Marketing

1. Entrepreneurshipisnotforthe timid.It’snotthat it takestremendousamountsof courage,butyoudo
needa certaintenacitytohitthe groundrunningeverymorningwhenyouswingyourfeetoutof bed.
As the allure of entrepreneurshipgrowsinthe zeitgeistof global culture,sotoo dothe myths
surroundingit.Justas earlyexplorerssetouttodiscoverAmericaandotherfaraway lands,
entrepreneursare settingtheircourse forsome unchartedterritories,andthere are alwaystall tales
that can go alongwiththe unknown.
Related:5 Myths -- and 1 Really Big Truth -- About Beingan Entrepreneur
We knownowthat whalesanddolphinsare notmermaidsandthatthe worldisnot flat,butthere was a
periodintime whenthose mythswere acceptedas fact.Similarly,there are mythsbuiltuparound
startinga businessthatsimplyaren’ttrue. Here are sevencommonentrepreneurial mythsabout
startinga businessthatI usedtobelieve,whichIcannow debunkforyou.
1. Youhave to know what you’re doing.
You actuallydon’tneedtoknowexactlywhatyou’re doingtogetstarted.Time hasproventhat
continuously.FromMagellan,Einstein,Madame Curie,Steve Jobsandbeyond,therewasneveranexact
planfor the course ahead -- justa general ideathatsomethingmore wasoutthere.Letyourcuriosity
overpowerthe myththatyouhave to know exactlywhatyou’re doingtogetstarted.
2. Youhave to have a full businessplan.
I personallydon’tlikegiantbusinessplans.Somethingsimplethateffectivelyoutlinesyourmission,
visionand marketingtent-poleeffortswithsome datamatrix aroundhow you’re measuringyour
successand youshouldbe goodto go.
I’ve witnessesmanyentrepreneursgetboggeddowninthe mudof insistingtheyneedafull business
planto start theirbusinesses,evengoingsofaras to hire someone towrite itandfilingfora trademark
before theybegin.I’mof the philosophythatyoushouldtestoutwhetheryourbusinessisevenviable
before yousinkmoneyintoit.
Get a solidtwo- or three-page outline of yourbusinessplanandthengetto work.Don’tget trappedin
businessplananalysisparalysis.
3. Youhave to start at the right time.
Wrong. The onlytimingthatwill everbe rightisnow.Infact, countlessentrepreneurshave startedtheir
businessesatthe worstpossible timesinhistory,andthe worstpossibletime intheirpersonallives.
EntrepreneurandpodcasterPatFlynnstartedhisfirstonline businessafterthe nearlysimultaneous
newsthathe wasbeinglaidoff fromhiscorporate gig andthat hiswife waspregnantwiththeirfirst
child.Noone wouldlikelychoose thathigh-anxietyperiodintheirpersonal life tostarta business,but
life tendstotake uswhere we needtogo.

2. Microsoftwas foundedin1975 nearthe endof a recessionandlaterre-incorporatedin1981, justas the
recessionof the 1980s kickedoff.These were twohorribletimestostarta business,butthathasn’t
stoppedMicrosoft’ssuccess.
The timingwill neverbe right -- that’swhyyouneedtostart right now.
Related:5 BusinessMyths that UsedTo Be True
4. Youhave to have a lot of moneyto start.
You don’tneeda lotof moneytogetstarted. There’sa whole bookbyEric Reisaboutwhythisis the
case called TheLean Startup.
There are lotsof ways to kick-off yourbusinesswithoutabunchof capital.One of the bestwaysto
debunkthismythforyourself istostart micro-testingyourproductorservice eitheronthe side or in
small batchestoscale your growthincrementally.Bigchunksof capital mighthelpyougrow faster,but
sometimesaslowandsteadygrowthrate can helpyoustabilize andgetyourbusinesslegsunderneath
youwhile yourprofitmarginsgrow.
I highlyrecommendthe bookforideasonhow youcan get startedwithoutspendingalot of moneyup
front.
5. Youhave to hire staff.
Thisis one mythI quicklydebunkedwhenIstartedmyfirstbusinesswithmybrother.Staff isexpensive
to keep,costtime tomanage and are inmost waysthe biggestexpenseanybusinesswill have on
the books.The longeryoucan keepyourbusinessunderyourcore leadership,the better.
Also,inmyexperience,whenyoucanoutsource toagenciesorfreelancers,formostbusinessesthat’s
almostalwaysbetter.Keepingyourselffree of staff overheadcostswhen you’re startingabusinesswill
helpyoube successful.
6. Youhave to work 24/7.
Entrepreneurstendtoworklonghours mostdays.In startup mode,that’ssimplywhat’srequired.
However,youhave tobe aware notonlyof yourcash burn rate as a startup,but alsoyourpersonal burn
out rate.
If you grindyourself intothe dustdayafterday withoutrelief,you’re goingtogetsickand unhealthy,
and that’sgoingto affectyoursuccess.You don’thave to work24/7 to run a successful business.While
youwill needtoworkhard,and there will definitelybe periodsof seriouslyintense work,youalsoneed
to balance that withgoodsleep,goodfood,plentyof movementandsome funsometimes.
Entrepreneurshipishardwork,butit’ssupposedtobe enjoyable,too.
7. Youhave to do it all.

3. Thismightappearto belie the earliermythaboutnothiringstaff,butthe truth isthat you don’thave to
do itall in yourbusiness.It’simportanttodelegateandoutsource some of the dailytasksand
responsibilitiesof the businesssoyoucanhave breathingspace fromtime to time.Doingitall will mean
burningyourself outandit’sa commonmistake Isee amongstnew entrepreneurs.
Keepyoursanityandlearnnot to do itall.