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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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Published on June 5, 2018

Is It Time for a Career Change? Find Your Answer Here with These Steps

Is It Time for a Career Change? Find Your Answer Here with These Steps

Are you challenged at work? Do you regret career decisions? Are you happy? If the answer to the questions leads to a negative feeling, it is time to determine next steps.

Many people settle for a career that no longer brings satisfaction. Most will respond by stating, “I am surviving” if a colleague asks them “How’s work?”

Settling for a job to pay bills and maintain a lifestyle is stagnation. You can re-direct the journey of a career with confidence by taking control of future decisions. After all, you deserve to be live a happy life that will offer a work-life balance . Let’s look at the reasons why you need a career change and how to make it happen for a more fulfilling life.

Signs that you need a career change

The challenges of dissatisfaction in a career can have a negative impact on our mental health. As a result, our mental health can lead to the obvious appearance of stress, aging, weight gain and internal health issues.

You deserve a career that will fulfill the inner desire of true happiness. Here are common factors that it is time for you to change your career.

Physical signs

Are you aging since you started your job? Do you have anxiety? What about work-related injuries?

It feels amazing to receive a pay cheque, but you deserve to work in an environment that brings out the best of you. If the work environment is hazardous, speak to your boss about alternative options.

In the case that colleagues or your boss take advantage of your kindness, feeling the anxiety of fear of losing your job because of a high-stress environment may not be right for you.

Mental signs

One out of five Americans has mental health issues, according to Mental Health America.[1] In most cases, it is related to stress.

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I remember working at a job in a work environment where harassment was acceptable. I had to walk on eggshells to avoid crossing the line with colleagues. My friends started to notice the difference in that I seemed out of character. It was then that I knew that changing a career to freelancing was the right decision.

Here is a list of mental signs of workplace unhappiness:

  • The tension in your neck
  • Difficulties with sleeping
  • Unable to concentrate
  • High anxiety
  • Depression

If you start to feel your self-esteem is diminishing, it is time to consider if working in a high-stress industry is for you. The truth is, this negative energy will be transferred to people in your life like friends and family.

Why a career change is good for you

I have a friend that works in the medical industry. She was once a nurse working directly with patients in one of the top hospitals in her area. After five years, she started to internalize the issues with her patients to the point where she felt depressed after work hours. It impacted her relationship with her family and she almost lost herself.

One day, she decided to wake up and take control of her destiny. She started applying for new medical jobs in the office. It meant working on medical documentation of patients which is not an ideal career based on what society expects a medical professional to perform. But she started to feel happier.

It is a classic example of a person that was negatively impacted by issues at work, stayed in the same industry but changed careers.

A career change can fulfill a lifelong dream, increase one’s self-esteem or revive the excitement for one’s work.

You know a career change can be the right decision to make if you experience one or all of these:

  • Working in a negative workplace: Don’t be discouraged. A negative workplace can be changed by working at a new organization.
  • Working with a difficult boss: The challenges of working with a difficult boss can be stressful. All it takes is communication. You can address the issue directly with a manager professionally and respectfully.
  • Feeling lost about what you do: Most people stay at their jobs and settle for mediocrity because of the fear of failure or the unknown. The rise to success often comes with working a tedious role or stepping outside of one’s comfort zone. If you fear the idea of being involved in activities that are new, remember that life is short. Mediocrity will only continue to make you feel as if life is passing you by.

Common mistakes of people making a career change

Most people that feel they need a career are frustrated with their situation at work. What is your situation?

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  • Desire for an increase of salary: The desire for a higher income can persuade some to believe they are in the wrong career. The issue with this is more money requires more time in the office or taking on several positions at a time. At times, pursuing a high-income role can be the complete opposite of what one is expected. It is what happens when a colleague leaves a company to a new one and returns several years later.
  • Overnight decision: Let’s face it. We make overnight decisions when stressed out or disappointed with situations at work. The problem with a quick decision is the negative and positive points is overlooked.
  • Rejected for a promotion: I have heard stories of managers that applied ten times for a position throughout a 5-year period. Yes, it sounds to be a lengthy process, but at times, a promotion requires time. Avoid changing a career if you do not see the results of a promotion currently.
  • Bored at work: Think deeply about this point. If you work a job that is repetitive, it is normal to feel bored. You can spice it up by changing the appearance of your desk, socializing with new employees in a different department, joining a leadership committee at work or coming to work with enthusiasm. Sometimes, all it takes is you to change jobs into a fun situation.

A career change can take time, networking, education and the job search process can be a journey. Here is a list of things to consider before making a final decision:

  • How long have you worked in your career?
  • What is the problem at work? Do you work well with the team?
  • Do you receive recognition?
  • Can you consider working in a new department?

The reason it is important to think about the work situation is some people decide to change career for factors that are insignificant. Factors that can potentially change if the person works in a different department or new organization. Here is a list of unimportant factors to think about before you decide to make the transition:

Now that you had a chance to review your work situation and none of these recommendations can help, it is time to take the next step.

How to make the change for a successful career (Step-by-step)

The ultimate key to success is to go through a career transition step by step to avoid making the wrong decision.

1. Write a career plan

A career plan has a dead line for action steps that includes taking new courses, learning a new language, networking or improving issues at work.[2] A career plan should be kept in your wallet because it will motivate you to keep pursuing the role.

You can learn how to set your career plan here.

2. Weigh your options

If you have a degree in Accounting, write down five positions in this industry of interest. The good news is diplomas and degrees can be used to a variety of roles to choose.

You don’t have to stick to what society holds a top job, in the end, choosing the right role that will make you happy is priceless.

3. Be real about the pros and cons

It is time to be honest about strengths, weaknesses, opportunities and threats that are impacting the current situation.

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A SWOT Analysis of a career can include:

  • Economic factors
  • Direct competition: Is this role in high demand?
  • Location: Do you need to move? If the goal is to work in tech and living in Cincinnati is not realistic, consider moving to San Francisco.
  • Achievements: To stand out from the competition achievements like awards, committee involvement, freelance work or volunteering is a recipe for success.
  • Education: Do you need to go back to school? Education can be expensive. However, online courses, webinars or self-study is an option.

A career blueprint is the first step to creating realistic goals. A person without goals will be disappointed without a clear direction of what to do next.

4. Find a mentor

A mentor that works in the desired position can share the pros and cons of working in the role. Here is a list of questions to ask a mentor:

  • What is required to be successful in the role?
  • What certification or educational development is needed?
  • What are the challenges of the role?
  • Is there potential for career advancement?

A chat at a coffee shop with a mentor can change your mind about the desire for a career change.

Find out how to pick a good mentor for yourself in this article: A Good Mentor Is Hard to Find: What to Look for in a Mentor

5. Research salary

Some people decide to change careers for a role that pays less or perks like benefits to make up for the difference in previous to potential salary.

It can reveal the cities throughout the country that offer a higher salary for those that have an interest in relocating for work.

6. Be realistic

If your goal is to move up into an executive position, it is time to be honest about where you are in your career.

For example, if boardroom meetings, high-level discussions about financials or attending weekly networking events are boring, an executive role may not be right for you. If you are an introvert and working with people every day is nerve wrecking, you need to reconsider a job in sales.

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Ask yourself if you can work in this role for the next five years of your life. If other benefits that come with the role are enticing, other roles are fit that will make you happy.

7. Volunteer first

A person that wants to become a manager should take on volunteer opportunities to experience the reality of the position.

Becoming a committee member to pursue a presidential opportunity can provide a perspective on leadership, maintaining a budget and public speaking.

Volunteer in a role until you are certain that it is the right opportunity.

8. Prepare your career tools

I recommend asking a boss, colleague or mentor for career tools. If you prefer professional assistance, you can seek out resume writing assistance. Here is a list of things to consider when preparing career tools:

  • Online search: Search your name online to see what shows up. I recommend searching images that are on Facebook, Twitter, Snapchat or other sites on a personal account. The last thing you want to realize is the job search is unsuccessful because there is unprofessional content you posted online.
  • Be LinkedIn ready: Recruiters conduct a LinkedIn search to see if the work experience is the same on a resume. Remember to change the wording on LinkedIn from the resume, or it will appear there was no effort put into creating the profile.
  • Portfolio: A portfolio of work is recommended for people that work in the arts, writing, graphic design and other fields. I recommend a portfolio online and one that is available in hand when attending job interviews or networking meetups.

Final thoughts

It takes time to move towards a new career. Pay attention to the physical and mental signs to maintain your health. You deserve to work in happiness and come home stress-free. If you avoid the common mistakes people make, you will discover the role that is the best fit with your skillsets.

Master these action steps and changing careers will be on your terms to make the best decision for your future.

Featured photo credit: Pexels via pexels.com

Reference

[1]Mental Health America: The State of Mental Health in America
[2]MIT Global Education & Career Development: Make a Career Plan

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