6 Myths That Stop Simple Business Ideas From Becoming Reality

Do you dream of starting a business, but somehow, some way you found a way to talk yourself out of it?

Maybe you came up with a few simple business ideas – great ideas but others told you that it can’t be done because it’s too risky, or the idea won’t work. Maybe you are starting to listen to them.

Before you decide to walk away from those simple business ideas of yours, lets put to rest some of those things you are hearing or might have heard out there.

These are statements, old wives tales, stuff that have been around for a long time, things that sound true but are not. Nonetheless, these are things that keep people from pushing forward with starting a business. Things that almost kept me from starting.

In his book, Start Late Finish Rich, David Bach mentioned six myths that people hear about starting a business.

Myth 1 – You need a lot of money. The reality is that most people don’t have a lot of this. I did some research and it’s amazing how little you need to start a business. For me, I was looking for a business I was passionate about and did not require a huge investment upfront on my part.

Myth 2 – You need to have experience. If most people are like me, most of those things I have experience in would be hard to translate into a business, or into something I was passionate about doing as a business. So for some, it may just be a matter of finding a business that you would really enjoy or something you can easily learn how to do.

Myth 3 – You need a lot of time. It seems time is something everyone is having a hard time finding these days. I guess what David meant is the fear around being told that once you start a business, it is going to require a lot of your time.

Time away from family, friends, loved ones. You all have heard it. Every waking minute is going to be spent in or on the business. I guess for some people this may be true.

But it doesn’t have to be. There are many businesses that you can start part-time. Then as the business becomes successful, you can decide to remain part-time or go full-time.

You may also discover that as the business becomes successful you will have more time to do the things you always wanted to do like travel, volunteer, or spend more time with friends and love ones.

Myth 4 – Nine out of Ten businesses fail. I cannot tell you the number of times I have heard or read this. If I had a dollar for every time I heard it, I would not have to start a business because I would already have enough to retire rich. This myth may be the single biggest reason why many simple business ideas never get off the ground.

Thanks David for quoting this statistic: “According to the Small Business Administration, two-thirds of all new businesses survive at least two years, and about half survive at least four.” Thank goodness.

Another myth laid to rest. Another excuse to keep from getting started shot down.

Myth 5 – You need a lot of stuff to get started. Not really.

More and more people today are finding ways to start small businesses with little to no money. There a hundreds if not thousands of simple business ideas you can start today on a shoestring and people from all walks of life are doing every day.What’s also amazing is that most of the businesses do not require a lot of equipment or inventory to get started.

Today with a few simple business ideas, passion and commitment you can start a business. Just look on the internet with all the successful online businesses. The opportunities are greater today than they have ever been.

Myth 6 – You have to be passionate about the particular business you choose. Thanks again David for putting another myth to rest. Like before, I cannot tell you the number of times I heard you have to be passionate about what you are selling, passionate about the company.

As David pointed out, this is not necessarily true. What if you like the product but not love it, but the product has an excellent marketing system, training, support, customer service, etc.

And what if you are more passionate about “WHY” you are starting a business more than the product itself? Is your passion for the “WHY” enough to make you successful? Some may disagree, but something to think about.

It still amazes me that I am living in a time where now more than ever it is easier to start a business. This is fact, not fiction. Don’t take my word for it. Check it out for yourself.

What do you think? What is keeping you from getting started? What are some things you have heard that might have made you second guess about starting a business?

Are you ready to get started? Let’s begin!

Small Business Ideas – How to Find the Perfect Business for You to Start

Many people who want to start their own small business have yet to do so because they simply cannot decide on what business to start. The reasons for this indecision are many. However the main culprit may very well be that the individual has yet to find an idea that truly sparks his interest. While finding a concept upon which to build a business is a very unique and highly personalized endeavor, a simple method does exist that makes this discovery process easier.

It is a well known fact that people are consistently more successful in their business endeavors when they enjoy what they do. This enjoyment can come from many aspects of the business. Perhaps the business owner likes working with the products he sells. Maybe he enjoys having the freedom to make quick decisions. Often times simply the business environment or atmosphere plays a key role in positively driving business enjoyment. Regardless of the reasons, the first and most important step in finding a business to start is figuring out what it truly is that you want to get out of your business.

To start, set aside an hour or two of time where you can do some serious, uninterrupted thinking. The goal and outcome of this mental jam session is to define a list of desired criteria for your business. In other words, how do you want to define the nature of your business? Note that your business criteria are not the same thing as your business! Rather, your business criteria will help you filter business ideas to determine the best one for you to start.

To help walk through the process, assume that Samantha is thinking of starting her own small business. Samantha is in her mid-20’s and has always dreamed of starting her own company. She struggles, however, with finding a business idea that really excites her. Using the process outlined in this article, Samantha first sets aside some personal time where she will define the criteria for her ideal business. While your criteria should include 15-20 items, we will narrow Samantha’s list to five. Here is her criteria list:

 

  • “I want my business to be involved with children”
  • “In my business, I want to work outdoors”
  • “I want to start my business with less than $5,000”
  • “I want to run my business out of my apartment”
  • “I want my business to be service-oriented”

Once you have established your own set of criteria, the next step is to prioritize each item. Priority values should be high, medium and low. These priorities correspond to how relatively important each criteria is to you. Your initial inclination may likely be to rank all of the items with a “high” priority. Unfortunately this approach will not help you when it comes time to narrow down business ideas. Your goal should be to have approximately 30% high priority items, 50% medium priority items and 20% low priority items. We will now revisit Samantha and her example. After thinking carefully about her priorities and interests, Samantha segmented her business criteria into the following brackets: 

High Priority

 

  • “I want to start my business with less than $5,000”
  • “I want to run my business out of my apartment”

Medium Priority 

 

  • “I want my business to be service-oriented”
  • “I want my business to be involved with children”

Low Priority  

 

  • “In my business, I want to work outdoors”

Priorities are crucial for this process since they are used to score and rank potential business ideas. While you can certainly apply your own scoring values to the priorities, the following values are good guidelines: 

 

  • High Priority = 10 points
  • Medium Priority = 5 points
  • Low Priority = 1 point

The final step in the process is to list out and rank all business ideas that interest you. The priorities you just defined are used to score and rank the business ideas. Going back to Samantha’s example, she has identified the following business ideas that pique her interest: 

 

  • Day care operations
  • Swim lessons
  • Limousine service
  • Graphic artist
  • Public relations

Samantha applies her criteria to each business idea and then scores accordingly. She uses the priorities and scoring values she defined above. A zero value indicates that the business idea does not meet a certain criteria. 

 

  • Day care operations (0 + 0 + 5 + 0 + 0) = 5 points
  • Swim lessons (10 + 10 + 5 + 5 + 1) = 31 points
  • Limousine service (0 + 10 + 5 + 0 + 1) = 16 points
  • Graphic artist (10 + 10 + 5 + 0 + 0) = 25 points
  • Public relations (10 + 10 + 5 + 0 + 0) = 25 points

To help clarify the scoring, take the Graphic Artist business idea as an example. 

 

  • Can I start this business with less than $5,000? Yes, +10 points
  • Can I run this business out of my apartment? Yes, +10 points
  • Is this business service oriented? Yes, +5 points
  • Is this business involved with children? No, +0 points
  • Do I work outdoors in this business? No, +0 points

As you can see from the scoring above, Samantha’s best business bet based on her criteria and priorities is Swim Lessons (31 points). While this may very well not be the exact business she chooses to start, she can certainly identify other business ideas that are similar in nature to those that scored highly. 

The process outlined above provides a logical, repeatable and customizable process for evaluating potential business ideas. Applying unique business criteria and priorities, prospective business owners can use this process to come up with business ideas that best fit their personal and professional preferences and goals.

Online Business Ideas: How To Discover The Right Ideas For Your Business

Identifying online business ideas requires some skill, which many people that aspire to begin a home internet business lack in most cases. Normally, identification of the right business ideas should start with searching the environment. Online business ideas can also be generated through identification of problems that need to be solved, through identifying other people’s needs or desires, your skills, talents, knowledge and available resources.

To identify the right online business ideas, you should commit yourself, first of all, to scanning the environment. This means that you have to search everywhere on the internet and offline like in directories and newspapers. It means involving your family, colleagues, peers or workmates. The outcome can always be generation of ideas for a service or a product that you can think of.

The ideas generated are always valuable, irrespective of whether they are good or not. Even bad ideas are good since, at times, they lead to generation of better ideas. The ideas generated act as the basis for identification of online business opportunities and new better ways of solving people’s problems.

In this article, I would like to share with you how ideas can be generated using key components like skills, problems, resources and needs.

1. Skills mean business.

When you have a skill, you can use it to either provide services or to make things for your business. Use the skills you have to generate the right business ideas. If you intend to provide a service using the skill you have, you can provide that service for either businesses or people. First of all you need to understand yourself well as to what your strengths and weaknesses are. You need to know the skills you already have and those you can easily acquire. Then use the following questions to generate the right ideas.

i. Which service can I offer with my skill?
ii. To which people am I going to provide the service?
iii. Which businesses are going to use my services?

As already mentioned, you can also use your skills to make things (products). Generate your business ideas by asking and answering the following questions.

i. Which products can I make using my skills?
ii. For which people am I going to make the products?
iii. Which businesses are going to use my products?

2. Resources can be used to make money.

To make money, you should scan the environment to find out which things you can use to make money. The following tips can guide you on how to generate good ideas using the resources you discover around you.

i. Consider identifying things that you can use as substitutes for other existing products.
ii. Think about packaging differently your products or services.
iii. Use the resources to provide a service.
iv. Alter the size, shape or color.
v. Consider recycling or reusing the disposables.
vi. Combine with other things to get something better.
vii. Think about using bits or parts of the product.

3. People want things.

Remember that people or groups of people always have needs or desires they want to be fulfilled. It’s therefore good for you to look at their needs and desires as a good opportunity for you to come up with good ideas. The following guiding questions can be helpful for generation of online business ideas.

i. Which services or products do people want but are not available?
ii. Are the available products outdated? Do the services no longer answer the needs of the people?
iii. Do people find the quality of the available product or services not good?
iv. Do people find the product or service too expensive?
v. Do people find the available product not easy to use?
vi. Have people ever seen the product but cannot find it on the market?

4. Problems mean opportunities.

Where there are problems, there are always opportunities. While the death of person is so sorrowful to some people, it’s also a great opportunity for other people to make money from selling coffins. While some people are crying, others are smiling for benefiting from the situation. That’s how life is.

Scan the environment to look for the problems that people have and for which you can find a solution. Think about the causes of the problem you have identified and the solutions as well. If you do it rightly, you obviously come up with very good business ideas that you can use to start your own business.

As I wind up, I would like to remind you that the world is full of great opportunities for all of us. Creativity is a key ingredient in the generation of ideas that can eventually turn into profitable businesses. It facilitates and leads to the identification of great business ideas. Use the process above to generate good online business ideas.