Entrepreneurs build businesses in the hope of making a significant impact on society. They establish, pioneer and manage the business, growing it from something small and simple with the prospects of one day it will go big! Large companies like Facebook, Disney, Apple, and Harley Davidson are just some of the many businesses that started out both small and simple. Hence, it is undeniable that all businesses start from the singular point of a dream being made true. However, making dreams a reality is not the easiest thing to do, and it can be extremely expensive.
In the past many years, we’ve seen many successful companies develop their businesses to great heights, and these are the names and brands loved by us all today. So why is it that new businesses are not as successful? Unfortunately, there are a few misconceptions about entrepreneurship that seem to be a roadblock on the journey to success. From borrowing money to conceptualizing, we’re here to debunk a few of these myths and show you that there are always more options and opportunities out there to make your business dreams come true.
Myth 1: Big Business = BIG Effort
The number one myth about starting a business is that it requires you to either recruit a lot of people, locate the business in a big city, or do a large scale advertisement for the product both online and offline. Well, these are indeed some components that exist when you have a business. However, that doesn’t mean you have to start with a ‘go big’ mentality. Opening a business independently can be done in simple ways, for example: becoming a dropshipper, selling home-cooked savoury products and marketing them locally through social media. Almost all the largest companies now started out in a garage anyway, so if you need inspiration, just watch a movie.
Myth 2: Failure is Inevitable
You are right to worry when starting a new business, this is less of a myth and more of a fact. That does NOT mean, you should not start – having a fear of failure is what drowns most entrepreneurs. Therefore, prepare yourself with optimism, maybe an idea that you have been hiding for a long time has great prospects in the future. Samuel Becket did say ‘No matter, try again. Fail again, fail better.’ It is the mantra that internet entrepreneur Jimmy Wales lived by, and it took him 4 failed attempts and almost 10 years to create Wikipedia, the free online encyclopedia.
Myth 3: You need to have A LOT of Savings
It is true that financial readiness will help you in managing your business. However, because not all businesses have to start on a large scale, opt for a small or medium-sized enterprise where capital requirements are not too substantial. Not having savings or capital does not create a roadblock in your business journey. Steve Jobs once said that the key to building and sustaining a business is passion and love for what you are doing.
All you need is to get off the ground, and once you’re there for at least 6 months in operation, you are already eligible for selected loans and financing. Fundraise in a way that suits you, whether it’s with a business grant or a digital financing platform like ours. Take your business to the next level with us. Here at Funding Societies, we even offer unsecured financing, which means if you have a good business going, even without capital, you’re eligible to apply.
Myth 4: You need an Office
Coming back to an earlier point, a lot of the biggest businesses we know and love today, started in garages and basements. While this may be a rare instance in Malaysia, we can still take a look at Funding Societies as an example. Our business began at a dining room table and grew to what it is today.
So start at home and get online using social media, the possibilities are endless. Later on, when you have the capital and the need, then consider moving into a new space for your business.
Myth 5: People Need to Immediately Support You
To you as a business owner, announcing the opening of your business will be exciting and should be celebrated. However, not everyone will immediately jump on board, but they don’t need to. As we all understand, it does take a while to gain reputability as a business. Fret not, gone are the days where marketing for a business is equal to the cost of setting it up. Invest a little time understanding Facebook and Instagram marketing and you’re good to go. The best thing about building a business is you get to learn as you go.
So let’s break it down again, there is a lot of effort put into opening a business but it’s nothing you can’t handle. Don’t be afraid of failure and money is NOT the be-all, end-all of making your vision a reality. Workspaces are subjective and don’t worry if it’s not immediately a hit! All you need to have is perseverance and a passion for the business you’re starting and half the battle is already won.
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Disclaimer: The information provided to you in this blog post is intended only for general information purposes only and does not constitute legal or other professional advice on any subject matter. The materials and the information provided are not intended to be and do not constitute an advertisement or solicitation. In no event will Funding Societies be liable to any party for any direct, indirect, incidental, special, consequential or punitive damages for use of such information by you or any unauthorized third party.