The Ten Myths About Starting A Business

The Ten Myths About Starting A Business

As an entrepreneur who has started a number of businesses over the years I want to dispel some of the sacred cows surrounding starting a business and give you the freedom you deserve to go start your own business and free yourself from the claws of the corporate structure.

Myth 1: Not Enough Money or Capital - This is one of the major reasons preventing so many people from starting their businesses. While this is understandable, the current technological environment makes it easier to start a business for under $99.00. It is advisable to start small and when you start to grow you will attract the  money that you need to grow. Remember that there are a lot of start-up cost that is free or you can also barter.

Myth 2 - Need A Detailed Business Plan - Business plan is just a road map. It is mostly used to attract capital from potential investors. Since you are starting from scratch all you need is a one page summary of what your business is about. You might include Vision and Mission of you business, Your marketing plan, Social Media Outreach, Your Tactics and Strategy, Financial Numbers and your Overall Goal. Of course the Legal Name of Your Business should be included.

 Myth 3 - Have To Register With the IRS - You can start the business as a Sole Proprietor which is the easiest way to get started. You can use your own social security as the business identification number for tax purposes and you do not have to report to the IRS that you are in business until you file "Schedule C" the following year which is your income and expense statement.

Myth 4 - You Need A Partner - While seeking a partner is a good idea. Initially, you just need to get started. There are advantages and disadvantages you need to consider before bring in a partner, but if you are passionate about the business you want to start, just get it started.

Myth 5 - Difficult To Start A Business - Starting a business is the easiest part. Managing it might take a while to know the intricacies involved, but that should not deter you from starting. Just start and the rest will take care of itself. As I mentioned before the current technological environment makes it easier to get started than before. There are so much information out there to research your business. There are  risks in all endeavors, but if you plan your entry carefully, you can minimize your risks

Myth 6 - Must Have a Business Degree - While it is necessary a plus, it is not a requirement. I believe that the most important thing you need is a passion for the idea or the business that you want to start. Everything else will fall in place. Remember that many of the businesses started in recent years were not started by college educated individuals; the Late Steve Jobs of Apple Computers and Bill Gates of Microsoft come to mind.

Myth 7 - Need A Bank Account - Yes you need a safe place for your deposits, but you can set up a Pay-Pal Account. Let all your payment be made through a Pay-Pal Account.

Myth 8 - You Need A Good Credit - You are not going to the Bank to borrow any money so No you don't need a good credit.(At the appropriate time you can clean up your credit). Just get the business started. Also remember banks as institutions are not interested in lending money to small businesses. For the banks to consider your loan you should be in business for three to five years. (The joke is that the Banks will give you money when you don't need it).

Myth 9 - Need To Start The Business At The Right Time - There is no right time to start a business. What you need is  carve out time to start and develop your business. As I scan the environment, I believe the right time is now. If you need to hire people on a commission by contract basis, there are so many experts on the unemployment pool to hire and deploy.

Myth 10 - You Need Experience - Having your own business is the best on the job training.  Listen you know more than you give yourself credit so just get started. My assumption is that you have a skill and a passion. In areas where you need assistance there are plenty of experts to tap into to complement your weaknesses.

Conclusion: Don't let fear prevent you from starting your business to help humanity. Once you get started your fears will disappear.