Busted! Breaking Down Popular Entrepreneurship Myths

Busted! Breaking Down Popular Entrepreneurship Myths

By: Meaghan Landrigan-Buttle

When looking to start or develop a business, the amount of information available to entrepreneurs is endless, and it can quickly become challenging to assess which tips are most valuable. Below, we will help bust some of the most common entrepreneurship myths to get you on the right track.

Myth #1: My schedule will be more manageable and my work-life balance will benefit.

Not necessarily. To get your start-up off the ground, the hours you work to establish yourself may be longer (and harder) than a regular 9 to 5 job. Being a business owner means that your work day never ends and you are directly accountable to your clients, partners and investors as well as potential clients. Sure, your business may be your passion and it may not always feel like you’re working, but the bottom line will depend on the amount of dedication and hard work you invest.

Myth #2: My product is so good I won’t need to market it – it will sell itself.

A significant number of entrepreneurs think they don’t need marketing, but this is a major mistake. Think of all the new products that are launched globally each year.  Without marketing, how will people know that your product exists?  If you can’t afford to hire a marketer or a marketing company, there are many resources that can help get the word out like Facebook ads and local networks. Also, it is important to have a clearly defined target audience in order to develop a focused messaging that resonates with your clients. While it’s true you can reach almost everyone online, your brand cannot do everything for everyone- so choose your target audience carefully.

Myth #3: I should never give my service/product away pro bono.

Giving away a free sample of your product or service is a great way to grow your brand and show the value that your product or service has to offer. However, it is important to make sure that these offerings do not hurt your bottom line. Free samples and services should be included in the budget as an advertising cost.

Myth #4: Entrepreneurs do not need a business plan.

Business plans are still an essential part of any business, and not only as a tool for securing funding. For a business plan to be truly valuable, it should evolve as your business grows. A successfully developed business plan will help you gain the confidence you need to pitch your idea or product to prospective partners, clients and investors. The key is to create a living document, and to think of it as a continually evolving process, rather than a one-time task.

Have an idea that you would like to discuss with a business coach? YES, in partnership with VEQ, will be in Quebec City on August 8th and 9th and September 19th, 20th, and 21st, 2017. Contact Jessica Price to make an appointment with a business coach for free*: jessica.price@veq.ca or 418-683-2366 ext. 225.

You can contact YES with questions or comments at info@yesmontreal.ca, by Facebook or by phone 1-888-614-9788. Visit us at www.yesmontreal.ca.

*a small activation fee is required

Categories: Business

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