Common Misconceptions Preventing Startups

Common Misconceptions Preventing Startups Entrepreneur and business strategist Steve Rubenfaer possesses more than three decades of experience launching and growing companies in diverse sectors. Steve Rubenfaer devotes much of his time to mentoring small business owners and helping them navigate challenges.

Many of the obstacles that hurt novice entrepreneurs are linked to misconceptions about running a small company. For example, it is commonly believed that to be a successful business owner, your product or service must be brand-new and original. In reality, the success of a venture is based on the value it brings, even if it is in a crowded space.

Another persisting myth is that entrepreneurship is a sure path to wealth. However, since the majority of small businesses fail within 10 years, it is more likely that initial business attempts will function as learning experiences rather than money making ventures.

New entrepreneurs may also mistakenly focus on their service or product and ignore other aspects of the business. However, effective marketing, qualified staff members, and sound finances are all vital for running a thriving business.