Thinking about starting your own business — but not sure if it’s really possible? You’re not alone.
Many would-be entrepreneurs talk themselves out of it before they even begin, thanks to a handful of persistent myths. But the truth is, owning a business is possible. And while it takes some serious work, it’s not reserved for the ultra-rich, ultra-connected, or ultra-lucky.
Let’s bust a few of the biggest myths holding people back.
Myth 1: You need a lot of money to start.
Sure, some businesses require major upfront investment. But many successful businesses start small, lean, and from home. From online services, to local trades and side hustles, the barrier to entry is often lower than people assume.
And if you do need capital? There are more funding options today than ever, including loans, grants, and even equity-based solutions for homeowners.
Myth 2: You need an MBA or business background.
You don’t need a fancy degree! It never hurts to have experience, but all you really need is commitment, resourcefulness, and a willingness to learn. In fact, many successful business owners didn’t come from a business background. What they had was a vision, and the grit to pursue it.
Myth 3: You have to quit your job right away.
Plenty of businesses start as side hustles or weekend projects. You can build momentum before taking the leap. In fact, slow growth often leads to more sustainable success, especially if you’re learning the ropes and building slowly-but-surely along the way.
Myth 4: You need to have it all figured out first.
No one starts with all the answers. Business ownership is a process of solving problems and evolving over time. Planning helps, but know what helps even more? Taking action and learning from experience.
Myth 5: It’s too risky – I’ll lose everything.
Yes, there's a risk. But there’s also an understated risk in staying stagnant. The key is making informed decisions, just like you would with an investment account or savings plan. Start with what you can, plan carefully, and know your options for support and funding as you scale. With the right approach, the rewards can certainly outweigh the risks.
So… Is Owning a Business Right for You?
Only you can truly answer that, but it’s likely not as far-fetched as you think. If you’re serious about your goals and ready to commit time, energy, and focus – your business dream could become a reality.
Just take it one step at a time. And don’t let outdated myths stop you from building something that’s truly yours.
💡 Want to learn more about funding your business dream?
Check out our article on Using Home Equity to Start a Business – including smart, low-monthly-payment options for homeowners.