You have probably experienced this: having what feels like a brilliant idea and dreaming of building something of our own, but then the doubts start to creep in. “I don’t have a good idea.” “I’ll waste time and money.” “I need to quit my job first and go all in.” Sound familiar? Well, you’re not alone. These are some of the myths that keep countless other aspiring entrepreneurs and business owners stuck in “someday” mode. But they don’t have to hold you back. Let’s dismantle them, shall we?

Myth 1: You Need a “Perfect Idea” to Start a Business

Forget about having a grand, groundbreaking concept. The truth is, you just need any idea to get started. Why? Because the first few businesses you try, will be your entrepreneurial boot camp. They are where you will learn the ropes, not necessarily where you strike gold.

Finding Your Niche and Testing the Waters

1. Identify Your Passions and Skills: What are you naturally drawn to? What are you good at? 
2. Look for Everyday Problems: Are there any small annoyances in your life or the lives of those around you? 
3. Start Small and Test: Don’t invest heavily upfront. If you are starting a product business, make the first few prototypes and test them with friends, family, or at a local market. If it is a service business, try and get your first paying customers, even if you’re only charging a small amount to begin with.
4. Gather Feedback and Iterate: Pay attention to what people like and dislike about your product or service. Use this feedback to make improvements and continue iterating. A few questions you could consider asking are: “What do you like about this product/service?” “What could be improved?” “Would you buy/pay for this?”

Myth 2: Time Spent on a Failed Business is Wasted Time

“But what if it doesn’t work?” This is a real and valid fear that you could be having, but allow me to put things into context. Every “failed” attempt is an investment in your entrepreneurial education. The lessons you learn will be invaluable, far outweighing any perceived “waste” of time. 

Think about it like you would any other skill you may want to learn. Take learning to bake for example. Your first few attempts may not turn out that great, but they teach you what to do and what not to do. Also, having a recipe may not be enough to guarantee good results, if you are just getting started. You need practice. Practice makes perfect. 

Things to Keep in Mind

1. Don’t Fear Failure; Analyze It: When things don’t go as planned, don’t give up or look down on your efforts. Instead, break down and really try to unpack what went wrong and why.
2. Identify Key Problem Areas: Is it your pricing? Is it your marketing? What are the key areas of your business idea that need attention? Make a list of what went well and what didn’t. Be specific.
3. Seek Customer Insights: Do you know your target audience? How can you better reach them? How can you serve them better? You can conduct market research using online surveys, social media polls, or interviews to understand your target audience’s needs and preferences.
4. Pivot and Adapt: Based on your analysis, be willing to change your approach. What new opportunities does your analysis reveal? Brainstorm alternative business models or product offerings based on your findings. Be flexible and open to change.

Myth 3: You Need to Spend Money to Start Your First Business

This is a big one. We’ve been conditioned to think “business” equals “product,” which would often require a hefty investment. But your first venture can be a service business. Sell your skills, your time, your expertise.

A few examples to think about:

1. Virtual Assistant: If you’re organized and tech-savvy, offer virtual assistant services to busy entrepreneurs.
2. Social Media Management: If you love creating content, help small businesses manage their social media presence.
3. Personal Styling: If you have an eye for fashion, offer personal styling services to clients.

Myth 4: Your First Business Needs to Give You Everything

Financial freedom, following your passion, finding fulfillment and experiencing time freedom – we want it all! But expecting your first business to deliver on every front is setting yourself up for disappointment.

Here is what to keep in mind as you prepare:

1. Start with What You Already Know How to do: Even if it’s not your “dream,” begin with something you find easy to do and where you have some skill.
2. Pay Attention to What Excites You: What aspects of your initial venture do you find most fulfilling? What are the core activities that you find yourself wanting to go back to?
3. Keep a journal or notebook to track your experiences. Note what you enjoy and what you don’t enjoy doing. If you find a spark, explore related areas. What related opportunities exist in your field? 
4. Research other businesses or individuals in your niche. Identify potential collaborations or complementary services.
5. Don’t Be Afraid to Evolve: Your business can and should evolve as you learn and grow. 
6. Regularly reassess your goals and priorities. Be open to pivoting or changing directions as needed.

Lower the Bar, Take the Leap

If you’ve been dreaming of starting a business, but haven’t taken the plunge, it’s time to lower the bar. Your first few business ventures may not make you a lot of money, but that’s okay. They will teach you invaluable lessons that you would never have learned if you had not taken any action. If you are ever going to be a successful business owner, you will need to be comfortable with some level of uncertainty. Don’t be so addicted to certainty that you miss out on incredible opportunities.

Have any of these myths been holding you back from starting a business? What other myths would you add? Let me know in the comments.