If you have decided to launch your start-up, it is important to know what is fact and what is false. The best way you can do so is by learning from experience or by learning from people who have done it before.
Establishing a business can be difficult, especially when you are doing it alone. Here are 5 business myths that I used to believe in when starting my business, and what you should know.
1. Million-dollar idea = million-dollar business
While ideas can be great, the execution is what separates million-dollar ideas from great ones. Any business will struggle to stay afloat if they do not have a tangible business plan with measurable strategies that emphasise the protection of profit margins, as well as customer service and organic growth.
It is important to put the idea into action so that it can become a business, rather than simply remain as an idea.
2. The customers are not important
This is not true as customers are essential to any business or establishment.
As a small business, customer feedback is an essential thing you must consider. You can always take feedback, suggestions and ideas from previous customers on how to make better products, as well as seek to learn from past mistakes so that you can continue to develop your brand further.
3. You’ll have more free time as an entrepreneur
This is wrong. It is easy to see successful business owners having more time for themselves, especially when it comes to managing their business. This is why it is vital to know how to better manage your time, resources, as well as your funds so that you can get your business off the ground without spending too much time elsewhere.
One way you can remove the burden of managing your business is to seek a firm providing corporate accounting services in Singapore, like Ackenting Group. Not only can we offer all the essential financial services to keep your business going, but we can also ensure that this financial management burden is lifted off your shoulders. With our company incorporation services, you can set up your business and work with experienced accountants to make the best financial decisions.
4. More money equals fewer problems
Having more funds is always welcome when you are starting your business, but it does not always guarantee success. Smart entrepreneurs know that money doesn’t solve all of their problems. Instead, they look for ways to minimise risk while maximising returns.
One way they do so is to seek a firm providing SME accounting services in Singapore, like Ackenting Group. We can provide ways for your business to continue moving in the right direction, through risk analysis, financial records, as well as helping you to evaluate all of your options when it comes to business financials. This way, your company can receive the best financial benefits in growing your business.
5. You call all the shots
This is entirely untrue. While you might have full control and ownership of your start-up in the beginning, as it grows, you will find that you will not be the only one calling the shots of the decisions in your company. This is because a team is required to make the best possible decisions for the company as a whole.
It is important to delegate and trust other people to make the right decisions for you so that your business can continue to grow in the direction that you desire. Seeking help is important when it comes to establishing a business, especially in areas which require certain expertise. For example, you can contact a firm offering tax accounting services so that you don’t have to do it all on your own.
The best advice for budding entrepreneurs is to constantly ask, listen, and observe. There are many successful business owners you can learn from, and they can help you and your business attain your goals.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
