7 Dangerous Myths About Starting A Business

2 min. read By eCompareMo on

Most people dream to have and grown their own business. But starting up a venture is surrounded by myths which discourages many from pursuing what they have in mind. Let’s shed some light on some business ideas that are misconceived by many:

  • Myth No. 1 – A long business plan means you can go a long way too.

    A business plan doesn’t have to be a highfalutin hundred pages of data. All you need is a simple and comprehensive outline of your venture’s marketing strategies, mission, vison, and other propositions, all stated clear. Besides, the market is ever changing, and a basic business plan can give you a leeway for possible adjustments.

  • Myth No. 2 – A huge amount of capital is necessary to start.

    A big money to fund a business is not necessary as there are means to kick-start without shedding too much. You can start by testing on a small scale, then push to grow it from there. This technique is putting you in the safe side as a proprietor, especially if you are risk-averse. Yes, a large sum of money as capital can significantly improve your business. However, you also have a big money to lose push comes to shove. A small capital is more manageable as it entails a slow yet steady growth.

  • Myth No. 3 – There is a need for proper timing.

    This is the big misconception of most business owners. Time is an important factor when starting a business, as it an asset and a liability at the same time. There is never a good or bad season for any startup industry. The right timing to start with your venture is now. Why? Because although you got time, it also runs out.

  • Myth No. 4 – Catchy biz names have higher success rates.

    A number of catchy business names on the market are bankrupt despite their popularity. The quality of your product and services is your leverage above else. Let the amount of work you put in your business speak for itself and your business name will be synonymous to quality experience.

  • Myth No. 5 – You have to offer unique products and services.

    Surely, being one of a kind will cause a buzz. The premise of the ‘first mover advantage’ gives off an impression that being the first guarantees a thriving business, while others just follow. However, pioneering products and services do not guarantee that your venture will boom. The downside of trailblazing is that you have to invest time and resources experimenting and making mistakes as there are no patterns to follow. The more successful field is to improve and innovate current products and services.

  • Myth No. 6 – Only knowledgeable people in business can do it.

    Anyone can start a business even without MBA or years of experience in business management, although these could help too. If you have a strategic business plan, the right amount of resources, and a keen interest on your prospect venture, you can make it work. You can master the art of transacting as your business grows.

  • Myth No. 7 – Winning customers is the only way to make a biz boom.

    Sure, having so many customers avail your service or products can make your business thrive. But what if the volume of customers is only up in the start? It is also important to you keep your customers. Loyalty from consumers is most important as satisfied clients recommend, which can keep your network growing.

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eCompareMo

eCompareMo eCompareMo is the No. 1 financial e-commerce site in the Philippines. Follow us on Twitter and Instagram: @ecomparemo.