4 myths when it comes to starting your own business

Richard Dean

Digital Evangelist and Startup Consultant at We Are Nova

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Updated 13 October 17

When you start your own business, it’s hard to know what advice to take especially when you don’t know much about the startup world.

 

Here’s a few things that you might have heard that aren’t actually true.

 

1. You have to quit your day job

The hard truth is that 92% of startups fail. So quitting your job for something that might not even have any legs isn’t the most sensible option.

 

This isn’t a case of ‘go hard or go home’. By committing less time to start with, you’ll be in a better position later on when you’ve gained the key experience and knowledge.

 

Plus, having the financial security of a job when you’re working on something so unstable means you’ll always have something to fall back on if it all goes wrong.  

 

2. You need tons of money to start with

It might come as a surprise, but you don’t need millions of pounds to get started.

 

You don’t need to hire a team of employees and you don’t need to buy a new swanky office. It’s all about being lean.

 

Before you start flashing the cash, you should be finding out whether you’re even building the right product. And this doesn’t have to cost you much.

 

The book, The Lean Startup, talks all about this in loads of detail, so read it before you do anything else!

 

3. You have to know exactly what you’re doing

You don’t. No one really does.

 

There’s no point working out every step you’re going to take because it will change. As long as you’re curious and open to learning, you can put it into practice and get on your way.

 

4. You need a massive business plan

Similarly, you don’t need a huge 50 page business plan. Keep it simple.

 

You need to know what problem you’re solving and what your solution is. Throw in some key metrics to measure how your business is doing and figure out who your customers are. Along with a couple of other things, you’re good to go.

 

The Lean Canvas is a great way of getting this stuff down on paper. You can learn more about it here.

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