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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.

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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.

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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?

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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.

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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

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Jonha Revesencio

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

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Last Updated on July 10, 2020

Feeling Stuck in Your Career? How to Break Free and Get Ahead

Feeling Stuck in Your Career? How to Break Free and Get Ahead

Have you ever caught yourself in a daydream where you’ve gone for that upcoming promotion, and you’re now the boss at work? Or how about the one where you’ve summoned up all your courage to quit a job where you’re feeling stuck in your career and live your dream instead? Or when you’ve changed career paths to do what really makes you happy?

Then, you snapped back to reality and realized that you’re not the boss, not living your dream, and not even happy in the career path that you’re on.

Over the years I’ve worked with hundreds of individuals who’ve told me they feel stuck in their careers, that something had to change for them to break free and be happy, but they lacked the confidence to take that step. My mission is to make sure that nobody feels stuck in their career because of a momentary lapse in bravery that’s dragged on for too long.

Read on to find out how you can stop feeling stuck in your career, break free, and get ahead at work. .

Here are my top ten tips for becoming unstuck in your career.

1. Make Time for You

If you’re feeling stuck, frustrated, or unhappy with how your career is panning out, the first step is to work out why.

Maybe you’ve arrived in your current career by accident and haven’t ever made time to deliberately think or plan what you’d love to do and how you’d get there.

Prioritizing time to think is the first step you need to take to stop feeling stuck and start getting ahead. Book some time into your day where you can have an uninterrupted meeting with yourself. This is your thinking time.

Work out what makes you happy at work, what doesn’t, and where you might want to go. Decide on the steps you want to take to progress your career in the direction that you want it to take.

For example, are there training days, evening courses, or online learning that you can do? Have you considered getting a mentor to help you get ahead?

By booking in a meeting with yourself, it signals it’s important (to you and your colleagues) and also stops others spotting a gap in your day and filling it with a meeting.

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2. Grow Your Network Before You Need It

Who you know is more important than what you know for career progression. Don’t wait until you’re feeling stuck in your career to start expanding your networks. Do it now.

Adam Grant, the author of Give and Take, says you’re 58% more likely to get a new job through your weak ties than through your strong ones. Your strong ties are those in your immediate circle whom you interact with often. Your weak ties are your friends of friends. They move in different circles to you, they know different people, make different connections, and are more likely to introduce you to new and different opportunities[1].

When I was thinking about setting up my current company, Lucidity, I turned up to every networking event. I drank a lot of coffees with a lot of different people to understand what they did, to ask for advice, to unpick what their problems were, and to look for opportunities for collaboration and connections.

It paid off because, when I launched my business, I let my network know how I could help them, and soon I had my first clients.

Pay attention to building and nurturing your networks and focus on how you can add value to other. That’s where your next career opportunity is most likely to come from.

3. Surround Yourself With People Who Inspire You

According to Tim Ferriss, “You are the average of the five people you most associate with,” and his associations with different people ebbs and flows depending on what he’s working on and trying to achieve[2].

For example, if you are trying to be fitter, it’s easier if you hang around with people who love doing exercise–they help you to up your game.

If you want that promotion, a career change, or to set up your own business, seek out people who are excelling at it already. They’ll have valuable things to teach you about breaking free and getting ahead.

4. Work on Your Personal Brand

Jeff Bezos defines a personal brand as “what people say about you when you’re not in the room.” People will talk about you when you are not in the room anyway, so you might as well be deliberate about what you’d like people to say!

Your personal brand isn’t about pretending to be something you’re not. That can actually keep you feeling stuck in your career. It’s really about being your best “real you.” It’s about owning your strengths and being purposeful about how you want to be perceived by others.

What do you want to be known for? By being more deliberate about how you want to come across and what you’re looking for in your career, you’ll increase your chance of attracting the right opportunities.

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Once you’ve given your personal brand some thought, make sure that you show up online. Is your LinkedIn profile up to date? And if you don’t have one, get one. Make sure it communicates what you want to be known for and that it’s consistent with your other social media profiles.

Try these 5 Steps to Master Networking Skills and Perfect Your Personal Branding.

5. Be Accountable

Achieve your career goals faster, and grow and learn by making yourself accountable. Tell other people your goals and a timeline. and have them to hold you accountable.

For example, you might want to get a promotion by the end of the year, have decided the sector you want to move to by the end of the month, or have got your new business idea before the next pay day. Whatever your ambitions are, you can tell a friend or a colleague, or share this with a mentor or a mastermind group.

When we tell other people our goals and intentions, they hold us accountable, and we are more likely to make progress faster.

6. Make Sure Your Values Are Aligned With Your Company’s

All the professional development, goal setting, and networks in the world won’t make you happy if you’re working for a company that ultimately has opposing values to yours.

Figure out what’s important to you in a job. For example, does your company’s product help people live a better life? Do you feel strongly about your company’s ethics and social responsibility? Does the company culture allows employees to be themselves and shine? Or maybe flexible working and more holidays for employees with families is where your heart is?

Some companies put their employees well-being at the core of their business; others put profits first. If you feel that your values don’t match the core values of your employer, it could be a reason why you’re feeling stuck in your career and unhappy.

It’s important to work through this and identify whether it’s the job that is not right for you, or if it’s a great job but the organization or sector is wrong for you.

7. Get out of Your Comfort Zone

Your comfort zone is your safe place. For any change to happen, you have to step out of your comfort zone.

It’s actually much easier not to change anything and to keep grumbling on about how you’re stuck and unhappy in your career than to step outside of your comfort zone to address the fearful unknowns associated with change. It’s part of human nature that we’d put up with the devil we know rather than risk the devil we don’t.

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This is true even if the devil we know is a boring, unfulfilling job because we’re wired to think that making a change to find a better option might actually leave us worse off.

If you feel stuck, it might be that your confidence has got the better of you.

To get ahead at work, start taking small steps outside of your comfort zone. Consider what you’re scared of that is stopping you from making a change. Then, tackle that in small steps.

For example, if you know that to move into the job you want, you’ll have to do more public speaking, but public speaking terrifies you so much it’s stopping you from going for the job, then start small to build your confidence. You can speak up more in team meetings, then slowly build from there.

You might also choose to set up or be part of a specific group. One of my clients, who found that confidence was holding her team back in achieving work goals, set up a “get out of your comfort zone club,” where they challenge and support each other to build their confidence by regularly leaving their comfort zones.

8. Learn to Embrace Failure

Failure is part of life. A New York University study found that children learning to walk averaged 2,368 steps and fell 17 times an hour[3]. Failure is simply the natural path to success.

The truth is that we don’t get everything right the first time. We fail, we learn, we pick ourselves up, and we try again.

In my experience, it’s common that whilst the theory of learning from failure is supported, the reality of being open about failures to enable personal learning is much harder to achieve.

We don’t like to admit that we’ve failed. We have a fight or flight response to failure. It’s a normal gut reaction to ask ourselves: “Will I get away with it if I don’t tell anyone?” We are fearful of criticism, of losing face in front of others, or even being fired for failure.

However, if you’re going to stop feeling stuck in your career, you must be open to learning from failure.

Reframe failure by viewing everything as an experiment because you can’t have a failed experiment—you just learn whether something works or not. Think of Edison inventing the lightbulb, when he said:

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“I’ve not failed. I’ve just found 10,000 ways that won’t work.”

9. Build Your Resilience

Resilience is the ability to tackle difficulties and setbacks, to bounce back, regroup, and to keep going.

Getting unstuck in your career, taking a different path, and achieving the results you want will take resilience. Having resilience is also the capacity to choose how you respond to the unexpected things that life throws your way and adapt and thrive in times of complex change.

Given that the world we live in is in constant flux, and the only thing that is certain is uncertainty, the ability to adapt and bounce back is an important life skill, as well as a career skill.

In her book Grit: The Power of Passion and Perseverance, Angela Duckworth’s research shows that when measuring success, the ability to persevere beats talent every time.

Learn more about how to build resilience in this guide: What Is Resilience and How to Always Be Resilient (Step-By-Step Guide)

10. Ask for Help

It can be hard to ask for help, as it can make us feel vulnerable.

No one person can be expected to have all the answers. That’s why we need a group of people that we can go to for help, people who can pick us up when we have setbacks and also help us to celebrate success.

My advice is to be deliberate about creating your group. You can do that with a tool called a “Me Map”:

  1. Write down all the things that you might need support with, like help with career progression, interview practice, making new connections, talking through business plans, learning from failure, etc.
  2. Next to each thing, write the names of the people you go to when you need that particular thing.
  3. Make sure you get in touch and regularly connect with them.

Final Thoughts

You can stop feeling stuck in your career, break free, and get ahead at work by applying the tips in this article. Start small by incorporating three new things in your first week, and then adding more as your comfort zone and capacity expands.

Remember, no matter how stuck you feel, it’s never too late to make a change and land the career that you truly want.

More Tips to Stop Feeling Stuck in Your Career

Featured photo credit: NEW DATA SERVICES via unsplash.com

Reference

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