10 Myths That Stop Entrepreneurs Becoming Successful Online

On the road to becoming a successful online entrepreneur there will be many barriers that you need to overcome, and fear will play a large part in your initial success or failure.

For most of us these fears are based upon preconceived ideas about owning and running a business we were brought up to believe, and for many these precepts can have such a negative effect, that many potential entrepreneurs never actually get beyond the dream of starting an online business.

Thankfully most of these beliefs are false, and it’s the successful entrepreneur that moves beyond these myths and makes his way forward.

Don’t let the fear of losing be greater than the excitement of winning.  -Robert Kiyosaki

1.  I’m Too Old or Too Young to Start a Business!
Do you think buyers care about your age, trust me they don’t, it’s really not important to them! When was the last time you asked a store owner his age when buying a loaf of bread or a latte!

What they care about is what you can do for them, whether you can you provide them with what they want, quickly and at a price they are prepared to pay.

2. I Don’t Have Enough Money to Start an Online Business
This has been the start of hundreds of conversations over the years, but you simply don’t need thousands of pounds (or dollars) to start an online business today.

You can get a full featured website up and running on shared hosting for less than about £30 ($45), so forget about hiring those web developers to construct you a thousand dollar website, thats not for you yet, if ever! 

3. I Don’t Have The Time to Start a Business.
You don’t need to spend hours and hours running an online business. Even as a second job you can do this from the comfort of your own home and a few hours every night after your day job is enough to get you started.

4. This is a Bad Time to Start, We’re in a Recession.
I’m not going to pretend the economy isn’t in a poor state at the moment, let’s be honest it’s as bad as it’s been for many years, but people are still buying things.

In some market sectors buying has reduced by as much as 20%, but that still means you are able to tap into the remaining 80%, and that’s a whole lot better than the 0% you’ll get if you never start.

5. All The Good Ideas Seem to be Taken
Are you nuts? If anything the pace of new ideas in todays society is getting quicker, not slower.  Look around you – most people have passions, they collect things, and passionate collectors don’t buy just one of something… they buy several!

They don’t just have one dress, xbox game, book or saucepan, they have many and these people will be actively searching for these products. You simply need to be one of people in your niche offering them, and if you’re the first or the only one offering them, even better!

6. I’m Too Small to Compete Against The Big Boys
This may have been the case 20 years ago, where you needed to spend countless thousands on marketing and advertising in order to become a recognised brand within the marketplace.

Today however the advent of the internet and platforms like Facebook, Twitter and Youtube allow you to connect with thousands of potential customers almost instantly, allowing you to compete with the major companies on the same global playing field.

7. There’s Too Much Competition
Yes there will always be competition, but I’ll let you into a little secret, most of your competitors aren’t good at selling online!

If you can provide that extra little something, whether it be your excellent customer service or an improved version of a current product then you will be ahead of a very large percentage of your competitors.

8. I’m No Good With Computer
There was a time when you needed a degree in computer science to do even the most basic thing on a computer but today you don’t need to know anything about programming to set up a great website.

If you can switch on a computer, use a mouse and type plain text then you pretty much have most of the skills you’ll need to start.

9. I’m Just Not Smart Enuf!

RichardBranson

Estimated worth $4.6 Billion

This one is very similar to the age myth! If you were applying to NASA for a Rocket Scientists position then yes your education would matter, but on the internet, customers won’t ask for you grades before making a purchase, people just don’t care how you were educated.

Take Richard Branson for example, the people who fly on Virgin Airlines probably don’t know that Richard left school at 16, never attended university and never got a business degree, but even if they did, do you think they would stop booking their flights with Virgin in favour of a more “educated” airline, of course not!

10. People Will Steal My Ideas
This is probably one of the biggest fears entrepreneurs have before they start. The thought that all your hard work will simply be snatched up and copied by some major corporation with a gazillion dollar budget is a real possibility, but you can’t let this overprotective thinking stop you from launching your idea and making money from it.

If you do, you may one day see your idea launched by someone else, who goes on to becomes a household name and make an absolute fortune.

It is better to try and fail than to never try at all, and remember there is a lot to be said for being the first and this is very often what matters. Think of all the burger chains out there, but if I asked you who was the first, I bet you’d only need one guess!

photo credit: miguelavg via photopin cc

As always I am keen to learn from others experiences. ~ What fears did you have starting out and how did you overcome them, please leave a comment below.

2 comments

  1. I’m extremely inspired with the format to your blog it is rare to see a nice weblog like this one nowadays.

  2. Alice Chau-Ginguene

    Great article! I agree with all the 10 points! I am a self employed person who started a pet sitting business 5 years ago while working in my corporate job. I didn’t quit until the business was running a few months. I hear all the 10 myths all the time and I think it’s really just fear holding people back. I spent only minimum money to start, I never went to business school either. I use my common sense that’s all. I told myself if nothing comes out of it, I would just imagine myself having spent the few hundred euro on a vocation that I didn’t go. People are funny, they spend far more time and money on other ‘hobbies’ but they wouldn’t want to have a go starting their own business…
    It’s really a pity coz for the past few years, I have seen so many people with interesting ideas and potential but just wouldn’t have a go at it…

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