7 Small Business Myths You May Think Are True

twine thumbnail 7 small business myths you may think are true

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There are a lot of small business myths out there.

For instance, some people may think that starting your own small business is easy, or that it’s the best way to make money. Others may think that all small businesses are doomed to fail

Having started several small businesses myself, in this blog post, I will help you dispel some of the most common myths about small businesses.

Sharing my personal experiences and lessons I learned on my entrepreneurship journey, I’ll provide advice on how you can overcome the challenges and business myths associated with running a successful, small business. 

Let’s get right into it!  

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You must have fancy tools

Everyone who has taken the plunge into starting their own small business knows what a daunting task it can be. There are so many things to consider, from finding the right business idea to niching down, and identifying your target audience, among others.  

With all of these decisions to make, it’s easy to get caught up in the idea that you need to have fancy tools and equipment in order for your small business to succeed.

The truth is, you don’t need fancy tools or equipment to start a successful small business. 

All you really need is a good idea and a willingness to work hard. Sure, there are some businesses that require specialized software, but those are the exception rather than the rule. For most small businesses, a simple computer, internet connection, and printer will do just fine.

Don’t let the myth that you need fancy tools to start a small business deter you from your dream. With a little hard work and determination, you can succeed without all the bells and whistles.

Everything must be perfect

One of the most common excuses for not starting a small business, whether brick and mortar or an online store, is the belief that everything must be perfect before you launch.

People often think they need to have the perfect business plan, product, or team in place before they can start working toward their dream. 

However, this is simply not true. The reality is that no business is ever truly “perfect” and there is always room for improvement. What matters most is taking the first step and getting started. 

By taking action and putting your ideas into motion, you will be able to learn and grow along the way. There’s no time like the present to make your dreams a reality. 

You must have all the right skills 

Here’s another of the business myths you may have fallen for: the need to have all the right skills before you start your own business. The truth is, you don’t need to be an expert in everything to be successful. 

In fact, many successful entrepreneurs are people who are willing to learn and grow as their businesses do. On my blog, I share the story of how my father started a small business in the most unfavorable conditions. He made it a huge success through sheer determination, dedication and a willingness to learn and adapt. 

The most important thing in making your business a success? Have a clear vision for your business and the drive to make it happen. If you’re passionate about what you do and you’re willing to put in the hard work, you can be successful, no matter what your skill level is.

After taking the plunge and launching your small business, the next crucial step is to start thinking about how you’re going to develop the skills necessary to run it effectively. While there’s no one-size-fits-all answer, some essential tips can help you get started:

  • First, identify the areas in which you need to develop skills. Whether it’s marketing, accounting, or customer service, knowing where you need to improve will help you focus your efforts. 
  • Second, seek out resources that can help you close the skill gap. This might involve taking an online course, reading books on the subject, or working with a mentor. 
  • Third, practice and get feedback. One of the best ways to improve your skills is to put them into practice and then get feedback from others. 

You must have a perfect business plan 

There’s no doubt that a business plan is an essential tool for any small business owner. It helps to define your goals and objectives and provides a roadmap for achieving them. However, it is not necessary to have a perfect business plan in order to be successful. 

In fact, many successful businesses have started with little more than a great idea and a lot of hard work. The key is to focus on what you want to achieve and put together a realistic plan for how you will get there. 

Don’t worry if your business plan isn’t perfect; just make sure that it is clear and concise, and that it sets out an achievable path to success. With a little bit of planning and a lot of execution, you can make your small business dreams a reality – without a perfect business plan.

It’s all about the money 

It is often said that the success of a small business is all about the money it makes. This is simply not true. While it is important for a small business to be profitable, there are many other factors that contribute to its success. 

For example, customer satisfaction is crucial for any business, no matter its size. If customers are happy with the products or services they receive, they are likely to come back again and recommend the business to others.

Good customer service can also help to build up a positive reputation, which can attract new customers and help to grow the business. 

Sleep is for the weak

Have you heard this one: sleep is for the weak? Most people believe that in order to be successful, you have to sacrifice sleep and work around the clock. Wrong!

I know this all too well. Just over a year ago, I broke my back and made the mistake of ignoring the essential need to rest. The result was health-threatening exhaustion and a marriage straining to the point of almost breaking! 

I have since learned that making a small business successful does not have to come at the expense of my health and well-being. Working endlessly until you drop is not the way to do it. Sleep is essential for entrepreneurs who want to be productive and successful. 

When you’re well-rested, you’re able to think more clearly and make better decisions. You’re also more creative and better at coming up with new ideas. Sleep helps to reduce stress levels, which can be extremely helpful when you’re dealing with the challenges of running a business. 

Keep it to yourself

I want to finish off by blasting the last of these business myths. To ensure the success of your small business, you need to keep it to yourself.

As the owner of a small business, you wear many hats. You are the CEO, CFO, and head of HR, among other things. It can be tempting to try to do everything yourself, but it is important to remember that you cannot do it all. You need to delegate tasks and build a strong team that you can rely on.

Trying to do everything yourself will only lead to burnout. I personally know the painful consequences of this as I related above. 

There are a few key reasons why delegating is essential for small business owners. Not the least of which is that it allows you to focus on the most important tasks. As the saying goes, “you can’t be in two places at once.” Delegating will allow you to be where you’re needed most. 

Work smarter, not harder

Second, delegating will help you build a stronger team. When you delegate tasks, you are giving your employees the opportunity to step up and show what they can do. Trying to do everything yourself is simply not sustainable in the long run.

If you want your small business to succeed, remember that delegation is key. Build a strong team that you can rely on and delegate tasks accordingly.


So, what’s the verdict? Are any of these small business myths stopping you from starting your own venture? Hopefully not – because none of them are actually true.

Starting a small business is hard work, but it can also be incredibly rewarding. Don’t let some common misconceptions hold you back. Ignore those business myths – get started and see where your journey takes you.

Don’t put off that awesome business idea much longer… get started now!

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Malehasa Moloi

Malehasa Moloi is an entrepreneur and personal development coach. On her blog, ifeelgreattoday.com, she publishes content on how to make money online and live your dream life. When she’s not working, she loves reading and playing with her three little children.