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MegX’s Myths About Starting a Business

Megx’s Myths about Starting a Business

We generally have various beliefs when aiming to start a business.  Most of these so called beliefs reference  ideologies attached to owning and operating a business and they are sometimes mostly all misconceptions!!!

Manage your expectations diligently and do not be pulled in by over zealous presumptions which will obscure you from operating your business in an efficient and effective manner.  See below some of the common misconceptions that plague independently owned small businesses:

  • “I am my own Boss” – I am sorry to disappoint you on this one! but the honest truth is that you are not your own boss when you start a business.
    • Your CUSTOMERS are your BOSS – Without them you have no business!
    • Your BANK is your BOSS – Without the support of the bank, you might have no business!
    • Your FIXED COSTS are your BOSS – If you do not manage your fixed costs efficiently (examples of your fixed costs would be – insurance, interest expense, property taxes, utilities expenses and sometimes annual salaries paid to employees.), You will have no business!
  • “I am free and independent” – Sorry Again! owning a business DOES NOT make you INDEPENDENT.
    • Not needing money, makes you INDEPENDENT!
    • As long as you need money, you cannot be INDEPENDENT!
    • And as long as you have a commitment to your clients, staff members and the bank …you are not free …not yet anyway!

Beware not to be tripped up by these common myths, it will leave you with a false sense of security that could only translate into the nurturing of a counter-productive culture within your organisation.  Do not go into business based on folklore and myths.  Stay focused and be clear of your objectives at all times to enable effective and risk-free operations to help successfully build and sustain your business.

While we have the two myths above as the main misconceptions that plague the some start-up businesses today.  There are some Myths that are no longer relevant in the way business is conducted today, see MegX’s Myths about starting a business …NOT!!! to see some myths that are no longer myths or are not to be believed or applied in all cases.

 

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One thought on “MegX’s Myths About Starting a Business

  1. Interesting! Great advice here, a lot of people do not have an understanding of these things … Thanks Megx

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