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Myths On Starting A New business Venture

We have been writing new technology articles on this site since a good deal of time, but we do write about entrepreneurship and startups also. Internet is full of business articles telling you the know hows and pre-requisites of starting a new business. In this particular article, we would tell you the most common myths that surround entrepreneurship and business ventures.

It is a fact that entrepreneurship is not for the timid and you need to have guts to jump into a  business venture and take it to new heights. There are tons of books available on entrepreneurship and entrepreneur business ideas and there are many ways on how to start form a startup company. There are lots of myths and preconceived notions about new ventures that need to be addressed. Here are some common entrepreneurial myths about starting a business that I used to believe, which I can now debunk for you.

1. You need to know what you’re doing: You actually don’t need to know exactly what you are doing. Names like Albert Einstein, Steve Jobs, Marie Curie started off with something else and found success in completely different things. They just had a vision and a firm determination and leadership qualities to make something big. Any budding entrepreneur needs to have the spark and a rough plan to succeed. Let your curiosity overpower the myth that you should know what you are doing.

2. You need to have a full business plan: Giant business plans are always tough to execute and I’ve witnessed many entrepreneurs waiting for a full business plan to start their venture. Budding entrepreneurs ponder over things like one should have a full proof entrepreneur business ideas, enough infrastructure facilities, and handsome bank account. It is true that innovative business ideas can do wonders and in my opinion, what you should do is; after analyzing the basic pros and cons, get 2-3 page outline of your new business plan and then get to work.

3. Give a start at the right time: This notion is completely wrong. There is nothing like the best time for business, whenever you start would be the best time. Did you know that the legendary Warren Buffet made his best investments in stocks when there was panic all around and no one was willing to make any investments? No one would likely choose that high-anxiety period in their personal life to start a business, but life tends to take us where we need to go. The timing will never be right — that’s why you need to start right now.

4. You need to have a good bank balance: You don’t need to have a bulky bank account balance in order to start your  business venture. One of the best ways to overcome this myth is to start testing your product or service on a small scale and then you can move ahead for funding from venture capitalists. Entrepreneurs with a good deal of cash with them may cash the opportunities early, but I personally believe that slow and steady wins the race.

5. You have to work 24/7: It is true that being a startup company, in the initial phase, you have to work for long hours, but you should take care of your health as well. Successful businessmen never ever miss their daily gym regime and stay fit because health is wealth. You don’t have to wok 24/7 to run a successful business venture. Entrepreneurship is hard work, but is supposed to be enjoyable too.

I hope all these points may help the budding entrepreneurs with great leadership qualities and one who are reluctant to land into new ventures.  Entrepreneur ideas come and go, you have to just nurture any one of the idea and execute it.