being horrible is bad business.

Being respectful, kind and valuable is the final answer to the problem with your business.

<<<>>>

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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Entrepreneurs

18 Must Read Business Books for Emerging Entrepreneurs and Startups

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Reading is both relaxation and training for the mind. Who reads, dives into another world. Learning, entertaining and breaking out of everyday life for a short moment. One could go even so far as to say reading is the second most beautiful thing in the world! Whether it is non-fiction or a novel of all the world’s man has created, the book is the most powerful tool. That is also, why we wanted to find out which business book you should undertake in the new year. (more…)

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