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Myths vs. Reality: What Starting a Business is Really Like

Myths vs. Reality: What Starting a Business is Really Like

Jared Atchison is the co-founder of WPForms, a drag-and-drop form builder for WordPress that's used on over 4,000,000 websites.

Building a business from the ground up is a dream come true for many around the globe. Professionals often strive to break free from the standard 9-to-5 work routine and start a company that aligns with their interests.

However, not everyone may be willing to initiate, as starting a business encompasses several myths that can hold you back. The process may not be easy. However, the myths make it appear more scary than it actually is.

It's a no-brainer that you will face challenges throughout your entrepreneurial journey. But letting the myths prevent you from realizing your true potential isn't a viable approach, especially when most of them can be easily debunked.

Here are a few of the myths you may come across when starting a business and how reality may differ.

1. You Need a Foolproof Plan

You must have heard people say that you should not start a business without a foolproof plan. There's no room for error. Unless you are certain that things will work out in your favor, you're not yet ready. 

There's no denying that planning plays a key role in ensuring the success of your business. You should conduct thorough research, study market trends, analyze the competitive landscape, and know your customers before getting started.

However, this doesn't mean that you're not allowed to make mistakes. No matter how careful you are with your plans, it's just not possible to account for all the factors.

So, when you think you're ready, just dive in and see how things work out for you. Make mistakes, and learn from them. This is how you actually grow and achieve your goals down the road.

2. You Need an External Funding

Another common myth associated with starting a business is that you need investors to successfully start a business.

Funding from external sources may come in handy when starting a business. However, it's not a prerequisite to getting started.

There are a number of businesses that you can start with little or no investment. So, you don't need to worry if you don't have a strong network or access to a potential pool of investors.

You can start a blog, become an influencer, sell online courses, build an e-commerce store, create a membership site, become a content creator, join an affiliate program, and so on.

There are a variety of businesses you can start even when you have a limited budget or no access to external funding.

3. You Need Relevant Academic Knowledge

Another myth you must have come across is that you need relevant academic knowledge or a business administration degree to successfully start a business.

If you look around, you may come across a number of successful businessmen who made it without relevant academic knowledge, such as Steve Jobs, Henry Ford, Richard Branson, Bill Gates, Mark Zuckerberg, and so on.

Institutions generally teach you how to learn. But if you have vision, the world becomes your playground. Your experiences make you the best strategist and pave the way for you to build a successful company.

4. You Can't Start a Business With a Job

Starting a business while having a full-time job may be difficult. However, it doesn't mean that you can't be a successful entrepreneur while working. As a matter of fact, having a full-time job will enhance your exposure and refine your skills.

You can implement the knowledge and expertise you've acquired from your job to start your business and ensure its success. Plus, you get to grow your connections, which you can leverage down the road to generate funds or seek guidance.

In fact, starting a business without quitting a full-time job is the safest way there is to get started. That's why many entrepreneurs treat their ventures as side hustles and quit their jobs when the time is right.

5. You Need to Hire a Team to Start

Hiring a team may make things easy for you when starting a business. However, you can make do without one when getting started.

Startups generally struggle with a limited budget. So, entrepreneurs prefer wearing multiple hats to keep the needle moving rather than hiring a team to do different tasks.

This may require them to put in a few extra hours at work. But they are able to do what needs to be done without having to onboard a team. You may need a team when you are thinking about scaling your business, but you don't need one to start.

In fact, there are businesses that you can efficiently manage alone without having to rely on others, such as starting a blog. So, you don't necessarily need to hire a team when getting started.

6. You Can't Take a Break

As said earlier, when starting your business, you may need to wear multiple hats and even work long hours. However, this doesn't mean that you don't get to take a break or have any off days.

Starting a business isn't easy and requires you to work harder than a standard job. But you don't necessarily have to work 24/7.

You just need to get better at time management and try to get more done in less time. This can be accomplished if you stop procrastinating and avoid things that may cause distractions.

Wrap Up

This article discusses a few of the notable myths about starting a business and how things are in reality. The information may be useful for aspiring entrepreneurs who are on the fence about starting a business and motivate them to get started.

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