4 Myths That Hamper Your Entrepreneur Dreams
Posted by Jay Hands on 28/01/2010 under Business.
Myth #1: A business started from scratch takes many years to get established.
This is not true. It all depends on the entrepreneur's ability and business acumen. Most businesses started from scratch gained momentum within 6 months. Within a few years, they are roaring in the market. Those who want to escape from hard work and harbor a weak will believe in such a myth.
Myth #2: To get a business loan from bank is a mission impossible.
Not really! It might be a bit tough to obtain a start-up loan, especially for people who have no track record. However, it has been found that banks reject only 10-20 percent of loan applications, that too, because of improper or incomplete fulfillment of loan eligibility criteria. People from lower socio-economic strata, who have no capital to invest, might find this myth to be true. But, the bigger truth is that for the determined and persistent individual, no mission is impossible.
Myth#3: You cannot start without a business plan.
Please rise above the theoretical world! Enough of writing plans and sketching models of business! These are beneficial in getting good grades in B-schools and also in raising funds. To start a business, what you need is a head brimming with innovative ideas, plus the fire to make it happen. Besides, you must have a goal to reach - a dream that never lets you sleep until you fulfill it. As you climb the success ladder, you will learn the ropes of doing business, which is more important.
Myth #4: Small businesses cannot match with the turnover generated by big businesses within a year.
Please don't think so! This is a thought that limits the mind and binds an entrepreneur's capabilities. The amount of money that you can make from any business, be it online or brick or mortar, depends on your capabilities. Yes, there are several other factors on the work too. But, at the end, it all comes down to YOU. If you think you can, you can AND you will.
Examples of businesses that started from scratch and are, today, earning in billions are: KFC - started by Colonel Sanders, Disneyland - started from a single cartoon of a mouse (Mickey Mouse), Body Shop, and many more.
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