6 Myths That Cause First-Time Entrepreneurs to Self-Destruct

If you’re an entrepreneur trying to start your business, don’t fall into the trap of believing these myths.

This article comes from Entrepreneur.

6 Myths That Cause First-Time Entrepreneurs to Self-Destruct

Whether you’re an expert in your niche, looking for answers to a problem or striving to change the world with your business, stop limiting yourself and your business’s success by believing in these common misconceptions:

1. You’re wasting money if you travel for business

If you opt not to travel, how are you going to build your business or promote your startup?

Traveling for your business helps:

  1. Expand your network of potential investors
  2. Grow your clientele
  3. Reach more potential employees and suppliers

Sure, your budget may be tight, but that isn’t an excuse to stay behind your desk.

2. The universe is conspiring against you

Barriers can leave us convinced that we have it harder than others, when, in reality, we might be placing obstacles in our own way without even realizing it.

Awareness is important, so rather than making excuses, write new goals to keep yourself motivated.

Accept responsibility for your failures, and identify which obstacles are within your control.

3. You’re the boss, so you’re in it alone

Take advantage of the resources available to you. Considering renting a great coworking office space or joining an innovation community or accelerator program, if your city offers them.

You may be the boss, but you won’t snatch the brass ring if you keep your dreams to yourself.

4. Without a “Shark Tank” level investor, your startup will sink

76 percent of entrepreneurs rely on their own coffers for financing. In addition, 83 percent only rely on a little help, emotional and/or financial, from their friends and family.

It can be hard to find investors, particularly if you’re peddling something novel or untried. Begin searching for investment dollars closer to home before wooing top investors.

5. You have to reinvent the wheel

Rising above the crowd might mean implementing a new technology that differentiates your company from the others, but you don’t have to reinvent the wheel to do that.

If you have a good idea but others have beat you to it, don’t give up. Instead, do your homework to discover what’s next in that space and adapt your idea to improve upon what’s already out there.

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