Over the last decade, a lot of different myths have grown up around the idea of being an entrepreneur. In many ways, it has become deeply romanticized. Reality TV shows and talk of ‘self-made superstars’ has convinced a lot of people that it’s the right choice for them.
Unfortunately, many quickly realize that owning a business is a very tough job, even if you have awesome business ideas to start with; a high proportion of first-time companies close within twelve months. It is largely down to lack of preparation and poor awareness of what the job entails.
So, if you do dream of starting a business, there are a few things that you should know. Keep reading to dispel some of the common myths about being the Head Honcho. Especially you should always be in touch with the business news every day so that you can stay updated with the current happenings in the business world.
5 Business Core Beliefs that Went Wrong in the Long Run:
1. You Have to Plan for Everything
For a business owner, being prepared doesn’t mean predicting every major change for the next five years. It means having the skill to position your business in a way which allows it to adapt to a broad range of circumstances. Take your office lease, for example. The misconception is to believe that a standard, 3-5 year lease is the only option.
This is not true and talented business owners know that it can end up being a trap. Wherever possible, retain your flexibility. Prioritize negotiable leases, with changeable terms. Virtual offices are a great idea, particularly in lively cities like Singapore. They ask for no contract, so you can leave whenever you like. Visit www.servcorp.com.sg/en/virtual-offices for details.
2. You Have to Spend Before You Earn
For most entrepreneurs, this is true. Whether you’re borrowing money from friends and family or taking out a loan, most first time owners need to lend cash in order to kick things off. However, this can be a temporary situation. Thirty years ago, it might have taken an age to get established enough to start earning that money back, but things have changed.
Now, virtual and remote workspaces allow entrepreneurs to start running a business at the same time as it is being set up. This might sound strange, but all you need to begin winning customers, meeting investors, and chasing leads for your business core beliefs, is an office with the right resources. With a virtual workspace, you can access this on a ‘pay as you go’ basis until your own is ready, as well as keep an eye on some business news relating to this issue.
Digital marketing, especially content marketing is a long-term process so if you think that initial investment and a little patience will do the work, then you are completely mistaken. Marketing needs a lot of sacrifice, hard work and strategies to make it work.
3. You Have to Launch From Home
Technology has allowed entrepreneurs to move around the world at a pace which has never been seen before. These days, there is no real reason why you cannot pick a country on the map and make a home for your business there. Singapore is a superb choice and it has been appealing to start-ups and SMEs for many years.
While it isn’t easy expanding into a country with a different culture and language, there are plenty of support systems in place. Co-working environments are perfect for foreign business owners regarding business ideas to start with, as they bring like-minded professionals together. Here, you can study how the locals interact, chat with market rivals, and seek invaluable advice on all aspects of the region.
4. You Are Bigger Than Your Employees
This is a really important piece of advice. Though you might be the boss and founder, it is imperative that you treat your workforce with kindness and respect. Try to resist the temptation to feel superior to them, because this puts a divide between you and the most valuable asset you have. Be visible, talk to people, and go in search of their thoughts and ideas.
Literally, this is the time you understand that it is not you alone running the company, it is your team who is helping you do so. So this business core belief is nothing short to the worthless idea for the current situation. If you want to flourish your business, it is highly important that you also take care of your team members rather than your employees.
If you are expanding into a region like Singapore, it can be daunting to have to recruit from an entirely different labor force, but it is worthwhile. You’ll benefit from their local knowledge and show the market that you’re serious about being a part of the area. In fact, local consumers are much more likely to embrace your brand if you make it clear that you’re happy to step into their culture and customs.
5. Not Welcoming New Ideas and Show Confidence
Your office is your arena and your employees are your team members. It is important that you maintain a balance of friendliness as well as discipline in the office. For that, if you do not show confidence in what visions you have for your project and uplift your employees’ thoughts, then know that your project is a complete loss in the beginning only, just for this business core belief.
It was believed earlier that employees are slaves and the employer is the master. But nowadays this mentality is as wrong as a forgery. You need to have faith in your employees and keep inspiring them on different activities. You care for them and they will surely care for your business ideas to start with.
You must interact with your employees equally and welcome their suggestions so that they feel engaged in your company and take ownership of its welfare. Some of the most popular business news state that most of the renowned startups did not start with a business owner and some employees, rather it starts with several members of a team who worked hard and worked together to take those businesses far.
Please leave us a comment in the comment section below to let us know about your feedback on our blog on business core beliefs which were proven wrong over time.
Mashum Mollah is a tech entrepreneur by profession and passionate blogger by heart. He is on a mission to help small businesses grow online. He shares his journey, insights and experiences in this blog. If you are an entrepreneur, digital marketing professional, or simply an info-holic, then this blog is for you. Follow him on Instagram, Twitter & LinkedIn