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7 mYTHS ABOUT STARTING A BUSINESS THAT I USE TO BELIEVE
1. YOU HAVE TO KNOW WHAT YOU'RE DOING
You actually do not need to know exactly what you're doing to get started. Time has proven that continuously from Steve Jobs, Richard Branson, Donald Trump! There was never an exact plan for the course ahead. Let your curiosity overpower the myth that you have to know exactly what you are doing.
2. YOU HAVE TO HAVE A FULL BUSINESS PLAN
Ok do not get me wrong, it definitely gives you structure. However I personally do not like these enormous business plans. Something simple that effectively outlines your mission, vision and marketing with some data matrix around how you are measuring success. Get a solid 2 or 3 page outline of your business plan and then get to work. I can show you how not to get trapped in business plan analysis paralysis.
3. YOU HAVE TO START AT THE RIGHT TIME
Rubbish! The only timing that will ever be right is NOW!
4. YOU HAVE TO HIRE STAFF
Staff is expensive to keep, cost time to manage and are in most ways the biggest expense of the business. The longer you can keep your business under your core leadership the better.
5. YOU HAVE TO WORK 24/7
Entrepreneurs tend to work long hours most days. In startup mode, that is simply what is required. However you have to be aware of not only your cash burn rate but your personal burn out rate. Entrepreneurship is hard work but it is supposed to be enjoyable also
6.YOU HAVE TO DO IT ALL
OK so you are probably thinking that I am contradicting point 4 however hear me out. It is important to delegate and outsource some of the daily tasks and responsibilities of the business so you can have breathing space from time to time. You may have trusted suppliers, you might want to outsource a portion of the work at a good professional rate and price.
7. YOU HAVE TO HAVE A LOT OF MONEY
According to Forbes, 80% of businesses have no employees at all. Most don not even have an office. Few require any capital expenditure. You can start a business at any time such as your spare time, whilst you are being paid a salary from another Company.