Starting a business is not easy, nor is it something that should be taken lightly.
You do need to do your homework; you do need to research the industry, especially if it is not one you have previous experience in; you do need to do your strategic and business planning; and you certainly do need to look at your personal characteristics and beliefs to see if you and your family really want to make the commitment.
However I have spoken to many people who seem to me to have a viable idea for a business, but are put off starting their own business even before they delve further into its feasibility. Their objections are not about being under-prepared; their objections are often based on things that are simply untrue.
I call these the four most common myths that stop people starting their own business.
Myth 1: I’m not smart enough to have my own business:
Perhaps you’re not, but I find that doubtful. Starting and running a business is not for everyone, but I rarely find the reason as being lack of intelligence. Some people are better employees than business owners due to the way they react to the different type of responsibility, but if the question is do you have the smarts to run a business, it is more than probable that you do and you can learn the skills along the way. Read More