Connect with us

Startups

7 Myths About Starting A Business I Used To Believe

Published

on

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

Advertisement
4 Comments

4 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

Published

on

how to build your empire

The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

Continue Reading

Startups

How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

Published

on

How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

Continue Reading

Startups

From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

Published

on

How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

Continue Reading

Startups

12 Things I Learned in 12 Months of Working on My Startup

Published

on

Image Credit: Unsplash

A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

Continue Reading

Trending