6 Myths Stopping Entrepreneurs From Starting Their Own Business – Part 2
If you have been hoping to start your own business, then surely you must have heard a lot of different myths and rumors that might be holding you back. Because of that, on our last entry we started looking at all the different myths that tend to hinder newcomers to the business scene, since all of these are just that, myths, and are no more necessary than a huge personal loan to get any business started.
Ok, let’s keep looking at four more of these harmful myths.
3. YouI Really Need More Money
A lot of people nowadays seem to believe that in order to be successful with any business, they need to have an enormous amount of cash. However, there are countless businesses out there that started small, with just a tiny personal loan and then generated enough revenue to become far more stable and support themselves.
Having your own cash to fund your business is, of course, the ideal scenario. But even if you don’t have it, a personal loan is usually quite easy to acquire so you can get started with your business right away. In fact, all small future business owners should consider starting small with just a simple personal loan and then scale and grow slowly but steadily. This also allows you to seek for investors that can grant you financial support via personal loans and such.
In short, put a plan together, crunch the numbers, get the minimum fund needed (via a personal loan if possible) and just get started with your business. The rest will come on its own.
4. Wait For the Economy to Improve
There are very few businesses in the country that can say they are completely sheltered against the effects the economic crisis, so it is simply foolish to think that yours will be ok if you just wait a little bit more time. In fact, if you wait for an upswing in the economy, you could be missing out on several great business opportunities, not to mention the different personal loans that you could have already paid.
What you need to do instead is to focus on your current situation and think how you can appeal to your potential customers even during the recession. Start with a viable business plan, get one nice personal loan to start with and then fund smart ways to get local resources that could help you in the mid and long-terms. Don’t forget: You can always start small and grow with the help of investors and personal loans.
5. You HAVE to Follow Profitability
This is perhaps one of the saddest mistakes that up and coming entrepreneurs make when thinking about a business. They perform some research to asses the profitability of certain ideas and then get a personal loan and jump for the most profitable one.
However, what business men should do is to follow their passion and implement businesses based on ideas that truly resonate with them, and only then go for the money of the personal loan. Do as much research as you need before taking a personal loan, but only do so for an idea you really feel at home with.
6. You Need to Quit Your Day Job to Really Branch Out
Several small business owner out there that started with their business just as a hobby did so because they had some free time in their hands. However, soon they start thinking that in order for their business to grow, they need to quit their jobs.
Not only is this tremendously risky, but it can be fatal to the business as well. What happens if you quit your day job and then the business doesn’t go well? If you have personal loans to repay then your business -and your credit score- might be endangered.
If you really love your idea, you will find time to make it grow and flourish.