If you have been with me for a while, you have probably seen how both my business and I have grown. I’ve been in the online business world for 10 months and am blown away at everything I have learned. Every day I speak to someone who is sitting in a job they don’t like. They state how envious they are of what I am doing. When they share about what they truly love and the difference they long to make with their work and their life, they light up. I see a transformation right before my eyes when they speak about what they want to do with their life. Then they come back to reality, the here and now. The light and life leave them. I tell them that they can make that dream a reality. It is absolutely possible for them to accomplish that! I ask them what is holding them back from making that happen.
Here is one of three of the biggest myths that they have fallen for.
1. I need a ton of money to start.
This is a big, FAT lie! MOST businesses do not require large sums of money and tons of investors. Let’s take a look at the humble beginnings of some pretty big companies today.
Apple: This is the most talked about business out there. Here is an excerpt from Entrepreneur.com “In 1975, the 20-year-old Steve Jobs and Wozniak set up shop in Jobs’ parents’ garage, dubbed the venture Apple, and began working on the prototype of the Apple I. To generate the $1,350 in capital they used to start Apple, Steve Jobs sold his Volkswagen microbus, and Steve Wozniak sold his Hewlett-Packard calculator.
Although the Apple I sold mainly to hobbyists, it generated enough cash to enable Jobs and Wozniak to improve and refine their design. In 1977, they introduced the Apple II — the first personal computer with color graphics and a keyboard. Designed for beginners the user-friendly Apple II was a tremendous success, ushering in the era of the personal computer. First-year sales topped $3 million. Two years later, sales ballooned to $200 million.”
Did you notice how Jobs and Wozniak had $1350 to start and a garage that wasn’t even his?
Spanx: This one is for the ladies. Sorry boys, you probably have no clue what these are! Sara Blakely, now a self-made billionaire built her undergarment empire with only $5,000 and paid NOTHING in advertising. Here is what an article on Forbes wrote about her: ” Blakely, 41, grew her undergarment empire without any outside investment, debt, or even a cent spent on traditional advertising: no magazine spends, no TV spots, no billboard buys.
When I spent some time with Blakely in Atlanta a few months back, she and company CEO Laurie Ann Goldman told me how Spanx grew from a one-product wonder to a household name without shelling out on ads:
1. Word of mouth worked better.
When Blakely was still selling Spanx out of her Decatur, Ga. apartment in white Office Depot envelopes, advertising wasn’t a priority, namely because there was no way she could afford it. When she started Spanx in her twenties, word of mouth wasn’t so much a strategy as a necessity. But today, even with the brand’s incredible success, Goldman insists the company still won’t advertise, even though they could now afford every billboard in Times Square.”
Once again, we have someone that started their business working from their home. Notice how BOTH companies mentioned are PRODUCTS? I get a lot of people that come to me that want to develop a product and think they need a ton of investors or a loan. I quickly redirect them and spare them the debt and frustration from getting turned down by investors.
Have you been holding yourself back by falling for this myth?