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1.0crowdspring Bloghttps://www.crowdspring.com/blogArielle Kimbarovskyhttps://www.crowdspring.com/blog/author/arielle/rich600338<blockquote class="wp-embedded-content" data-secret="EapWhCagLH"><a href="https://www.crowdspring.com/blog/busted-or-confirmed-3-common-myths-about-starting-a-business/">Busted or Confirmed? 3 Common Myths About Starting A Business</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.crowdspring.com/blog/busted-or-confirmed-3-common-myths-about-starting-a-business/embed/#?secret=EapWhCagLH" width="600" height="338" title="“Busted or Confirmed? 3 Common Myths About Starting A Business” — crowdspring Blog" data-secret="EapWhCagLH" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript"> /* <![CDATA[ */ /*! 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Take our quiz - completely confidential and free! There are many myths about what it takes to start a business. Time and time again, experts in entrepreneurship and business (often with little to no operating experience of their own) offer formulaic advice on what startups must do to succeed. The truth is that there is no one way to “correctly” start a company. Startups are the epitome of unpredictability and extremes. For every example of a successful company that proves a myth wrong, there will always be one that will prove it right, especially in today’s rapidly expanding technology and connectivity. That is why it is imperative for entrepreneurs to examine all advice and “truths” about startups critically. With countless articles and opinions, it can be hard to decipher who’s right. Fortunately, many startup myths revolve around three common topics (business plans, money, and unnatural hustle). Many aspiring and even experienced entrepreneurs blindly believe those myths to be true and either take too long to start their business or never feel confident enough to get going. So, in the words of Adam Savage of Mythbusters fame, “let’s blow some stuff up.” Myth #1: You need a complete, elaborate, and detailed business plan from day one. While simple business plans or outlines may help guide startups toward investors or a general plan of action, detailed business plans often rob startups of precious time. Entrepreneurs fall into the trap of spending months crafting plans that may not actually fit the market by the time they begin building their company. William Bygrave, an entrepreneurship professor at Babson College, cautioned in an article for The Wall Street Journal: What we really don’t want to do is literally spend a year or more essentially writing a business plan without knowing we have actual customers. Entrepreneurs must be nimble, and will be more apt to stick with a flawed concept they spent months drafting. Successful entrepreneurs move quickly. Unsuccessful entrepreneurs often fall into a dangerous trap: sticking to a plan destined to fail. Bygrave’s ideas echo a 1984 study by George Washington University. In that study, researchers discovered that the most successful entrepreneurs practiced something called “entrepreneurial adaptation”, a set of skills that allow entrepreneurs to adapt easily and quickly to new environments and situations. Free Business Startup KitReceive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors. How to Start a Business ChecklistStarting a Corporation Guide Is an LLC Right for You? Starting a Sole Proprietorship Starting Business Partnerships Creating a Powerful Pitch DeckGet your free startup kitFree Business Startup KitReceive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors...