Don't you just love the thought of being an entrepreneur? What could be more fun than being your own boss and kicking that 9 to 5 routine, working just about when you when to, taking a day off on a whim, spending quality time with your family and friends! Do you think? Well, the grass is always greener on the other side. And on this side, it definitely is; provided you cross over with your eyes open.
Let us go through some of the most common myths and learn why you are better off keeping your eyes open.
Myth # 1) Small businesses are widely supported by government funding and venture capitalists -
Sure, the state government has set aside funds for small businesses. But this funding is limited. And it is targeted at special types of businesses, a specific group of people and even to encourage businesses in specific regions or geographies! All these are special eligibility criteria and you are expected to meet them before you can apply for these grants. You may have a great business idea. But that in itself is not good enough to attract interest from Venture Capitalists. To back up a great business idea, you shall need to substantiate your proposal with a great business plan. Also, you shall be required to outline a plausible strategy to fuel the growth potential of your proposed venture.
Myth # 2) Small startups do not need business plans -
Any business needs a Business Plan to get started. Why is it important? A Business Plan helps you pen your ideas about the business and make it work on paper. It helps you uncover potential problem areas and address them before you get into the real work arena. It also helps you learn more about your business by forcing you to research on the subject matter.
Myth # 3) I will save a lot on expenses and taxes -
This is not entirely true. All business have their specific set of expenses. And you cannot get a rebate on all of them. While a few home based businesses can claim tax breaks, you cannot add your electricity bill or cable expenses to the list! You are only allowed to claim a legitimate part of reasonable business expenses and a small percentage of your home expenses backed with proof of use for business.
Myth # 4) I will have all the free time in the world!-
No can do! Sure, you will be able to take advantage of flexible work hours and take your dog to the vet! But being an entrepreneur is a full time job! It requires focus and dedication and maybe even extra hours of work, especially in the first few years as you try to get the business on its feet. And the returns may not always justify the effort you put in. Very few business owners will agree that they can take off for that game of tennis at any given time.
Small business myths are so wonderfully appealing, and so believable that we rarely stop to think twice. There are benefits to having your own small business, but be aware of the realities of owning your own business - talk to others who have owned their own small businesses for a while and research how to own and grow your own small business before starting it.
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