I have learned a lot since I started my own business. I now look at business and entrepreneurship with a different eye. There were so many assumptions that I believed in when I started my business 4 years ago. Only to learn that these are myths. It is sad because some things you have to lean by experience. Experience means making huge mistakes and learning from them.
Reading business books can give you the wisdom though it is nothing compared to the experience you get when doing the real thing. My advice to you: start your own business and learn from practice, I will also encourage you to read business books from self-made millionaires.
I would recommend you start with these Authors; Robert Kiyosaki, Napoleon Hill, Brian Tracey, and Burke Hedges. Go to Business Books and google search their books.
Below is a list of 7 myths I used to believe.
Myth #1 To be successful you have to be unique
Have you seen people selling the same product sitting next to each other in the streets? What about a chain of shoe shops in the same street? In some malls there is what is called food court, restaurants selling food in one place.
Being unique is just an illusion. Don’t be afraid to sell next to another vendor the same products they are selling. It is called competition. How you make money depends on special skills that separates you from others.
Myth#2 It takes Money to Make Money
This is not true. Think of it this way, why would you need money when you have money. It takes hard work and passion to make money. There is a book called The Lean Startup by Eric Reis. In this book you will learn how you can kick off your business without capital. There are so many ways, one of the best is starting small. I recommend that you read this book if you are serious about starting you own business. Go to Business Books in the Business Ideas Menu in the search box google search “The Lean Startup Eric Reis” Good Luck!
Myth#3 Entrepreneurs never sleep they work 24/7
You need sleep to carry on. I honestly believe that if you don’t sleep during the night you will be feeling sleepy the whole day. Imagine your employees and customers find you dosing in your desk. Not to mention the discomfort of a heavy head longing for the bed. You have to work hard but you do not have to drive yourself into the sick bed. Lack of sleep will result in sickness and unhealthy life. Successful entrepreneurs manage their time well.Entrepreneurship is supposed to be enjoyable.
Myth#4 To be successful you have to be cheap
If you believe in this myths you are not in business you better join the charitable organizations. To be successful you have to sell quality and quality comes with a price. Have you ever wondered why Mercedes Benz is so successful though they are very expensive? It is because nothing can be compared to the luxury of driving a German machine. This is what the customers are paying for. If you products are good quality. You have to price well. A good price includes all the cost and a margin.
Myth#5 The customer is always right
The actual fact is you and your customers have what is called conflict of interest. They want you to be cheap, while you on the other hand want to make profit. So how can they be right? Most of the time the customer wants what is best for them. If you do what they want, you will soon be out of business. Some customers are so wrong that you don’t want them as customers.
However it is very important to see things from their point of view. Listen to your customers and empathize. To win them you have to manage their expectations.
Myth#6 We are friends therefore we can start business together and we will work well
Partnership is a good thing because you need people with skill that you don’t have to be successful. But choosing friends as partners can cost you your business. People act funny when money is involved. Your friends character might change when the business start making money. Keep your friends as friends and look for experts to be your business partners.
Myth#7 Success is about making money
If you focus on making money you will never achieve your goal. Focus on building value, the financial rewards will follow. Do not make a mistake of measuring the success of your business based on profit. The best way is to measure cash flow.
Cash flow is the lifeblood of your business. Many companies have gone out of business due to cash flow challenges. Pin your eyes on the goal not the money. That’s my motto.