Six Small Business Startup Myths.
Six common Small Business Startup Myths discussed and debunked by Henry Lopez and David Begin. These 6 myths can hold you back or mislead you as to the real challenges and opportunities related to starting your first small business. Serial entrepreneurs Henry and David share their insights, experiences and tips to help you demystify common myths and misconceptions about business startups.
Six Small Business Startup Myths:
- It’s easy.
- You will have to make many Sacrifices! What are you willing to sacrifice? Are you willing to delay gratification?
- Preparing for and launching a small business is incredibly hard work and requires significant effort, energy, persistence, dedication, and resourcefulness.
- It will be more than a Passive Investment, at least at the start.
- Related Episode: 440: Small Business Readiness Assessment – Are you ready, willing and able to start your first business.
- Related resource: On-line self-paced course: Starting Your Business – Are You Ready?
- All you need is a good idea that you are passionate about.
- It’s good to have a great idea, but it’s really about a profitable business model. The idea is the relatively easy part.
- Passion is important – but a profitable business model is what you should be passionate about!
- How do I know if I have a good idea?
- Instead of waiting for the great new idea that will change the world, look for opportunities to improve, disrupt or serve new markets.
- You need lots of money.
- It’s true that you do need some money and resources (including credit worthiness).
- But you can start small and bootstrap your small business. And you may be able to borrow the money you need to get started.
- But be careful to partner just for money.
- Take an MVP or Lean Startup approach, even if you have lots of money!
- How bad do you want it?!
- Related Episode: 407: Funding Your Small Business
- You need to know everything and have a perfect Business Plan.
- You do need a good plan and Financial Projections for a solid Business Model, but at some point, you must take a leap of faith.
- Few small business owners know everything before they start their first business.
- If you have no knowledge and need more help, perhaps consider a franchise business.
- Remember the MVP approach.
- Get help and partner for skills and experience.
- Related Episode: 382 – Business Plans, and 395 – Financial Projections for Small Business Startups
- Timing is everything. You must start at the right time…the economy is bad for business…
- Timing certainly is to be considered sometimes (for example, you would not have started a new full-service restaurant during the pandemic) – but it’s usually “the best of times and the worst of times”.
- Your timing may never be perfect – so start now if possible.
- Delay if you are not ready financially, can’t afford the investment of time, have health issues, or other you have not planned.
- You don’t need help. You can figure this all out on your own…
- You need a team, including:
- Primary Team: coach/mentor, attorney, accountant,
- Secondary Team: banker, commercial real estate broker, insurance agent, architect, contractor, network of other small business owners.
- It’s OK to ask for help, from the right people, to help you start and grow your small business.
- You need a team, including:
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
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