Advertising
Advertising

8 Myths About Starting Business Which Prevent Success

8 Myths About Starting Business Which Prevent Success

Failure in business is not something most entrepreneurs are prepared for. Most entrepreneurs have their head high up in the clouds with the dreams of making the next billion-dollar business so it is truly a heartbreaking experience, but it’s a proof that we don’t learn from success. It’s the heartbreaking and the painful part that teaches people their lessons.

Besides the improper planning and wrong moves, here are some myths about starting business which may be stopping entrepreneurs from starting and thriving in the process.

1. You have to know everything about business

Is there anyone who knew everything that they needed to know to begin a business from Day One? Traci Des Jardins, one of the most well-known chefs around town, was trained by some of the best chefs and restaurateurs in the world. Traci launched her own restaurant Jardinière in San Francisco in 1997. When she expanded her restaurant empire, her biggest challenge was raising money. She had no formal training in business, so she leaned on a business partner to help her figure it out.

Advertising

If you think you don’t have idea for a business, think of problems. Yes, problems are opportunities.

A successful business solves problems. Business writer, Robert Jordan, said the ability to act without full information can be a strength when starting a business.

Every entrepreneur should learn to embrace the learning process, because if there is anything constant in business, it’s the changes along the way. Indeed, “skill and money isn’t the answer for the entrepreneur, it is knowledge from books, observing, and asking”. This is what Anita Roddick emphasized in her book Business as Unusual. While it’s important that you know enough about the industry you’re trying to build a business on, you don’t need to know everything.

Advertising

2. You should have a full business plan

Contrary to myth, a good business-person doesn’t need a detailed business plan to start a business. We’re often told that a business plan is a must to help guide the company, and to avoid losing focus. According to Garrett Moon, the co-founder of CoSchedule, it’s more like a safety net to make sure that you actually lose focus. Moon says, “When people do nothing but execute a plan, they lose the ability to innovate and adjust to the changing waters of business.”

3. You need to wait for the right time to get started

Indiegogo’s hard-earned success is a proof that you don’t need to wait for the right time to start a business. Slava Rubin, the CEO of Indiegogo, started the company months before the financial crisis of 2008. When the economy took a hit, many people advised them to shut down. Despite that, Rubin and his cofounders were so passionate about their efforts to democratize fundraising that they pressed forward at all costs.

4. You have to work 24/7

According to entrepreneurial urban legend, you need to work 24/7 to run a successful business. Andrew Wilkinson, CEO of MetaLab, has a different view on this. He emphasized that you don’t have to make yourself miserable to build a great company. What’s the use of working 80 hours a week and getting paid four times more than you used to, when you can’t even have a social life?

Advertising

Andrew knew what it’s like to work non-stop and decided to stop this kind of life for the sake of his own sanity. Now, Andrew enjoys being getting eight hours of sleep each night and spending more time with family, while still managing a successful company.

5. You need a lot of money to begin

Many businesses believe they need a venture capital to begin. But now that crowd-funding platforms allow people to raise money, it’s time to rely less on venture capital. The fact that crowd-funding also attracts a global audience, including potential clients, is a huge factor.

Satari Star Swivl, a movement tracking dock, presented the product to multiple investors in California. Although they got rejected every time, their Indiegogo campaign raised more than $24,000 in two months. A common excuse among people is: “I need money to make money.” In spite of that, it’s possible to start a business with little or no capital in many ways. One of which is through offering services instead of selling physical products. For example, Greg Miliates, founder of a consulting firm, started his business inexpensively.

Advertising

6. You need to spend money to make money

While it’s a known fact that it takes money to make money, many entrepreneurs have turned their ideas into profitable businesses without relying on a hefty marketing budget. Andrew Keller, vice president and associate creative director of Crispin Porter + Bogusky, shares that you could have successful marketing campaign provided that you know your brand extremely well. Keller says, “You’ve got to know you’re brand. You need to really know your brand. You’ve got to be 100% on brand all the time. So talk to the right people.”

7. You need to have control of everything

Who else in the world knows about your business but yourself, right? Most entrepreneurs feel the need to have control and knowledge about every single division and part of the operation. While it makes sense to stay on top of everything, many entrepreneurs struggle to scale their business because of this very issue. Wise entrepreneurs know when to give up on power and authority. They know when to delegate, so they can focus on much more important matters of the operations. Forbes contributor, Paul B. Brown, has highlighted the importance of giving up control in order to build a successful business as it allows the business not to rely on just one person. It also gives the business the ability to grow faster.

8. You have to under-promise and over-deliver

While it’s ideal for personal relationships, setting the bar low right at the start may prove to be unhealthy for the business in the long run. Instead of giving the customers the very best products and services right from the start, businesses that tend to provide so-so experience to its customer may actually hamper the business growth.  Customers will soon start fleeing when they find much better options that don’t hold up when it comes to quality and overall experience.

Many entrepreneurs struggle in turning their business ideas into a successful startup as they’re clouded with several myths that they may been told in the past. The best way to combat these myths is consciously commit to not fall into any of those above-mentioned.

Featured photo credit: Flickr Creative Commons: Cristian Bortes via flickr.com

More by this author

Jonha Revesencio

Jonha Revesencio is a Business Strategist with years of experience developing digital media strategies.

50 Great People To Follow On LinkedIn, No Matter Your Industry Successful People and their Habits 9 Habits that Accelerate the Efficiency of Successful Entrepreneurs 8 Myths About Starting Business Which Prevent Success Natural Remedies for Anxiety and Depression Anxious Buddies, Relax! Try These 6 Herbal Remedies To Regain Your Peace And Calmness Easy Steps to Make Your First Million 10 Steps To Help You Make Your First Million Dollars

Trending in Entrepreneur

1 8 Characteristics of Entrepreneurship That Will Lead to Success 2 How to Start an Online Business That Will Grow and Succeed 3 15 Best Entrepreneurs Books to Start Reading Now to Be Successful 4 How to Start a Small Business with Little to No Money 5 The Lifehack Show: Staying On Top of Your Game as an Entrepreneur with Frank Fiume

Read Next

Advertising
Advertising
Advertising

Last Updated on April 8, 2020

9 Tips for Starting a New Job and Succeeding in Your Career

9 Tips for Starting a New Job and Succeeding in Your Career

Congratulations, you’re starting a new job! You’re feeling relieved that the interviews and the wait for a decision from the hiring manager is over, and you’ve finally signed the offer.

Feelings of fear and anticipation may surface now as you think about starting work on Monday. Or you may feel really confident if you have plenty of work experience.

Remember to not assume that your new work environment will be similar to previous ones. It’s very common for seasoned professionals to overestimate themselves due to the breadth of their experience.

Companies offer different depths of on-boarding experiences.[1] Ultimately, success in your career depends on you.

Below are 9 tips for starting a new job and succeeding in your career.

1. Your Work Starts Before Your First Day

When you prepared for your interview, you likely did some research about the company. Now it’s time to go more in depth.

  • How would your manager like you to prepare for your first day? What are his/her expectations?
  • What other information can your manager provide so that you can start learning more about the role or company?
  • What company policies or reports can you review that can get you acclimatized to your new job and work environment?

You’ll need to embrace a lot of new people and information when you start your new job. What you learn before your first day at work can help you feel more grounded and prepare your mind to process new information.

2. Know Your Role and the Organization

Review the job posting and know your responsibilities. Sometimes, job postings are simplified versions of the job description. Ask your manager or human resources if there is a detailed job description of your role.

Once you understand your key responsibilities and accountabilities, ask yourself:

  • What questions do you have about the role?
  • What information do you need to do your job effectively?
  • Who do you need to meet and start building relationships with?

Continue to increase your knowledge and do your research through the company Intranet site, organizational charts, the media, LinkedIn profiles, the industry and who your company competitors are.

Advertising

This is not a one time event. Continue to do this throughout your time with the company. Every team or project you engage with will evolve and change.

Keep current and be ready to adapt by using your observational skills to be aware of changes to your work environment and people’s behaviour.

3. Learn the Unwritten Rules at Work

Understanding your work culture is key to help you succeed in your career.

Many of these unwritten rules will not be listed on company policies. This means you’ll need to use all of your senses to observe the environment and the people within it.

What should you wear? See what your peers and leaders are wearing. Notice everything from their jewelry down to their shoes. Once you have a good idea of the dress code you can then infuse your own style.

What are your hours of work? What do you notice about start, break and end times? Are your observations different from what you learned at the interview? What questions do you have based on your observations? Asking for clarity will help you make informed decisions and thrive in a new work setting.

What are the main communication channels?[2] What communication mediums do people use (phone, email, in-person, video)? Does the medium change in different work situations? What is your manager’s communication style and preference? These observations will help you better navigate your work environment and thrive in the workplace.

4. Be Mindful of Your Assumptions

You got the job, you’re feeling confident and are eager to show how you can contribute. Check the type of language you are using when you’re approaching your work and sharing your experiences.

I’ve heard many new employees say:

  • “I used to do this at ‘X’ company …”
  • “When I worked at “X” company we implemented this really effective process …”
  • “We did this at my other company … how come you guys are not …”
  • “Why are you doing that … we used to do this …”

People usually don’t want to hear about your past company. The experiences that you had in the past are different in this new environment.

Advertising

Remember to:

  • Notice your assumptions
  • Focus on your own work
  • Ask questions, and
  • Learn more about the situation before offering suggestions.

You can then better position yourself as a trusted resource that makes informed decisions tailored to business needs.

5. Ask Questions and Seek Clarification

Contrary to common belief, asking questions when you’re starting a new job is not a vulnerability.

Asking relevant questions related to your job and the company:

  • Helps you clarify expectations
  • Shows that you’ve done your research
  • Demonstrates your initiative to learn

Seeking to clarify and understand your environment and the people within it will help you become more effective at your job.

6. Set Clear Expectations to Develop Your Personal Brand

Starting a new job is the perfect time to set clear expectations with your manager and colleagues. Your actions and behaviors at work tells others about your work style and how you like to operate. So it’s essential to get clear on what feels natural to you at work and ensure that your own values are aligned with your work actions.

Here are a few questions to reflect on so that you can clearly articulate your intentions and follow through with consistent actions:

Where do you need to set expectations? Reflect on lessons learned from your previous work experiences. What types of expectations do you need to set so that you can succeed?

Why are you setting these expectations? You’ll likely need to provide context and justify why you’re setting these boundaries. Are your expectations reasonable? What are the impacts on the business?

What are your values? If you value work life balance, but you’re answering emails on weekends and during your vacation time, people will continue to expect this from you. What boundaries do you need to set for yourself at work?

Advertising

What do you want to be known for? This question requires some deep reflection. Do you want to be known as a leader who develops and empowers others? Maybe you want to be known for someone who creates an environment of respect where everyone can openly share ideas. Or maybe you want to be someone who challenges people to get outside their comfort zones?

7. Manage Up, Down, and Across

Understanding the work styles of those around you is key to a successful career. Particularly how you communicate and interact with your immediate manager.

Here are a few key questions to consider:

  • How can you make your manager’s job easier?
  • What can you do to anticipate her/his needs?
  • How can you keep them informed (and prepared) so they don’t get caught off-guard?
  • What are your strengths? How can you communicate these to him/her so that they fully understand your capabilities?

These questions can also apply if you manage a team or if you deal with multiple stakeholders.

8. Build Relationships Throughout the Company

It’s important to keep learning from diverse groups and individuals within the company. You’ll get different perspectives about the organization and others may be able to help you succeed in your role.

What types of relationships do you need to build? Why are you building this relationship?

Here are some examples of workplace relationships:

  • Immediate Manager. He/she controls your work assignments. The work can shape the success of your career.
  • Mentors. These are people who are knowledgeable about their field and the company. They are willing to share their experiences with you to help you navigate the workplace and even your career.
  • Direct Reports. Your staff can influence how successful you are at meeting your goals.
  • Mentees. They are another resource to help you keep informed about the organization and your opportunity to develop others.

Other workplace relationships include team members, stakeholders, or strategic partners/sponsors that will advocate for your work.

Learn more in this article: 10 Ways to Build Positive And Effective Work Relationships

9. Keep in Touch With Those in Your Existing Network

“Success isn’t about how much money you make; it’s about the difference you make in people’s lives.” – Michelle Obama

You are part of an ecosystem that has gotten you to where you are today. Every single person and each moment that you have encountered with someone has shaped who you are – both positive and negative.

Here’s How to Network So You’ll Get Way Ahead in Your Professional Life.

Make sure you continue to nurture the relationships that you value and show gratitude to those who have helped you achieve your goals.

Summing It Up

There are many aspects of your career that you are in control of. Observe, listen, and make informed decisions. Career success depends on your actions.

Remember to not assume that your new work environment will be similar to previous ones.

Here are the 9 tips for starting a new job and succeeding in your career:

  1. Your Work Starts Before Your 1st Day
  2. Know Your Role and the Organization
  3. Learn the Unwritten Rules at Work
  4. Be Mindful of Your Assumptions
  5. Ask Questions and Seek Clarification
  6. Set Clear Expectations to Develop Your Personal Brand
  7. Manage Up, Down, and Across
  8. Build Relationships Throughout the Company
  9. Keep in Touch With Those in Your Existing Network

Celebrate, enjoy your new role, and take good care of yourself!

More Tips About Succeeding in Career

Featured photo credit: Frank Romero via unsplash.com

Reference

Read Next