Myths and Realities When Starting a Business

Written By: Francisco Lingad, ANCL Partners BC, Vancouver BC, Futurpreneur Canada Mentor

There are myths and realities in business. Within this article I have researched and cited actual experiences of overcoming mythical thinking from successful people known to us.

Myth: Starting the business is fearful. Fear understandingly will dominate your start-up business due to the unknowns you face.

Reality: Oprah Winfrey stated that, “On starting the new cable network, OWN, I woke up one morning clutching my chest in fear. I realized fear ain’t good.”  Fear will hinder you to move on. Conquer your fear by making a business plan. Work on your mini goals and long term goals. If you fail to meet your goals learn from your mistake and move on.

Myth: When you lose the business, you lose your business sense.

Reality: Warren Buffett once shared, “When a manager with a reputation for brilliance tackles a business with bad economics, the reputation of the business remains intact.” In business you always have risk, you lose some but you also gain some. Bad economics will not hinder you to stop. Your business sense will always guide you to move on to your success.

Myth: There are no friends and relations when you are in business.

Reality: John D. Rockefeller said, “A friendship founded on business is a good deal.” When you are starting up the business, the best people who can support you are people who know you. They can be your critique as well as your loyal supporters.

Myth: A quitter never wins

Reality: Steve Jobs was quoted saying, “It turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again.” The comeback of Steve Jobs to Apple made Apple a better company.

There are business myths and legends. But most of these are busted myths and if others can bust them, nothing can stop you from doing the same thing.