5 Beliefs About Starting a Business that Are Holding You Back

We all have different beliefs about what it takes to be successful in business. Some of us believe that we need to have an amazing idea, others of us think that we need to be risk-takers, and still others of us think that we need to work harder than everyone else.

However, there are some beliefs about starting a business that can actually hold you back from achieving your goals. If you're holding onto any of these seven beliefs, it's time to let them go so that you can start moving forward with your business goals.

1. You need a completely original idea

It goes without saying that one of the most important steps in starting a business is coming up with an original business idea.

This can be an intimidating prospect, particularly if you're feeling like you don't have any business ideas or are hampered by fear of failure.

But here is the thing - every business starts as an idea and it can be inspired from anyone and anything.

The most successful business ideas are often developed creatively and incrementally over a period of time. So, take your time to brainstorm new possibilities and get creative.

Tap into your passions, knowledge, experience and interests and then look for the connections between all these pieces. With some persistent effort, patience, and focus you may find those business ideas that work for you.

2. You need a lot of money saved up

Starting a business can seem intimidating if you don't have a lot of money saved up. But worry not.

You can still get your dream business off the ground without breaking the bank.

Consider crowdfunding - it's becoming increasingly popular and is an excellent source of capital to kickstart your venture.

Or, you could create a cheap business model using social media or even set up a free blog to start creating interest preemptively. There are plenty of avenues to explore before spending any cash.

And you can always start building a community or marketing yourself using free online spaces. Think creating videos on TikTok, writing blog posts, or being active on relevant communities. You can always build your expertise and reputation and this will pay off as people are willing to invest their money into someone who gives value.

3. You need to quit your day job

Quitting your day job to freelance or start a side business may seem like a daunting task but you have probably come to the realization that you are ready to take the leap of faith.

It is a significant challenge and there are risks involved, but this bold step will be worth it if it leads to greater freedom and satisfaction.

However, you do not have to completely abandon your current employment situation. You can ease into self-employment by building your side business on nights and weekends while still clinging to the safety net of your day job.

Once your freelance work has become established enough risk-free, then you may be in a position where you feel comfortable enough to officially switch to full-time entrepreneurship with connection, passion, and purpose.

4. You need to have all the answers

It’s common to think you need to have all your ducks in a row before you can start a business – collecting taxes on payments, getting permits, supplies, and more.

The truth of the matter is that not having all the answers can be just as beneficial.

In some cases, taking a leap of faith and figuring out problems as they arise can be a process that helps lead to success.

You can also work with other experts like an accountant or find a mentor to support you.

No business owner ever knows every single step they need to take to begin a new venture. The process is learning by doing and there's nothing to hold you back from learning as you go. So, don't try to get things perfect. As long as you focus on results and make changes as you learn new things, you'll make your business work.

5. Starting a business is too risky

It's true that starting a business can be a risky endeavor, and job security is something most of us grapple with.

But really, job security doesn’t exist in this day and age either. After all, even those in the job market may find themselves facing layoffs or spending months sending out resumes for their dream job.

So if job security isn’t guaranteed either way, why not take the risk on your own terms and become an entrepreneur? Especially when you don't have to go overboard and jump into it full-time.

There's nothing stopping you from doing something small and risk-free like creating a blog, selling NFT art, or opening an Etsy store.

I strong recommend reading 'Escape from Cubicle Nation' and 'Body of Work' by Pamela Slim.

Most people need something outside of their current work. Relying on only your job to sustain you is as risky as creating a new business. If you build a brand on the side, you can use it to support you if your company or the economy or any personal event derails your normal work.

So, a business of your own carries risks but not to a degree that will hurt you as relying on only a job might.

Over to you

So if you’re thinking about starting a business, know that it can be tough but also realize that you may have been overestimating the risks all along. Use these tips to get started on your new venture with a little bit more confidence and hopefully a lot more success.