11 Myths That Stifle Budding Entrepreneurs

If you are thinking about venturing out on your own, here are 11 myths I’d suggest are a hindrance to people that are making the transition from employee to employer.

Myth No. 1 — A great idea is all you need.
This may be the biggest misconception about business. That’s why it sits like a king (or queen) at the top, looking down on all the advice that follows. A great idea is only great until someone comes along with a better idea — and that window can close very quickly. It takes time to get a business established and off the ground. By the time you’re up and running, a better idea may already have been incubated.

Myth No. 2 — You don’t have time to network.
Networking may bring immediate gratification but not sales. Before you start throwing pasta at the wall to see what sticks, it’s important to really understand your mission statement, value statement and customer personas. Having these in place will optimize your networking. I found that networking truly was a full-time job and that’s why it’s called business development. As a business owner, this will become your top-most priority in order to fill the sales funnel with real leads that can pay the invoices you send out.

Myth No. 3 — My employees will help bring in business.
Nobody cares about your business more than you. Unless you are specifically hiring business development people, don’t expect the people you hire to land a client. They are not vested and are looking to complete the tasks at hand in order to get paid.

Myth No. 4 — I have to do it all myself.
Another myth of entrepreneurship is that you have to be the Jill and Jack of all trades. This quickly stretches you too thin. Outsource absolutely everything that doesn’t need your touch or your vision. Yes, find someone else to reorder the toilet paper and write the company handbook.

Myth No. 5 — “Going all in” is how it’s done.
Take your time when setting up your new venture. Initial out-of-pocket expenses will include legally establishing your business; buying basic office equipment including computer, software, printer; creating a web and social media presence; and purchasing an accounting software package. Your business team will include legal, tax and financial professionals.

 Read the full article at: http://www.getrichslowly.org/2016/07/26/11-myths-that-stifle-budding-entrepreneurs/ 

January 23 2018 By J.D Roth - Get Rich Slowly Financial Planning