Small Business Myths Busted

Entrepreneurs Around The World Rejoice As Small Business Myths Busted! (That’s how I see the headline in the newspaper.)

Here we go:

Small Business Myth #1: “You Need A Lot Money To Start A Business.”

This depends on which avenue you choose to take, whether you desire a physical store or an online marketing. If you want a brick and mortar office, where people can visit to see and touch your goods, then the cost is on average $25,000 a year. Not too many people have this kind of money just sitting in a bank, waiting for them to use for a dream business, however, there are government programs out there that will assist you in financing your business with the proper paperwork and business plan.

If you decide to choose an online business, be prepared to do your research. Online businesses can cost anywhere from a few hundred dollars a month to a lifetime membership of $100K. Enrolling in a company that markets health products is going to be a lot cheaper than enrolling in a company that markets helicopters. Choose a company that you have personal interest in pursuing because they offer a quality product or business, an attractive commission plan and the membership doesn’t put a financial burden on you.

Small Business Myth #2: “You Need A Lot Of Experience To Run A Business.”

You go to school to get a job. You run a business to learn a business. There are many groups in your community that meet to discuss business methods and procedures. If you are interested in starting a business that interconnects with real estate, then join a REIA group. is a great website to meet, communicate and brainstorm with great business ideas with proven business professionals. There are many magazines, books and websites at your disposal that will help build your business. However, you don’t want to over-educate yourself to the point where you are spending more time learning and not enough time running your business.

Small Business Myth #3: “It Takes A Lot Of Time To Operate A Business.”

With just four or five hours a day, you can operate an online or physical business. It depends on how much time you’re willing to devote to your business and sticking to a schedule you create. You can not be fickle, fudge facts or bend the rules when it comes to your business schedule. If you say you’re going to devote a certain amount of time to your business, then the moment you step into your business or home office you don’t stop working until your set time is met. This doesn’t mean checking personal emails, reading the paper or any other non-business related activities. That’s how businesses fail. My mentor, Aaron Rashkin, always told me, “If you go to bed feeling your business day was not fulfilled, then you did not have a successful day.” If you have this feeling before bed, then you need to get out of bed and do more. Never put off tomorrow what can be done today.

Small Business Myth #4: “9 Out Of 10 Businesses Fail.”

I’ve seen this statistic by exaggerated as high as 97%. On the Small Businesses Association website,, the real statistic is 20% of small businesses succeed between their first and third year, meaning one in five people are successful, which is better than one in ten. If you are able to remain steady or even afloat after five years, that failure rate drops to 50% and you have further solidified yourself as being an entrepreneur and part of the commercial community.

Small Business Myth #5: “You Need A Lot Of Supplies And Equipment.”

You don’t need a big office space with a fancy desk, a big leather chair and all the new technology available to have a business. You don’t need all that clutter to run a business. You can accomplish just as much with a cell phone and a pad of paper. maybe a laptop and fax machine. Immediately once you start a business, do not stop for anything.

All you need is determination, commitment, drive and the willingness to succeed and you will never fall prey to these five small business myths.

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