Do you want to start your own business? Have you been thinking about it for years?

First – let’s look at some common myths!
Myth: It takes $100,000 to start a business in the US.
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Reality: I am not sure why, but this $100,000 I keep hearing over an over. Fact is, most US  companies start for a LOT less. In fact, according to a CNN article the average cost is about $10,000. And I would agree! But, this means some have started for a lot less.

Myth: Startup investment = growth potential.
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Reality: It seems everyone I know is looking for the right investment deal to get things started. They know they need tons of money – often over $1 million just to get going. Yet, a lot of companies have started for less than $1000 and done very well. Think about Zappos, which started for $1000 and sold to Amazon for over $500 million! Not bad. And I have been in companies that have had major investment and no investment. Oddly, the ones which have cost less to start have made more money! The reasons are many – but the key is that starting small does not mean you will always be small.
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Myth: It takes a certain kind of guts to start a company.
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Reality: Maybe – but it takes a lot more guts to have your whole livelihood controlled by other people doing what we call a “job”. Most people tell me they have a secure job and would not trade it for the lack of security of being in their own business. Security – really? Who are they fooling?
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Myth: I cannot start a company on the side. My current employer will not allow it.
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Reality: This is another one I hear often. Usually it is followed by a story of “this guy” who started a company on the side was sued and had to give it up or quit the day job. Usually the one telling me the story does not know who “this guy” is. The story has circled the company and the details are left to the imagination. Are there such stories? Sure. If you start a company on the side which competes with your day job – your employer should stop you. But before you go with assumptions, check out the details and see what you can do. Ask the right people the right questions. Your employer does not own you – so they cannot be in control of what you do on your off time.  Think about it … would your employer care if you had a yard sale? Would they care if you mowed lawns? Probably not. So get the real facts of what they are OK with and what they would frown upon. Then – if you can – find synergy.
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Myth: I do not have an MBA or a business degree.
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Reality: Good. Then you might actually succeed! MBAs and Business degrees are not about startups – they are about being middle management in large companies.

Others? What have I missed? Any other myths or truths you would like to add?