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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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Published on September 16, 2020

12 Practical Interview Skills to Help You Land Your Dream Job

12 Practical Interview Skills to Help You Land Your Dream Job

Today, with many companies going remote—at least until there’s a COVID-19 vaccine—technical proficiency is a vital skill for every interviewee to master. You may be asked to interview for a job on Zoom or Microsoft Teams. The way you handle yourself in the online interview (your interview skills) will say much about your ability to work from home efficiently.

Does your workspace look clean or cluttered? Is the area free from noise? Is your home office well lit?

Once hired, you may be asked to organize meetings on Zoom and other platforms. Along with mastering the technology, you will have to learn to follow certain protocols.

Now is the time to get up to speed on your technical skills. Learn which interview skills are needed for the particular job for which you are applying and practice them.

Online learning sites, such as LinkedIn Learning and Udemy, offer courses for free or a nominal membership fee. If you are a DIY type, make use of training videos offered through your particular digital tools.

Additionally, demonstrating that you have these 12 interview skills will help you land your dream job.

1. Organization

When you work in a brick-and-mortar office, some of the organizing is left to others. Your direct supervisor may host a Monday morning quarterback meeting where each worker reports on the progress on their tasks.

When you work from home, much of the organizing will be left up to you. To a much greater extent than before, you will need to develop a schedule and stick to it. Some tasks may be faster to complete from your home office where you don’t have other workers competing for your attention.

Conversely, you may find that some tasks that would have gone quickly in an office seem to take forever from your home computer. Your phone may ring a lot, which can distract you, or you may have kids and a spouse who inadvertently disrupt your schedule.

To do: Set a schedule and stick to it.

To discuss during your interview: Be specific. Point to the interview skill you utilized to create a schedule for a complex work project and followed it.

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2. Flexibility

You set a schedule for the completion of your tasks, but your prospective boss gets their work done between the hours of 2:00 and 8:00 a.m. Your West Coast partners are three hours behind your East Coast partners, and one of your partners lives in England while another lives in Australia.

Feedback and collaboration (see point 3) may need to happen asynchronously. Be the flexible candidate—the person who is willing to occasionally disrupt their schedule for the greater good of the team.

For extra credit: don’t just look up time zones, look up whether they observe Daylight Savings Time.

To do: Be flexible about meeting times.

To discuss during your interview: Highlight a time when you worked on a team where members lived in different time zones. Discuss your processes.

3. Collaboration

As recently as six months ago, before the pandemic raged around the world, collaboration wasn’t quite as essential as it is today. In a remote office setting, collaboration doesn’t just mean working well with others—but actually sharing documents and editing them online on time.

Several cloud-based tools, such as Google Drive, Basecamp, and Trello, enable the type of collaborative teamwork that most companies want today.

To do: Download the correct software and practice using it.

To discuss during your interview: Discuss how you worked remotely with a group. Share how you overcame certain challenges.

4. Poise

Murphy’s Law states, “Anything that can go wrong will go wrong.”

When things do go awry, keeping your wits about you will demonstrate your consummate professionalism under fire. This will show your future bosses that you will be able to work well under the pressures of remote work.

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What could go wrong, you ask? You might be muted without realizing it—your Internet connection may not be robust, your headphones may blip out, your cellphone may ring, Zoom could have an outage. The list goes on and on.

To do: Make sure you have the most up-to-date versions of Skype and Zoom uploaded.

To discuss during your interview: Consider highlighting a time when a project did not go as planned. Demonstrate the interview skills that allowed you to rise to the challenge.

5. Communication

Your ability to handle online communication is one of the top critical skills you will need to thrive in today’s remote workplace. Download Slack if you haven’t already. Get used to toggling to a different form of online communication if one of your tools fails.

When it comes to the preferred format for your online interview, demonstrate proficiency by offering several different options. Give your phone number, Google Chat Hangouts name, and Skype ID.

To do: Familiarize yourself with video conference and online chat tools, such as Slack, Fleep, or Workplace by Facebook.

To discuss during your interview: Be prepared to share the online communication tools you’re using and examples of how you use each one.

6. Good Computer Hygiene

Setting up a backup system for your computer files is one of today’s crucial requirements for working in the digital age. Storing documents that can be shared by team members is also an efficient way to work together on presentations, articles, and reports—although studies show nearly one-third of employees avoid them because of the time it takes to find documents.

Be prepared in your interview to indicate your experience utilizing this technology, describing how you organize and store files using cloud-based collaboration tools. How do you keep track of links and tabs? Do you use Dropbox? Google Docs? Confluence? Others?

To do: Take inventory of the cloud-based document sharing and storage systems you know and use.

To discuss during your interview: Describe the document sharing tools and backup systems you utilize—both for personal protection and professional file sharing.

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7. Proper Meeting Etiquette

Today, presenting yourself virtually has its pros and cons. While you only have to show a professional persona from the waist up (make sure to straighten up your office space behind you), you must boost your energy to show that you’re engaged in the discussion.

Make your voice as upbeat as possible. Have your talking points at the ready and be careful not to ramble on, as long virtual meetings easily become tiresome. Use the mute and chat features to avoid interruptions.

To do: Once you know the meeting platform, make sure you have it mastered before your interview.

To discuss during your interview: Offer to share your screen to show an example of a work project— while at the same time demonstrating your prowess with video conferencing tools.

8. Respecting Feedback

In the age of working remotely, there may not be as many systems in place to obtain feedback (such as yearly performance reviews). Workers may need to ask for feedback, while managers may need to give more feedback than usual as the team adjusts to working off-site. Respecting feedback is on top of the interview skills list that you should learn.

Taking a proactive approach with giving and receiving feedback and incorporating it into your work style is a desirable quality that your employers will note.

To do: Reflect on the positive feedback you’ve received from past employers to bolster your confidence.

To discuss during your interview: Share a time when you received feedback that made you grow in the job. If you’re a manager, share a time when you gave feedback to an employee who needed to better their job performance.

9. Project Management

Staying on task with projects has evolved far past a to-do list, with electronic tools that can track time, manage team workloads, and even do the client billing. While your prospective employer may have its preferred project management program, your experience with any of the various options—whether it’s Basecamp, Teamwork, Smartsheet, or another—will be applicable.

To do: Know which project management software is likely to be used by the industry in which you’re interviewing, and familiarize yourself with its features.

To discuss during your interview: Highlight a project management feature that is particularly useful in helping you excel in your work, and explain how you utilize it.

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10. Staying up to Speed

Employers expect their remote workers to be technically proficient so that technology runs smoothly and doesn’t create work disruptions. Bosses count on remote workers to know enough about their systems to manage them without relying on the help of overworked IT staff.

To do: Make sure you have a fast internet connection and have a back-up plan, such as a second computer or other tethered devices.

To discuss during your interview: Note that you are diligent about keeping your computer and software up to date.

11. Attention to Cybersecurity Issues

“Virus” is a loaded term these days. Spreading a computer virus in your company, however, will not only bring productivity to a halt, but it will also make you a pariah. While working from public places using free Wi-Fi (with uneven security provisions) has waned, in pre-pandemic times, coffee shops accounted for 62 percent of Wi-Fi security breaches.

To do: Keep antivirus software updated and don’t download software without verifying its authenticity.

To discuss during your interview: Emphasize your awareness of cybersecurity risks and your care in taking necessary safety measures.

12. Teamwork

Work relationships now mostly happen in virtual settings, yet employers value team-oriented workers.

Being a part of a team gives you a sense of connection and shared purpose. A well-honed team understands how mutual reliance makes the sum of its parts greater than when individuals act on their own, improving the end product.

To do: Take stock of your attributes as a team player and where you can cultivate skills that will enable you to work more collaboratively.

To discuss during your interview: Inquire about the company’s culture and how it encourages a sense of community despite working remotely.

Final Thoughts

Preparing for remote positions available in today’s job market will mean honing your interview skills to highlight your technical abilities as well as your adaptability. By adhering to these To-Do’s and perfecting your online interview skills and charisma, you will rise above the competition and win over any prospective employer.

More Tips to Improve Your Interview Skills

Featured photo credit: Christina @ wocintechchat.com via unsplash.com

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