Have aspirations of earning more money by starting your own business? The most important things you’ll need are an entrepreneurial spirit and an amazing idea. There are many common myths out there about what you’ll need, but you shouldn’t let these things hold you back. Here are some myths that US News debunked:
You Have to Have a Business Degree
There’s no doubt that a degree would be helpful to helping you launch a new venture, but it is by no means essential.
All entrepreneurs end up learning as they go and need to have strong communication and organization skills, a passion to succeed, and the ability to learn from their mistakes. These are qualities that you can’t always learn at a business school, so don’t think you have to wait for that degree in hand before you follow your dream.
You Need More Money
Not every business starts out with enough money to fund money on their own. Most of them start small and then generate enough revenue to fully support operations in time.
While having money to fund your own business is an ideal situation, you can get a loan if you need help in the financing department. Starting a small, scalable business is also a good idea because you can seek out investors as the business grows. Don’t think that you need thousands of dollars just to get started. Put together a solid plan, crunch the numbers, and just get started with what you have – even if you’re on a bootstrap budget for a while.
You Need to Go Part-Time or Quit Your Day Job Before You Branch Out
A lot of small businesses start off as hobbies that make money, or side things that happen primarily on weekends and free time.
If you’re really passionate about making this business succeed, you will find the time to make it work. Don’t think you have to scale back on your regular job (or quit altogether) just to get started. Begin with a plan and work that plan at every opportunity so you can get started.
For more myths you can trash today, head over to US News’ 6 Myths About Starting Your Own Business.