Myths About Starting Your Own Small Business

by Cathy Goodwin

When I began my own business, I kept hearing ten myths that were often presented as core wisdom. In my own coaching, I encourage clients to (a) use intuition as a filter to evaluate advice and (b) be especially skeptical of "experts" who dismiss your concerns.

1. Career freedom means starting a business.

Often my clients assume the only way to career freedom is through starting a business. Yet I know dozens of people who feel very free in a corporate setting. They swim easily in the corporate stream. They like the steady paycheck and they know how to navigate corporate politics without hassles. Most important, they separate their jobs from their lives. They have regular outlets for creativity, self-expression and close relationships.

Marilyn began her own business when her company outsourced its human resource function. Her boss helped her set up the business and became her first client.

She earned a good living but, when business slowed, sought a corporate job. She has no regrets: she likes getting the matching income from the 401(k) plan, the broad health benefits, and freedom from worrying about her next client.

2. "Don't worry, be happy."

Some people believe their mission is to encourage you and build your confidence, even if they secretly think you are pursuing a hare-brained idea.

I believe that, if you're going into business, you need to face facts. You may want to get second and third opinions, but each opinion should be honest.

3. "Visualize success."

While I support visualizing and attracting, I do not believe you can attract business from a non-existent target market. Try to attract money and personal fulfillment rather than success of a specific business. You might also try to attract knowledge and discernment so you can evaluate your various advisors. And you still need a business plan.

4. "If you can dream it, you can do it."

In her wonderful book, Finding your own north star, Martha Beck debunks this myth with a simple example: She once dreamed she found herself in a bathtub with ex-President Clinton and an owl. You may have a very clear, detailed picture of what you want, but still fail to reach your goal.

The reverse often is true: "You must be able to imagine yourself successful in order to reach your goals." Still, I know people who were catapulted to success far beyond their dreams; they missed the ride but managed to enjoy their arrival.

5. "If other people can have a successful business, you can too."

You may be smarter, more creative and more energetic than your friend James, but James may have that special spark that makes him a successful entrepreneur. James may have a truly supportive friend or family, a trust fund that gives him ten years to get the business going, or a charismatic personality that draws people to him.

6. "You will probably fail."

Some of your advisors and friends will say outright, "Most people who follow the path you're on are doomed to fail." You have to decide if they're using a scare tactic to motivate you or if they're being honest.

There is a story, possibly legendary, about a surgeon who encounters a famous musician. "Maestro," he says, "I played for you at a master class. You advised me to stop playing professionally. You said I would never be great. I want to thank you. I listened to your advice and became a doctor."

The maetro peers at the surgeon: "I do not remember you. I tell all my students that. The great ones ignore my advice and continue anyway."

7. If you feel energized about your goal, you will be successful.

"Richard" had a vision of himself as an entrepreneur and consultant. Over the years his expertise changed: he purchased a scale to measure job burnout, he kept books for a few companies, he wrote marketing plans. He wasn't very good at any of these activities, but he never lost his enthusiasm and zeal.
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Richard was rescued by a series of temporary jobs, obtained through an agency. But business success always eluded him. Last I heard he was renting a room and continuing with temporary jobs, thirty years after striking out on his own.

Feeling energized just means you enjoy some aspect of what you are doing -- even just the novelty of something new. What you enjoy may not translate into a marketable offering.

8. You can always go back to what you were doing before.

After you spend several months or years trying to build a business, you will be different. Your former career will be different. Some careers operate like closed communities: If you leave, you are an outcast who will be shunned. Truly, for most people, "you can't go home again."

I would say, "Take a job at the start of your business, or keep the job you have now. If your profits soar, you are in a very strong position to bid farewell to your day job. You can use the extra cash to grow your business faster, have some fun or save for the next crisis."

9. You have had a successful career so far and you'll figure out how to be successful now.

Basketball players do not always thrive on football teams and volleyball is a different game altogether. Enough said.

10. You need to have more confidence in yourself.

If people typically describe you as lacking in confidence, you need to explore this question before you move forward with any career change. You may need to consult a licensed psychotherapist.

But if you are normally viewed as a strong, confident person, your lack of confidence in your business skills may be based on reality. Listen to your intuition.