5 Myths About Starting a New Business

Sneha Hull | March 4, 2022 | 190 views

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“Success is not final; failure is not fatal: it is the courage to continue that counts.”

– Winston Churchill

When starting a new business, small business owners are often surrounded by numerous business myths. As entrepreneurship is growing in the global culture, so are its myths. This may create a notion and discourage you from starting your own business. However, not all the myths about business are necessarily true.

Additionally, the myths of starting a new business can also involve unique challenges and experiences.

Small Business Myths


You Should Have a Unique Idea

Having a unique idea is the most pervasive business fallacy in the corporate world. Entrepreneurs frequently feel they must have a unique and original idea to be successful business entrepreneurs. However, this is not always true, as there are countless examples of the same. Instagram and Twitter set a perfect example as they are similar to Snapchat. However, this does not imply that you can infringe on trademarks, patents, or intellectual property.

For instance, there are countless pizza establishments selling pizza. However, what distinguishes them from their competitors is their use of innovative marketing strategies to broaden their reach and expand their firm. Additionally, having a novel, original, and unique idea, product, or concept does not guarantee that they will be a successful businessman.

When evaluating a business idea, it is critical to examine the problem it is attempting to solve and the success of your competitors in resolving the issue. A marketing plan based on these principles can help you get more of the market.

Need a Perfect Business Plan

The widely accepted assumption is that you must have an impeccable, well-structured business plan. However, having a simple, one-page strategy that lays out your goal and vision is sufficient to guide you.

Indeed, Apple, Microsoft, Facebook (Meta), and Google, among others, have all experienced success before developing a business strategy. Therefore, your business plan should include a data matrix outlining
  • How will you measure success?
  • Your customer’s value proposition
  • The problem your market faces and how you intend to solve it
  • Who is your target market?
  • How do you expect to finance your firm sufficiently?

However, many business owners get overwhelmed by the idea of having to perfect a business plan for starting a new business. Before you begin, you can employ someone to write it and file for a trademark. Avoid becoming paralyzed by business plan analysis paralysis.

You Are Your Own Boss

You being the sole proprietor of your business is a complete fallacy. While you may have more choice over your schedule, you won't have a superior hounding you. You will undoubtedly have stakeholders, such as investors, clients, and workers, who rely on you.

Often, owners think that starting their own firm will alleviate stress. You are accountable for everything that happens, and you may feel significantly more pressure than you did as an employee. You are solely responsible for ensuring the seamless running of your firm.

Most Successful Entrepreneurs Are Young

There is no age limit when it comes to starting a new business. You can be an entrepreneur if you believe you have the business sense, acumen, funds, and resources. People in their forties and fifties are the founders of some of the most successful firms.

For example, Mark Pincus developed Zynga at the age of 41. This is how old Ray Kroc was when he started McDonald's. John Pemberton came up with Coca-Cola at the age of 55. Harland Sanders started KFC at the age of 65.

Contrary to popular belief, older people are more successful in business because they have years of experience.

High-tech Based Business

The world is rapidly becoming more digital and technologically aware. While the world's attention is currently focused on technology enterprises, other industries are equally successful without technology. Not every company or innovation is based on technology. You do not have to focus exclusively on IoT, apps, artificial intelligence, or cryptocurrency to be successful.

Consider Blissim, which works without relying on cutting-edge technology to sustain its operation. Rather, it was chosen and sent out in boxes of beauty products each month, which made $150 million in sales.

Not only do entrepreneurs believe in the myth, but executives and managers often cling to the notion of innovation as new technology as well.

Don't Allow Business Myths to Sabotage Your Plan

Executives sometimes fall into the trap of believing the myths associated with starting a new business. What is the good news? First, it is possible to transform your leadership style and corporate culture.

As a budding entrepreneur the first thing you must invest in is the human capital i.e. people who will be working for you. Considering that, the leader sets the tone for healthy working relationships and a favorable climate for accomplishment. Following that, evaluations of personality, behavioral, and emotional intelligence can help you gain a deeper understanding of yourself and your team. Finally, when times are tough, maintain your modesty and encourage the best in your team, but avoid resorting to past practices.

Conclusion

Now that you know the business myths and their relative insignificance, it's time to evaluate them. Based on these, you can certainly make an informed decision about whether or not to start a business.

FAQ


What is the main obstacle to starting a business?

The main obstacle most small business owners face is the lack of capital required to start a business.

What are the challenges of starting a new business?

Below are the most common challenges to starting a new business:
• Competition
• Hiring suitable employees
• Financial management
• Cyber security
• Winning the trust of customers

What are some common mistakes made when starting a new business?

The common mistakes that every business owner should avoid when starting a new business are:
• Lack of a business plan
• Missing out on online marketing
• Failure to keep track of progress
• Insufficient financial planning
• Failure to acquire knowledge

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How to Choose the Right Small Business Accounting Software?

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Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

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7 BIGGEST ENTREPRENEURIAL MISTAKES

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Sunflower Bank Partnerships with SmartBiz to Launch a New Lending Online Platform

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U.S. small businesses were particularly hard hit by the pandemic, which is why Comcast RISE was launched in 2020. A study from the National Bureau of Economic Research cited that Black-owned small businesses were hardest hit, suffering the steepest decline (41 percent), followed by Hispanic and Asian American-owned small businesses. In addition, according to a study by the National Association of Women Business Owners, women-owned businesses have been growing at only half the rate of those run by men, namely because women struggle to access capital and other resources to help them succeed. Comcast RISE was designed to meet that moment, and today’s announcement shows that goal was met. In total, Comcast RISE has provided over $110 million in monetary, marketing, and technology grants to 13,000 small businesses owned by women and people of color – including Black, Indigenous, Hispanic, and Asian Americans, among others. We are incredibly proud of the work that the Comcast RISE team has done over its two-year term to help the small businesses we’ve worked with to not only survive, but also to thrive,” said Teresa Ward-Maupin, Senior Vice President, Digital and Customer Experience, Comcast Business. “We recognize that small businesses are the backbone of our economy and look forward to taking our learnings from this program as we find new ways to further empower and strengthen even more small businesses and entrepreneurs at the heart of our local communities. Comcast will be continuing its efforts to positively impact small businesses in 2023. We have seen that many small businesses are shifting from pandemic recovery to long-term growth, so it is only natural for the program to evolve. The next evolution of the program will focus on helping businesses of all types accelerate growth. Its offerings will include complimentary marketing, technology, financial grants, business consulting, entrepreneurship training, and other services.” "Comcast RISE has helped me and my business thrive in so many ways. I received the $10,000 grant though the Investment Fund, which provided us with cash to use wherever our needs were.This grant allowed me to maintain payroll and supported my evolving business endeavors, such as the expansion of my mannequin business, which now offers a virtual and in-person headpiece workshop." Judi Townsend, Owner and CEO of Mannequin Madness in Oakland, CA Comcast recently announced its final round of Comcast RISE recipients, which includes over 2,800 small businesses owned by people of color and women, that will receive a TV campaign, production of a TV commercial or consulting services from Effectv or computer equipment, Internet, voice and cybersecurity from Comcast Business. In addition, as part of round four of the Comcast RISE Investment Fund, 500 more small businesses in Chicago, Miami, Oakland, Seattle, and Washington, D.C. will each receive $10,000 grants, bringing the total Comcast RISE Investment Fund recipients to 2,100 and the total dollar amount distributed to $21 million. For more information and for a full list of recipients, visit www.ComcastRISE.com. About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information. About Comcast Business Comcast Business offers a suite of Connectivity, Communications, Networking, Cybersecurity, Wireless, and Managed Solutions to help organizations of different sizes prepare for what’s next. Powered by the nation’s largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nation’s largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest growing providers of Ethernet services. For more information, call 866-429-3085. Follow on Twitter @ComcastBusiness and on other social media networks at http://business.comcast.com/social. About Effectv Effectv, the advertising sales division of Comcast Cable, helps local, regional, and national advertisers use the best of digital with the power of TV to grow their business. It provides multi-screen marketing solutions to make advertising campaigns more effective and easier to execute. Headquartered in New York with offices throughout the country, Effectv has a presence in 66 markets with nearly 35 million owned and represented subscribers.

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Sunflower Bank Partnerships with SmartBiz to Launch a New Lending Online Platform

SmartBiz | January 20, 2023

On January 19, 2023, Sunflower Bank, N.A., announced the start of a new small business lending platform in collaboration with SmartBiz, the renowned artificial intelligence-powered small business financing platform. Through this new end-to-end online portal, small businesses within Sunflower Bank, N.A.'s branch network, will now have access to a smoother process to apply for conventional small business loans ranging from $25,000 to $350,000. Express Line loan products and small Business Administration (SBA) 7(a) will be accessible beginning in the second quarter of 2023. Sunflower Bank provides financial solutions to the individual communities it serves. It offers a comprehensive array of banking services, including personal, small business, commercial, wealth management, credit cards, and mortgages. By utilizing SmartBiz's cutting-edge technology and seasoned small company loan specialists, Sunflower Bank, N.A. has increased efficiency and personalized assistance throughout the loan application and approval process. Managing Director of Business Banking and SBA at Sunflower Bank, N.A., Matt Fitch stated, “SmartBiz aligns with our relationship banking approach, as well as our ambitious growth plans through its combination of technology and live support,” He further added “We are very excited to be able to meet the needs of more small business customers together and look forward to a long and productive partnership.” (Source – Business Wire) “Our mission at SmartBiz is to equip every entrepreneur with reliable access to the capital they need. We are thrilled to partner with Sunflower Bank, N.A. to ensure their clients can grow and strengthen their businesses with the right capital at the right time,” commented SmartBiz CEO Evan Singer. (Source – Business Wire) About SmartBiz Headquartered in San Francisco and Austin, SmartBiz is a leading AI-powered small business financing platform, providing entrepreneurs access to the appropriate capital at the right time. It has connected borrowers with more than $9 billion in SBA 7(a), PPP, and bank term loans to date, all while enhancing efficiency for its network of banks and reliable lending partners. More than 230,000 entrepreneurs have used its platform to get the financing they need to develop, with 60% of the loans given to minority, women, or veteran-owned businesses. It is backed by Investor including Growth Capital, Venrock, Baseline Ventures, First Round Capital and Uncork Capital. In addition, it has been crowned American Banker's Best Fintech to work for on multiple occasions.

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Innovative Solutions Signs Strategic Agreement with AWS

Innovative Solutions | January 04, 2023

Innovative Solutions (Innovative), a leading cloud services provider for emerging enterprises, announced the signing of a multi-year strategic collaboration agreement (SCA) with Amazon Web Services, Inc. (AWS). As a result of this agreement, Innovative Solutions and AWS will closely integrate their sales, marketing, and delivery teams to effectively drive cloud service adoption in the SMB and startup industry segments, with a particular emphasis on software, finance, life sciences, and retail. The collaboration between Innovative and AWS drives substantial investments in numerous areas to serve the growing demand for AWS products and services among Innovative's 600+ SMB clients and new customers in the United States and Canada. Innovative will extend its migration and modernization practices, manage service offerings, and build new data analytics and machine learning practices to support the advanced stages of its customers' cloud journeys. Innovative, which further aims to expand its Managed Cloud Services (MCS) business, has swiftly developed as an AWS Premier Tier Services Partner by introducing specialized services for organizations desiring to migrate their server infrastructure to AWS and manage a customer's cloud operations. Innovative Solutions intends to accelerate growth and customer satisfaction with this new arrangement by establishing four practice groups - migrations, modernization, data engagements, and machine learning. Each will be accountable for growing the depth, size, agility, and reach to give the best customer experience to Innovative and AWS's joint clients at all stages of their digital transformation. About Innovative Solutions Innovative Solutions is committed to assisting every small to mid-size business in the United States and Canada in leveraging the power of the cloud to promote business growth. Innovative utilizes its cloud experience and technology to assist companies in migrating to and managing their cloud-based IT infrastructure. About Amazon Web Services Amazon Web Services (AWS), founded in 2006, delivers critical infrastructure services to organizations through web services. The ultimate benefit of AWS is that businesses no longer need to prepare for and purchase servers and other IT resources. Instead, AWS enables organizations to leverage Amazon's knowledge and economies of scale to access resources as required, delivering results faster and at a reduced cost.

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Comcast RISE Reaches Program’s Goal of Supporting 13,000 Small Businesses Hardest Hit by COVID-19

Comcast | November 24, 2022

Comcast Corporation announced today that Comcast RISE, an initiative created in 2020 to help strengthen and empower small businesses hard hit by COVID-19, has met its goal of supporting 13,000 small businesses nationwide by the program’s close at the end of 2022. Comcast RISE is one of several programs that Comcast has overseen as part of Project UP that is aimed at closing the digital divide and achieving digital equity. With the program’s commitment now fulfilled, Comcast looks forward to introducing a new phase of Comcast RISE in 2023, which will continue the company’s efforts and help an even broader range of small businesses, while continuing to focus on diversity, inclusion, and community investment. To continue highlighting program recipients, Comcast has partnered with Philadelphia-area tech education and training nonprofit Hopeworks to develop and release an interactive map to encourage consumers to patronize Comcast RISE small businesses in their communities. U.S. small businesses were particularly hard hit by the pandemic, which is why Comcast RISE was launched in 2020. A study from the National Bureau of Economic Research cited that Black-owned small businesses were hardest hit, suffering the steepest decline (41 percent), followed by Hispanic and Asian American-owned small businesses. In addition, according to a study by the National Association of Women Business Owners, women-owned businesses have been growing at only half the rate of those run by men, namely because women struggle to access capital and other resources to help them succeed. Comcast RISE was designed to meet that moment, and today’s announcement shows that goal was met. In total, Comcast RISE has provided over $110 million in monetary, marketing, and technology grants to 13,000 small businesses owned by women and people of color – including Black, Indigenous, Hispanic, and Asian Americans, among others. We are incredibly proud of the work that the Comcast RISE team has done over its two-year term to help the small businesses we’ve worked with to not only survive, but also to thrive,” said Teresa Ward-Maupin, Senior Vice President, Digital and Customer Experience, Comcast Business. “We recognize that small businesses are the backbone of our economy and look forward to taking our learnings from this program as we find new ways to further empower and strengthen even more small businesses and entrepreneurs at the heart of our local communities. Comcast will be continuing its efforts to positively impact small businesses in 2023. We have seen that many small businesses are shifting from pandemic recovery to long-term growth, so it is only natural for the program to evolve. The next evolution of the program will focus on helping businesses of all types accelerate growth. Its offerings will include complimentary marketing, technology, financial grants, business consulting, entrepreneurship training, and other services.” "Comcast RISE has helped me and my business thrive in so many ways. I received the $10,000 grant though the Investment Fund, which provided us with cash to use wherever our needs were.This grant allowed me to maintain payroll and supported my evolving business endeavors, such as the expansion of my mannequin business, which now offers a virtual and in-person headpiece workshop." Judi Townsend, Owner and CEO of Mannequin Madness in Oakland, CA Comcast recently announced its final round of Comcast RISE recipients, which includes over 2,800 small businesses owned by people of color and women, that will receive a TV campaign, production of a TV commercial or consulting services from Effectv or computer equipment, Internet, voice and cybersecurity from Comcast Business. In addition, as part of round four of the Comcast RISE Investment Fund, 500 more small businesses in Chicago, Miami, Oakland, Seattle, and Washington, D.C. will each receive $10,000 grants, bringing the total Comcast RISE Investment Fund recipients to 2,100 and the total dollar amount distributed to $21 million. For more information and for a full list of recipients, visit www.ComcastRISE.com. About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information. About Comcast Business Comcast Business offers a suite of Connectivity, Communications, Networking, Cybersecurity, Wireless, and Managed Solutions to help organizations of different sizes prepare for what’s next. Powered by the nation’s largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nation’s largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest growing providers of Ethernet services. For more information, call 866-429-3085. Follow on Twitter @ComcastBusiness and on other social media networks at http://business.comcast.com/social. About Effectv Effectv, the advertising sales division of Comcast Cable, helps local, regional, and national advertisers use the best of digital with the power of TV to grow their business. It provides multi-screen marketing solutions to make advertising campaigns more effective and easier to execute. Headquartered in New York with offices throughout the country, Effectv has a presence in 66 markets with nearly 35 million owned and represented subscribers.

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