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Starting A Small Business? Don’t Make These 3 Mistakes

Starting A Small Business? Don’t Make These 3 Mistakes

Most of us believe that starting a business of any kind takes a certain kind of person.

That someone probably has to have an entrepreneurial mindset or has to be able to easily weather risk or else starting a small business just isn’t in the cards for them. We might even think that a small business owner means someone has to have connections, be outgoing and easily able to network.

But the truth is, all sorts of people start small businesses – from engineers to accountants to crystal healers – and extroversion is not a requirement!

Here are three other common myths that can hinder you from going after your dream of starting a small business:

1. Your Fears Are Real    

For instance, instead of believing you do not have enough money to start a business, you could instead say to yourself, “I’m willing to learn ways to find start-up funds for this new venture.”

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Instead of believing you lack the charisma or extroversion to make people work with you or attract clientele, try saying to yourself, “I’m open to learning new ways of engaging with people.”

None of those fears are reality.

To put it another way, changing the mindset you have from a fear-based one to a learner’s mindset has been proven to increase success.

For any aspiring entrepreneur, the fears that pop up in our minds are insecurities usually disguised as reality and they typically look like: “I don’t have enough money to start a business,” “I don’t know enough about business,” “I don’t have enough contacts,” or “I’m not charismatic enough.”

2. You Need Another Degree or Certification or Training

This is a big and hard myth to dispel in our status-driven world, but in order to start a business, you don’t need an MBA or an additional certification in marketing.

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Your best form of learning for your new business will be experiential – learning on-the-go – just as it has been for the rest of your life. Besides, you’re probably thinking about starting a business in a field in which you’re already familiar.

That doesn’t necessarily mean that it’s your current day job. This could also be a field in which you have a genuine interest and have read about extensively, gone to conferences for, attended meetings, etc.

Thus, you probably have more experience and knowledge about the business you’re trying to start than you initially might have guessed.

3. Everything Has to be Perfect Before You Can Start

One of the other biggest myths about starting a small business is that you need to have all of your ducks in a row. That looks like a thorough business plan, thriving social media accounts, a professional in-depth market analysis, goals, plans, teams of resources, etc. People believe that all of those things plus more have to be 100% lined up before they can start their business.

But behind that need to have everything lined up is usually a fear of failure. And that fear keeps many people from even starting down the path of small business ownership.

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Here’s a question to ask yourself: Have other people started businesses without the requirements you’ve set for yourself?

You already know what steps you need to take

Here’s the secret to performance and success: We already know what we should be doing in order to be successful.

It’s not a lack of knowledge that holds us back, it’s the continual loop of negative thinking in our minds that does.

Coach/author Alan Fine has studied this phenomenon with thousands of sports and business clients and calls it “interference.”

Essentially, his research shows that, in order to be successful, we need to get out of our own heads and find that place of effortless joy, also called “flow,” in the work that we want to do. “Flow” is defined as that sense where time flies by and you feel enlivened and energized by the work that you’re doing.

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When starting a small business, it’s important to continually seek out that place of flow in the new business that you’re building. Define what it is that you really, truly love to do and focus in on that. This helps to break to the negative feedback loop running in our minds.

Letting go of the negative thinking patterns doesn’t mean that a new business doesn’t need business plans, marketing, or clearly defined goals, but the more you can focus in on the parts of the new business that bring you joy and provide you with flow, the more you will communicate that excitement when you speak with others.

And when we get out of our own heads, then we can hone in on the answers to these forward-momentum questions:

  • How will you help others in this business?
  • Who will your ideal clients be?
  • What type of experience will you clients walk away with?

Most importantly, what’s the one step that you can take today that will put you in alignment with your dream of starting that new business?

More by this author

Erin Newman

Life Coach

starting a small business Starting A Small Business? Don’t Make These 3 Mistakes

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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