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Newsletter>
Top 4 New Business Myths From 4 Business Owners
January 1, 2009
We asked 4 of our most successful business owners what they felt were the biggest myths/surprises of starting and operating their own business. The results are quite revealing!
The BPP Business Strategist
The greatest teacher in life is ultimately are own experience. The 2nd best lessons come form those who have done what we want to do and are willing to share their experiences. Here are some of our most successful business owners candidly giving you their insights and answering this question:
“What would you consider to be the one (or two) biggest myths that a new business owner will soon discover after launching his or her business?”
Here are their brief bios and what these successful business owners had to say. Their businesses span from service to retail to manufacturing.
Paul of Today’s Menu started a healthy meal production and delivery business in 1991. He is currently undertaking a major expansion in his operations through a multimillion-dollar venture capital financing. Here’s what Paul has to say.
“#1Entepeneurs make their own hours.
True, however, you work and think about your business 24/7. While you can come and go as you please you are never fully away from the office.
#2My passion is my business.
Just because you enjoy doing something does not necessarily make you good at it. Be sure to have at least 10-20 people who do not know you that well agree that they would buy from you”,
Paul Hickey, President
http://www.todaysmenu.ca/
Joanna opened up a home interior and furniture retail outlet targeting condo dwellers. Her award winning business is expanding again this to time to New York City where Joanna now lives. Joanna’s comments were especially revealing.
“I’ve once heard a phrase that describes our sense of fear, as “life is the dance between your greatest fears and deepest desires”. No other place could this be truer then when venturing out and taking the plunge to start your own business.
Of all the books we can read, classes we can take and advise we seek none really do prepare you as well as your own personal positive empowerment.
I believe the greatest Myth you will hear when opening your business today is that of “pay close attention to what your competitors are doing.” Well I say, don’t worry so much about the competition. They are there as a marker, to note differences between you and your establishment. I run a furniture company in an industry that is completely saturated and has been for years in any major city around the world. If I had constantly focused on others, noting what they were purchasing and where they were advertising, I would have taken all the focus and energy I needed to give to my business. I made my furniture company stand out by being different, offering services that were not available through other companies, I didn’t think about how I could purchase the same product as them, I actually did the opposite, I didn’t want to be just like everybody else and I follow the same principals over five years later, always looking for the fresh and new ideas.
Our unique abilities as human beings will translate in our business if we continue to stay true to ourselves and maintain the sense of integrity by applauding the successes of not only our own but of others too. Good Luck,”
Joanna Kakkavas , President
http://www.roomyinteriors.com
Kathy, a retired grandmother who turned a hobby into a highly successful retail sewing and notions store that achieved breakeven after 4 months of operations had this to say.
”I think that one of the biggest surprises that I encountered was that after all of my past experience with the business I have chosen, all the market research and all of the incredible insights provided to me by the BPP plan staff there is still so much I don't know. There are so many things, from new computer programs to learn, new suppliers to source out and an unending list of government rules to sort out and master that at the end of each day when you think you can go home and just turn off the brain, you discover that there is a lot more work to do to sort out what is mixing up in your head and put it all in perspective. The second biggest surprise is that after 18 months of 60 - 80 hour weeks - it is still fun !
Cathy Mele President
www.sewheresewnow.ca
Winton Dhalstom is a transplanted civic engineer who took an interest in developing wind farms in his own back ward of Michigan as well as Southern Ontario. His myth has to do with ultimate control of the business
“ It’s always important to understand that all good intentions aside and despite all of your sweat equity, both past, present, and intended future contributions, it is the individuals with the funding who have the final say in whether your ideas flourishes- or not. Don’t assume that you will necessarily maintain absolute control especially if you’re using other peoples’ money”
Winton Dhalstrom
www.helixsynergy.com
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