1. You have to work 24/7.
Yes, I do work more than most people. And yes, I do work on weekends sometimes. But I definitely don’t work all the time. I do spend a lot of time with my family. In fact, I can argue that I spend more time with my two-year-old son than many full-time employees. How? Well, first I don’t have to wake up at 6 a.m and leave the house while my kid is still sleeping. I get to wake up with him at around 8 a.m. and help him wash, brush his teeth, and feed him his breakfast. Most of the time, I also get to drop him at his nursery which is 20 minutes away.
2. You need to have a lot of money.
Actually, you don’t need much money at all. If you’re dedicated and creative, you can start any business for almost free. To register as a personal business in Mauritius, you only need Rs 125, that’s if you’re doing a service business. If you are actually selling products, you’ll also need to get a trade license from your municipality or district council for around Rs 7,000 per year. Right now, let’s focus on service businesses because this is what’s most profitable anyways.
When you are just starting out, you don’t need anything fancy. You don’t need a website, business cards, logo, employees, etc… You just need your idea, your skill, and clients.
3. You need employees.
Employees are expensive. They are hard to manage, cost a lot to maintain, and worst of all, they can leave at any time. When you need help in your business, you can always outsource to other companies or hire freelancers.
For example, I’m always needing writers for my articles, hiring a full-time can seem very appealing and cost-effective in the short run, but if I’m honest with myself there are many downsides to hiring. One of the hardest is firing employees when you no longer need their services. So, instead of worrying about needing to hire employees, you instead need to identify other people who can help you grow your business.
4. You need to know everything.
Simply, you don’t. I’ve probably said it multiple times already, you only need I idea and dedication. You will learn everything you need on the job. There are hundreds of examples of people who made it big without the technical knowledge. You can learn any skill, and you can learn them easily in this day and age. Let’s say for example you want to be a professional copy editor, you can learn the skills needed fairly cheaply on Udemy.com or you can even do it for free if you prefer to spend time rather than money. (By the way, I have not edited any of the articles on this site yet, want a shot at it? Email me.)
5. You need to start your business at the appropriate time.
Another lie. The best time to start your business was a few years ago, and the next best time is right now. You can at least start with the ideation process, and then gradually move to the next steps.
What beliefs do you have about starting your own business? It could be that they are just myths. Let me know in the comments.