Everywhere you turn, you would almost always hear a thing or two about what it’s like to be an entrepreneur. Whether it’s on TV, in your yoga class, or at the dinner table, someone always has something to share about what it means to run a business.
While some are true, inspirational even, there are those that are plainly false — misconceptions, which often discourage people from starting or growing their business. Beware of these myths keeping you from being an entrepreneur:
1. You have to be an expert in your field
Most people think that for someone to start a business, they must know exactly what they’re doing. But there’s proof that this isn’t the case. Steve Jobs, for instance, never wrote a single code for Apple. He didn’t design anything as a hardware engineer. He wasn’t an expert in software, either. But he succeeded, nonetheless.
You don’t have to be master at everything on your field (plus points, of course, if you do), you only have to get a clear picture of what you want to create. If you have the willingness to follow through that vision, your curiosity would eventually cause you to learn as you get immersed in the industry. At the same time, it will lead you to people, even experts in your field, who you can partner with to make things happen.
2. You need to have a comprehensive business plan
A business plan is the foundation of a successful venture. A lot of aspiring entrepreneurs get so meticulous about this document, that they get frustrated not being able to fill up every detail, often abandoning the entire business idea in the end because they feel that it won’t work.
This is often the case in most foodpreneurs, as they feel like a not-good-enough business plan won’t cut it in the cutthroat food industry. The truth about this is a simple business plan could cut it. It works as long as you have the essentials, company description, products and services, and operational and financial plan.
It’s okay to be unsure of things because you’re just starting out after all. As you go along, update your document. Or, if you really want to have a solid business plan and model, consider getting a franchise. There are lots of best sandwich franchises you can explore, whose business plans have been tested already.
3. You must have a lot of money
Financial security is important to reduce the risks of the business. The lack of capital, however, shouldn’t stop you from getting into the business. Mentioned earlier is the opportunity to franchise. Being a franchisee requires less investment than building a business from scratch.
What’s more, it gives you some level of security that the products and services are profitable — given that there’s already a captured customer base. There are also lots of financial strategies you can explore, ranging from trying crowdfunding platforms to securing a small business loan.
It’s good to hear a business advice or two every now and then, but do make sure to weigh these insights always. Don’t let a “good” advice keep you from starting your business.