3 Myths When Starting A Business As A Solo Entrepreneur
“I’m sick and tired of my job!”
“I’m not feeling fulfilled in what I’m doing!”
“Can I really start my own business?”
I get it.
12 years ago, I felt my time as a social worker was up. I was burnt out, frustrated, and unfulfilled. It took almost a year of praying and pondering about what to do next (and saving a bit more money, because social workers earned peanuts at that time), before I finally fired my boss!
So when I first decided to quit my job to freelance as an actress, I was excited and totally scared out of my pants at the same time! Eh, I haven’t even typed my resignation letter yet!
The fears were real – What I am going to do? Can I really put food on the table as a freelancer? I have no performing arts experience!
My colleagues were also very concerned, asking me, “Shannon, are you sure? Why leave your stable job for a risky one?”
Plus I was already 27 then, not exactly the prettiest, youngest thing for the entertainment industry!
But having freelanced successfully for the past 11 years (hitting 6 figures annual income revenue, been on big stages, really enjoying this journey), and now am carving out a new chapter of my life, I would like to debunk 3 common myths many people have when thinking of starting out as a solopreneur/ freelancer.
1. You need a groundbreaking business idea. NOPE!
That’s right. You don’t have to be Tesla, Facebook, nor Apple.
As mentioned earlier, Phil started Nike by selling shoes from another company. He didn’t have any patented technology, nor celebrity endorsements.
Ralph Lauren started Polo Ralph Lauren by selling bold, colourful ties.
Daymond John, investor on the show Shark Tank, started FUBU, his clothing line using sewing machines at his mother’s house.
You get the idea!
Qns: What are some ideas you have? Don’t judge them now. Just brainstorm and list them down.
2. You need a lot of startup capital. DEPENDS!
Well, this depends on what you want to do. If you’re planning to start a fintech company, that would definitely require a certain amount of capital.
If not, there are many other jobs that do not require much money!
For me, I just needed to keep going for auditions. I didn’t even have a website till a few years later.
Want to know which big companies started in garages? Apple. Amazon. Mattel. Google. Disney. Just to name a few. Check this article for more!
Phil Knight, co founder of Nike, also started selling training shoes from his car trunk, before he realised there’s a demand for it. Read the summary from CNBC here.
These people started with no rental, no huge inventory, not even a groundbreaking idea!
Qns: Amongst your top 3 ideas, list down the estimated amount of capital needed.
3. You need to have a lot of experience. NOPE!
I had zero experience in acting when I decided to go into it!
Thus I took up beginner acting classes to see what it was like and if it was actually what I wanted. Lo and behold, the instructor told me I had a flair for acting!
That gave me confidence, and a better idea of what I was going to be in for too.
So you see, you don’t need a lot of experience to start. You just need to be resourceful.
Qns: Amongst your top 3 ideas, what is 1 beginner class you can take for each of them?
These are just starting questions for you to think about, and hopefully help you feel better that starting a business is not as tough as you think it is.
Starting a business is also indeed not for everyone, but if you never try, you would never know. The journey is not going to be easy, but know that there’s many people in the same boat (eg. me!) and many resources you can find easily on the internet!
Let me know if this has been helpful for you.
Cheering you on! =D
For more tips on solopreneurship, content creation and plain positivity,
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