Breaking away from a salaried, stable job to become an entrepreneur can seem like one of the scariest career moves possible. With so many factors to think about such as turning a profit, hiring staff and making the business sustainable, there are plenty of reasons why starting a business can seem like an almost insurmountable task.
This doesn’t have to be the case, however. Entrepreneurship has built up a reputation that it doesn’t deserve thanks to the proliferation of a number of myths surrounding startups. As such, we’ve made it our business to debunk a few of them:
Myth #1: There will be a perfect time to start
Whether you’re putting off starting a business due to the state of the economy or circumstances in your personal life, the simple fact is that there is no ‘right time’ to start a business. Life is unpredictable and so is the world of business. Successful entrepreneurs know this and are able to take it in their stride.
Myth #2: You need heaps of money to get off the ground
Whilst starting a business on a lean budget can be daunting, it can also be liberating. For example, it gives you a chance to test your products or services on a small scale without the fear of losing huge amounts of capital. Whilst starting out with a large chunk of money can help your business grow faster, incremental growth can help you get used to the world of business and refine your business strategy.
Myth #3: You have to do everything
Many rookie entrepreneurs find it hard to relinquish control of certain aspects of their business. However, if you want the company to grow and thrive it will become absolutely necessary to start delegating and outsourcing a large proportion of daily tasks and responsibilities. This is particularly true when it comes to accounting and keeping track of business finances. After all, entrepreneurs are usually renowned for their creativity rather than their ability with numbers. Hiring a bookkeeper, therefore, is a great business decision that will keep you from going off track from the outset.