The problem is that many entrepreneurs start with good intentions to create a new mindset system but then slack off. The solution is to make that system part of your daily routine. ~ Lisa A. Mininni
You are thinking about starting your business. Brilliant ideas are popping in your head. You are learning many strategies to build a stable empire. You have a proper road map in your mind. Still, you are not heading towards your dreams.
What is stopping you?
Maybe, you listen about some business failure from your relatives and friends. Maybe, you are not confident in taking the first step. Or, you are thinking too much about the future growth of the company. Whatever the reason may be, you must not suppress your entrepreneurial spirit.
Let us face the harsh truth: Before starting your business, you have been lying to yourself.
Come out from all the illusions and face the reality. Don’t feel the magnitude of big ideas. Experience them by stepping your foot forward in the practical world. You won’t gain the exposure by thinking only. You won’t generate ideas by talking to yourself only. If you look at the obstacles only, you can’t taste the success of your venture.
Don’t let these Eight common myths hold you back before Starting Your Business:
Myth 1: I must pass from a Big Business School
Richard Branson, a school dropout, started his Student Magazine at the age of sixteen. Today, he is the owner of Virgin Group and runs more than 400 companies.
Michael Dell dropped out of college to start PC’s Limited. Today, he is the founder and CEO of Dell Inc.
Giorgio Armani dropped out from the college to join a Milan Department Store. Today, he is the man behind the iconic clothing line: Armani
Bill Gates took the brave decision to drop out from Harvard. Today, he is the co-founder of the multi-billionaire company: Microsoft
I don’t think you need more proofs. These inspiring examples signal towards one thing: Entrepreneurs are born, not made.
This doesn’t mean you won’t learn anything from your college-level training. But, there is no guarantee of success from a college degree. There is a lot of difference between a college education and the real world. A certificate doesn’t make you qualified for any business. If you want to start things on your own, you don’t need a stamp of approval from anyone.
Myth 2: I won’t be able to compete with big fishes in my industry
All the big players were beginners one day, isn't? Every person learns from mistakes and experiences. Don’t make yourself feel alone.
There are two ways to excel in the market:
1) Focus on an innovative idea
It requires time and effort to think about a different approach. You don’t know whether your product will suit the needs of the people or not. You have to devote time in finding the right kind of customers.
On one hand, you have a bright chance to excel in the market. On the other hand, you have to face lots of risks. You don’t have anyone in the market for getting the proper leads.
2) Focus on the pre-established idea with an improved version
Due to existing big players, you don’t need to worry about the customers. You just have to concentrate on providing an excellent customer service. You have to emphasize on making an improved version of the products with the help of latest technology and understanding the current demand.
Take the clues from your competitors and understand their loopholes. You may consider collaborating with the similar businesses.
In both ways, you need time and patience to build an authority. There is no shortcut for building a successful business.
Myth 3: I can’t allocate my time efficiently on different tasks
You are a human being, not a machine. Every person has 86400 seconds in a day. In the long run, the smart work pays you more than your hard-work. Understand the importance of time management. Time is money.
Before starting any task, ask two simple questions:
1) Is it worth your time?
2) Can I outsource this task and concentrate on other productive things?
You can’t do everything. Spend most of the time on your strong areas. Find a balance between your tasks by understanding the greater returns on your time. If you are getting a very low return by spending too much time on a particular work, it is better to adopt a different approach.
More time spent doesn’t necessarily mean a higher output. Invest your time in those areas where your work leads to an exponential output. Optimize your tasks by doing more valuable activities. Check out sites like
Myth 4: I don’t have money to start my business
Sachin Bansal and Binny Bansal launched an e-commerce company, Flipkart with 6500$ in their apartment. Today they are having 33 thousand employees in their company. In the financial year 2014-15, they have generated revenue of US$ 1billion.
What lesson did you learn from this successful story?
Don’t just look at the numbers. Look at the growth from the numbers.
Your ideas make money. You don’t need a rented office to start your budding ideas. You don’t need to spend a big amount of money from day one. You just need willpower to face all the odd winds with ease.
There is no harm in starting your business with a minimal budget. After gaining confidence and stability, you can seek out investors. Generate confidence by showing a stable numbers of your growth.
You never know you may get a line of investors waiting for pumping their money in your business.
Myth 5: I won't able to face the harshness of failures
After a successful launch of the first book, The Female Woman ( Translations in 11 languages), Arianna Huffington got 36 rejections of her second book. She didn't give up. She knew the importance of failures in climbing up the ladders of success.
In May 2005, she co-founded Huffington Post with the aim of aggregating the news online and create an Internet dialogue. The rest is history. In August 2014, it became the number one news site in the United States and reached 115 million global unique visitors.
Do you know the secret behind a successful life?
Fail fast and fail often.
You won't get anything by thinking about your fears only. In order to taste the madness, you need to experience it. Once you have decided to start an entrepreneurial journey, be prepared for the extreme shocks. These shocks will definitely form a cushion for your stable future growth.
Myth 6: I will attain financial independence after starting my business
Without any proper strategy, you can’t think of becoming a billionaire. Money doesn’t grow on trees. By following an action plan on a consistence basis, you create a financially independent path.
Larry Kim, Inc columnist, shares wonderful insight on this myth in this article. He stresses the importance of making relationships with other company founders. While building his search marketing company, Wordstream, he understood the impact of social capital and experiences along the entrepreneurial journey.
Starting a business requires patience and dedication. In the beginning, gain lots of experiences from well- established players in your market. Without understanding the basics of your startup, you can't think of making lots of money.
You can't think of earning money by building castles in the air. Come up with
If the plan doesn't go in a directed manner, scrap off the idea and work on an alternative route. You can never replace the worth of these experiences with monetary returns.
Myth 7: I need to go part-time or quit my day job before I can branch out
Many established entrepreneurs started their journey by doing a daily job. They carved out a path for their business ventures while working for other companies.
They all have one thing in common:
They were passionate about their dream business.
Sara Blakely, the founder of Spark, is listed among 100 most powerful woman in the world by Forbes (2015). She came up with an idea of making hosiery company while providing door to door services of selling fax machines for a company.
Pierre Omidyar founded eBay (e-commerce company) while working as a Developer Relationship Engineer for General Magic. After getting the initial success only, he quit his day job and started working on building eBay's community and technology.
So, don't cry for having a shortage of time. If you’re really passionate about the growth of your business, you will find the time to make it work. All are given 24 hours of time only. You just need to allocate the time properly by prioritizing your tasks.
Myth 8: I won't be able to tackle the stressful and anxious moments
In Derek's Podcast, Tim Ferris shares some dark secrets of his life. Tim Ferris is an angel investor/advisor to big names (Uber, Facebook, Twitter, StumbleUpon, and many more) and author of three New York bestsellers (including 'The Four Hour Workweek').
During the end of college, he thought of committing a suicide.
Ya, you heard it right.
Derek, expert marketer and entrepreneur (the man behind the success of several sites in various
In the podcast, he also shares his awkward interaction with a therapist who told him he might be a bipolar or on the spectrum of being bipolar.
There is an always a story behind a successful entrepreneur. Always analyze the real worth of any individual without focusing on his/her present net worth.
It is very easy to frame the fame of these people by looking at the happy side only. Have the guts to go through their painful past.
Don't judge any successful entrepreneur by magazine's front cover image. Stop copying the same pose by standing in front of your mirror. Face the reality. In order to achieve the same status, you need to go through the same stress.
Remember one important thing:
Everyone faces stress in life. The only difference between a successful and unsuccessful entrepreneur is that how they handle it. You are not alone, buddy.
Don’t connect business with risk only. It is all about taking the perfect decisions at the right time. With calculative strategies, you can cushion yourself from extreme shocks.
What are you waiting for?
Stay away from all these myths and start your entrepreneurial journey. Start networking with people. Take part in the business event in your nearby area. Understand the needs of the people
You won’t necessarily make money from day one. But, you will definitely earn lots of experience.
Be ready for the disturbing phases in your path. Learn from your mistakes. And, don’t wait for the right time to start your business.
What is that one thing which stops you from becoming a master of your own business? Share your thoughts.
In the end, I am going to leave you with the motivational video from John Lee Dumas, the man behind Entrepreneurs on Fire (Top-ranked business Podcast). In this short video, John talks about his fear, struggles, and anxiety while building the Fire Nation Empire.