Have You Encountered Any of the Myths of a Home Based Business?

A home based business can mean different things to individuals, especially when you throw in the word "entrepreneur". By adding that single word, you are removing the traditional thinking about someone who works from home. No longer would most individuals think you are talking about someone who telecommutes, as in one who still works for a company, yet is able to perform that work via a home computer. You have moved into the realm of an undertaking involving risk and intrigue – a rogue of sorts. Along with that thinking is a number of mistruths or myths – let’s take a look and see which ones you have encountered.

Your chance of success is small – there is a government study which identifies 90% of all new businesses will fail in the first 5 years. If you do the math, that means 1 in 10 will have a level of success. That’s not the kind of odds you want if you are talking with your doctor about surviving a particular medical situation. Yet the statistics don’t tell you anything other than the pure numbers. No mention is made regarding the characteristics or the shortcomings of the businesses which failed.

You can turn the percentages in your favor by doing research on your idea or the business opportunity. Another good idea is to talk with others who are already successful in this type of market. Putting your goals and actions steps on paper increase your success. Thinking about and planning for obstacles is the best way to head-off many of them. Recognize you will make some mistakes along the way, and have the ability to learn from them. Understand no business will be an instant success, plan and develop for consistency and persistence with your own home based business.

All you need is a good idea – just like the first mistruth, the right idea is enough about 10% of the time. As much as we would love to think our idea is the one which will propel us to fame and riches, we should understand the idea is just a starting point.

Your good idea will stand a much greater rate of success with proper planning and organization of your efforts (not to mention your dollars). Understanding the market and the timing is critical to put the odds in your favor. But don’t let apprehension hold you back so you miss an opportunity – in many cases the only thing holding back an individual is themselves. Get as many of the facts correct as you can and launch your idea. Once underway, you will have opportunities to tweak your efforts while building your business. No longer employ the "ready, aim, fire" thinking – change to "ready, fire, and correct your aim" thinking.

You have to be someone special to be an entrepreneur or to have a home based business – no, your parents don’t have to be millionaires or billionaires in an established successful business for you to have success with a home based business idea or opportunity. In many cases, the children of such individuals who chose to enter the business world, merely continue in the family business and don’t venture out on their own.

Regular people like you and I strive for something which will set us apart from the rest. We each have our own desire and the drive to succeed as we work in finding our passion. Our objectives to be successful may be similar, but the reasons why can be widely different. One person may want to get out of debt, another may want more "toys", or another may want be in a position to help others. It doesn’t really matter where we come from, or even if we have failed in the past. The important factor is where one is going. Our motivation will be the drive in our success – but don’t think you have to do everything. There is nothing wrong with securing the assistance of others. Strive each day to simply do your very best.

Age or sex makes a difference – some people believe that only an individual who has some business experience, yet still have age in their favor is the only true entrepreneur. These are the only individuals who can put together their business wisdom with the stamina to make it happen. And women just aren’t as successful as men.

Today we should all laugh at this one. Look at the example of Mark Zukerberg who started Facebook and at the age of 23 is now on the billionaire list. Who wouldn’t take a small piece of that paycheck? More important are such factors as a good idea, a good opportunity, enthusiasm, an ample amount of energy, and solid planning and preparation. Listening to others, educating yourself and seeking guidance from a mentor are much more important than age or years of business experience. Business experience without the flexibility to deal with a changing environment is actually a detriment. Today’s home based business is built on relationships with business partners and customers – look around guys, there are a tremendous number of newly successful female entrepreneurs out there as well.

With any new home based business idea, one will typically encounter the individual who will say "you can’t do that", "it will never work", or "I know someone who tried that". When you hear the myths or the mistruths they try to sell you, just remember they are really saying is they can’t do what you are proposing. With your success, they must accept more defeat. Rather than do that, the naysayer will try and hold you down with them. I’m always interested in the myths you have heard – if you have a good one, let me know. Just remember, YOU are driving this bus – don’t let the myths allow you to take your eyes off the road!