General

Myths to Avoid When Starting a Business

Every time that an entrepreneur develops a business idea, the goal is structuring and making it a big multinational.

However, many people fail to even start their enterprises because of misconceptions that lay on the way. Whether you want to open a store locally or register a company offshore, the following are some myths to avoid.

A startup can only get off with the help of investors

This is a myth. Studies have established that only less than 1% of all startups commence with the help of investors. Instead, most of the businesses rely on bootstrapping to give users total control of their enterprises.

By starting small with the resources that are already available, you learn more about the market, competitors, and work on growing over time.

You need a business degree to start a business venture

This is a myth. While it is true that a business degree can provide people with insights on entrepreneurial management, it is not a must-have item to grow. Today, some of the most successful businesses have not been built on business degrees. For example, Jeff Bezos of Amazon and Larry page of Google largely relied on computing degree.

You have to start at the right time

This is a myth. The best time to start a business is now. Indeed, many entrepreneurs started their enterprises when they were at the worst possible times in their history. But they burgeoned to success. Take the example of Microsoft.

The company was started in 1975 at the height of a recession when everything probably ticked negative. The company had to work for six years to get incorporated in 1981.

You need to have a lot of money to start a business

This is not necessarily true. While it is true that having ample funds is crucial because a business needs to meet its expenses, you only need to have enough. Your focus should be getting the business to take off without galloping a lot of money.

For example, instead of using a lot of money to rent a big premise downtown, Google started from a garage office and then grew into the giant that people know of today.