The past decade has seen the world go through some drastic changes; we went through one of the worst financial crises in modern times, technological innovation has come on leaps and bounds, and the global political landscape has begun shifting from the West to the East. While we could talk endlessly about the effect this is having on every aspect of our lives, we shall focus on business.
The constant changes have seemed to create more and more business owners, especially many who have been affected negatively by these changes. Forced redundancies and widespread use of the internet are just some of the reasons for the rising number of people choosing to start their own businesses rather than seek employment. However, there is still skepticism that comes with starting your own business; often from those closest to you, and which many find a big enough roadblock to bring their journey to a halt. We look at three myths that come with starting a business, and debunk them.
1) You need a lot of money to start
You would be very surprised at how many of the world’s largest companies had the humblest of beginnings. We currently have a skewed perception of businesses because we hear daily about the large amount of investment tech companies are raising, and this may subconsciously make us believe that in order to start a business, we need a lot of money. This could not be further from the truth. What it very much depends on is your will power and ideas. A very common example of businesses that have started off with very little capital are home bakeries. Many people have turned their hobbies such as baking cakes and cookies into fledgling businesses, by using what they had to begin with; ingredients, bowls and mixers etc, and free marketing through social media. This is just one example of how a business can be created from seemingly nothing, and at almost no extra cost.
2) You need a nice office
For certain industries, yes, a nice office might help, but with an ever-growing amount of online businesses appearing, often there is no need for a physical office, let alone a nice one. A nice office can be useful, but many modern tech companies have spent on gimmicky features that may look attractive at first, but are of little benefit in the day-to-day running. Sure, as your business grows it may be beneficial to invest in this meeting management software, or that high-end computer system, but more often than not, a nice office is in no way a prerequisite to starting a business.
3) I need experience
Many business owners throughout the world didn’t start their own business out of choice, but because it was a necessity. In countries with limited job opportunities, many people have been forced to fend for themselves and start their own business, even if they don’t really see it as one. It is important to understand that starting and running a business is a continuous learning curve, even those with decades of experience will tell you they learn something new everyday. You should not shy away because you have no experience, but look at it as an opportunity to grow!