Entrepreneurship is not for the faint of heart. The SBA estimates that more than 50% of small businesses fail in the first year. Many don’t last more than five years. If you’re planning on building a business that that survives, you need good advice. Here are three pieces of advice you can ignore.
Myth: You Must Market Yourself Everywhere
The 21st century has many marketing platforms. There’s no way you can spend your time on every social media platform and still have time to focus on your business. Pick one or two channels where your customers live. Be effective without wasting time.
Myth: It Takes Money to Make Money
While the adage is somewhat true, it’s still a myth in other ways. Not every entrepreneur has a bank account or a trust fund. Sometimes, you just have to get creative in entrepreneurship. You find ways to market your business without spending a lot on marketing. You can hustle to make things happen.
Myth: All That Glitters Is Not Gold
You probably know this, but it’s worth repeating. Don’t be distracted by people who appear shiny and rich who are without substance. Anyone can rent a limo and suit and show up with a great idea or sales pitch. Look for long-term growth instead of chasing after the next trend or newest social media channel.
Myth: You Have to Do It All Yourself
Let’s be honest. You probably became an entrepreneur because you wanted more control over your future. Many entrepreneurs have to walk a fine line between micro-managing and driving the business. Still, you can learn to outsource some tasks and delegate work to your employees. You still deserve a work-life balance even early in your entrepreneurial journey. If you’re going to succeed, you need to remember that you can’t do everything for your business.
Contact POM Capital & Funding Services for financing options.