Common Misconceptions About Starting Your Own Business

With over 70 services in the Thrive Marketplace, our users are able to access the support and resources that they need no matter their goal. November is a month focused on Entrepreneurship and Thrive is proud to be able to offer support to outplaced employees to start their own businesses. We understand that there is always some hesitancy with starting your own business, and you need a lot of information before deciding whether it is the right path for you. There are usually many misconceptions about starting your own business so we've come up with a list of a few that may be keeping you from pursuing your goals.
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But let's look at the stats. According to a study conducted by the Business Development Bank of Canada, there are more than 1.1 million small to medium-sized businesses all over the country, accounting for roughly 90% of all private-sector jobs. In other words, these businesses are not only crucial for the nation’s employment rate, but they are also the backbone of our economy.

In spite of such impressive statistics, entrepreneurship is a career path riddled with misconceptions. Let’s take a look at some of the common myths associated with owning a business:

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1. All it takes is one great idea: Many people believe that in order to be a successful entrepreneur, you need to come up with a product/service that no one has ever thought of before. However, what most people forget is that even the very best of ideas need to be executed properly in order for them to become a reality. Ideas are important, but so are planning, prioritization, leadership, communication, and a range of other important factors.
2. Planning is a Waste of Time: No matter what type of business you intend to open, it’s imperative to start out with a plan. A successful business is more than just a great idea. It’s hours of market research combined with phases of testing, building appropriate sales strategies, and understanding the value of your product/service--all falling under a solid business plan. Having a sound plan will not just provide you with guidance and motivation, but will also save you from making any major mistakes in the long run.
3. Entrepreneurs are born, not made: Contrary to popular belief, becoming a successful entrepreneur has nothing to do with genes. While some people have skills that can aid them in becoming an entrepreneur, such as being natural risk-takers, at the end of the day, entrepreneurship is a learned ability. Gain some knowledge and experience by working in a start-up, taking relevant courses, getting advice and coaching from a subject matter expert--the learning options are endless.
4. You’re all on your own: When becoming an entrepreneur, people tend to adopt a lone wolf mentality to feel in complete control of their business. While there is nothing wrong with taking matters into your own hands, having a reliable support system is crucial to the start of your business. Having employees and partners to delegate tasks to and mentors to seek advice from will allow you to focus on the more important matters at hand. After all, you’re only human and there’s only so much you can do on your own.
5. Success lies with high-tech start-ups: As nearly everything in the world becomes digital, people view successful entrepreneurship as a result of new technology or software. The rise of tech start-ups, SaaS companies, and AI-driven apps has only reinforced this notion. But you don’t necessarily need to create an app, an IoT product, or even cryptocurrency in order to succeed. Technology is not the only route to entrepreneurship, it’s just one of many.
   
   Now that you've learned a bit more about some common misconceptions, the next step is to explore entrepreneurship and find out if it's the right fit for you.
   
   If you are a Thrive user, then log into your account today to access Entrepreneurship support services!
   
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