Business experts are quick to point out all of the ways in which a start-up business can crash and burn. These statements, while well-intentioned, incite needless fear in the hearts of would-be business owners. Although proper planning in a business’s start-up phase is important, some of the most common cautions are ill-founded. Below are some entrepreneurial myths that owners of start-up businesses should take with a grain of salt.
1. Don’t launch until you’re ready
No one is ever fully prepared for all of the trials and tribulations that accompany business ownership. No matter how much time you spend preparing, you won’t every really feel “ready.” Instead of postponing your start-up indefinitely, set a reasonable schedule and follow it.
2. Be original
It’s true that most of the world’s most famous start-up businesses earned their fame because they had unique visions. However, not every business owner can expect to rank up there with Steve Jobs, and not all unique ideas are useful ones. Instead of focusing on being unique, focus on your company’s value. When your products and services are valuable to consumers, you can expect success.
3. Don’t use a credit card
Obviously, it’s better if you can afford all of your start-up costs on your own. In fact, experts cite studies stating that the chance of a business failing increases by 2.2 percent for every $1,000 of credit card debt the business incurs. However, few business owners can pay for everything without help.
Instead of avoiding credit cards altogether, simply use them responsibly. When used in moderation, credits cards can provide business owners with additional value through business credit card offers. The Gold Delta Skymiles card, for example, offers air miles if the user spends $500 in the first 3 months.
4. Commit your life to starting your business
Sit through any entrepreneur’s motivational speech, and you will hear tales of sleepless nights, grueling hours and malnutrition. Unfortunately, this approach to starting a business is both unhealthy and ineffective. According to recent studies, business owners need rest in order to achieve success. If you become completely dedicated to your business, you will only find yourself burnt out in the end. Instead, work to find a balance between work and leisure, and make sure that you focus entirely on the task at hand during your working hours.
5. Once you have worked for yourself, you will never go back
Entrepreneurship isn’t for everyone. Some people thrive in a more collaborative environment, while others find the tasks of a business owner to be mundane and taxing. Even if you successfully start a business, don’t feel like you are stuck with it for the rest of your life. Instead, keep an open mind and think about where you work best. Whatever you decide to do with the rest of your career, you will be better off for having launched your start-up.
6. No new business can survive in this economy
While an economic downturn certainly makes starting a new business more difficult, it is far from impossible. With the right blend of hard work, good ideas and wise decisions, your business can thrive even when the market isn’t. Instead of listening to the naysayers, keep a positive attitude. Take the economy into consideration when making business decisions, but don’t let it stop you from working toward your goals.