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Top 10 Myths

Myth 1 You need lots of business experience…

You don’t, it can be gained. There are plenty of young people just like you who started their own business while at school, college or university. Drive, energy, passion and commitment are essential – and arguably more valuable that many years of business experience. Many successful entrepreneurs had no business experience before starting up. However, you must be prepared to learn quickly if you lack experience. 

Myth 2 You can be too young to start a business…

Multimillionaire online entrepreneur Jamal Edwards (@jamaledwards) was just 16 when he founded online broadcasting channel SBTV, while Joshua Magidson (@Magidson1) set up www.eatstudent.co.uk while at university and Mark Zuckerman was just 20 when he launched Facebook. Age is no barrier – if you’ve got a great idea, it doesn’t matter how many years you’ve been around.   Find out more about starting a business when you’re young.

Myth 3 You must know how to write a business plan…

A business plan enables you to set aims for your business, decide a strategy to achieve them, judge your performance and stay on track. But how would you know what to do if you’ve never written a business plan before? It requires research and effort, but like many other young business people – you can do it. This Business Wales guide shows you exactly how to prepare your plan in easy-to-follow steps, including a template for you to use. And you can seek help if necessary – a second opinion from a trusted source often helps too.

Myth 4 You must be comfortable with risk…

There are no guarantees, and things may not work out. Possibly your business idea needs work, but there’s nothing wrong with that. You don’t have to spend lots of money when launching your business nor do it as a full-time venture. To minimise risk, start your business with as little money as possible. Start as a part-time business you run around other things. Test the water before making a bigger commitment. You don’t have to do anything risky.

Myth 5 You need lots of money to start a business…

Aim to start your business with as little money as possible. Use what you’ve got; borrow if possible. Buy second hand or trade with other businesses. Only buy if necessary. You will probably have to use your own money; maybe family may give you a small loan to help. Grants and loans from other sources can be difficult to come by, but The Prince’s Trust and UnLtd are just two organisations that offer funding to young entrepreneurs. Crowdfunding can be a solution for some start-ups.  Browse the Business Wales Finance Locator for an idea of funding that may be available.

Myth 6 Your business will take over your life…

Working, studying, friends, family and social life – it’s not always easy to fit everything in. And making a success of a business does require hard work, commitment and sacrifice. But it is possible to start a part-time or even seasonal business to begin with, which will have less of an impact on other parts of your life. And some online businesses in particular can require very little of their owner’s time, although much depends on what you are selling. Read up on some of the pros and cons of working for yourself.

Myth 7 You need to be a marketing genius…

You might know more than you think, after all, you’re a consumer and probably remain loyal to some brands rather than others. You can quickly pick up marketing know-how or perhaps you could swap skills with others. Social media is a great way to market a business and you’re probably already active, so why not use it to raise the profile of your business? Remember, nobody’s more of an expert on your business than you, which makes you the ideal person to promote your brand.  Business Wales have an area on the website just for Marketing where you can find out more

Myth 8 People like you don’t start their own business

Wrong. There are almost five million small and medium-sized businesses in the UK. Businesses are now started and managed by a diverse range of people from all parts of the community and all manner of backgrounds. That includes people who have come from very humble beginnings to rise to become some of the most successful and capable business people in the UK. People like you do start their own business.  Have a look at some of our Ambassador Profiles

Myth 9 You need to have groundbreaking idea

You don’t need to invent something completely new to start your own business. Many great entrepreneurs have made a lot of money by simply improving an existing product or idea. Indeed, this approach might enable you to create a highly successful new business, as long as you can find ways to be better. Read up on generating ideas for your business

Myth 10 You’ll be rich in no time

If only this were true. You may one day become very rich through running your own business, maybe not, but most people have to spend many years working very hard and often going without to eventually earn a very good wage. Be realistic about your goals, work hard to achieve them and appreciate some of the other benefits that come from being your own boss.

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