12 Myths About Starting Your Business

1. Myth 1: I need a perfect business plan before I launch. No. You need a robust, well-probed plan. But if you try and create perfection you will never start. Much of the excitement of business is how well  you deal with the stuff you didn't anticipate and even turn it to to your business  advantage. Go do it.
2. Myth 2: I need external funding. Maybe. But do you really want to be beholden to a bunch of people who want a return on their investment sooner than than later? Re-jig that plan. Take the fancy cars, office and salaries out. Now: doesn't that balance better? Now: go make money.
3. Myth 3: I need a business partner. Is that for skill completion (i.e complementary skills to your own) or to give you more confidence? The former is a good reason. The latter is not.
4. Myth 4: I'll start with low prices to get some cash in. No. Cheap prices get you the wrong customer who sucks up your time who stops you getting the right customers who allow you to spend time becoming even better. And making money. And getting out on the golf course.
5. Myth 5: I need great premises and a superb logo and a real Italian coffee making machine. No: those items should be items 11, 27 and 63 respectively on you TTD (things to do) list. You need one thing and one thing only: difference.
6. Myth 6: I know what's special about us. I bet you don't . Write out 'My Company/Product is Special Because...' 100 times. Write fast. Notice how the truth appears?! Is it enough? If not: work on it.
7. Myth 7: We're too small to do training.  No. If you don't train your people you will damage your sales, customer service and money collection. Period. Invest in your people. You may be small but you have high standards including dress code, e-mail sign off etc. 
8. Myth 8: I'm recruiting my friends because I know them. Nobody really knows their friends until they start a business with them. Then they discover things they don't like. Recruit the best person for the job first. If one of your friends fits the bill, so be it. But don't rationalise the selection. Do it properly.
9. Myth 9: It's expensive but we can spread this cost. The more you say that, the less you can spread the cost and the more you become trapped in debt. Stay lean and mean. Always.
10. Myth 10: My accountant will tell me how much profit we made at year end. That's too late. You need to know about profitability from minute one of day one.
11. Myth 11: I can always go back to 'mainstream' corporate life. True, but don't even consider that as an option for at least 24 months. You can  make this work.
12. Myth 12: It will be hard work. No. It will be very, very, very hard work. But absolutely definitely worth it to gain freedom, a discovery of who you are and to contribute to a better planet.