Mythbuster: There's Only One Way To Do Business
Today, I’m going to be your mythbuster when it comes to starting a business… I’ve done it. Multiple times at that. I’ve defied the odds, but I’m not special. I associate the successes AND failures of my different ventures with the ability to learn, adapt and adjust each step of the way.
I’ve started, run, and have been a part of a lot of businesses including JDP Consult, MEND Jewelry, Founders Co. The Refund podcast, and more. I even co-created an agency while I was a student at the University of Minnesota, which now employs a PAYS student to deliver marketing and PR work to clients. I believe there are enough ideas, money and bodies to bring a business to life. It all comes down to the appetite for risk to actually DO IT.
As of March 2023, there are 33.2 million small businesses in the United States.† In 2021 alone, there was a record breaking 5.4 million new business applications filed in the United States.
Starting a business is easier said than done, but every small business is different in the product or services they offer, the marketing strategy, the goals. While I don’t think creating a business is EASIER in the age of the internet, I do think it is more accessible to get started. For a long time, there have been business expectations and “rules” that just do not serve business owners anymore. And especially as a female entrepreneur, I don’t consider myself a rule breaker, but a rule maker who’s here to find creative ways to approach business (and maybe breaking some rules along the way) 😉
Now, let’s bust some myths about entrepreneurship.
Myth: You can only be an entrepreneur if you’re talented
Not true at all. Each person has their own talent, but each person also has their own goals, dreams and visions. Of course, there are many other factors that you need to account for when starting a business like your finances and people, but you do not, for example, need to be a fashion designer to start a boutique or clothing brand.
Myth: You have to do it yourself.
You build your own empire! “Help” is not a dirty word. In fact, it’s natural to seek help and support throughout building your business from day 1 — whether you’re asking for feedback on pricing, or seeking branding help from a designer. Every growing business needs help from time to time to not only alleviate tasks but get you closer to reaching your goals.! In my own experience, I frequently ask for help and bring on support to elevate my business each year. Don’t get caught up in the “self-made” farse. We ALL lean on our community throughout all phases of a business. You do not have to do it yourself.
Myth: You can only be successful if you make a lot of money.
Every business needs to create a strategic plan to outline the measurable goals for the next 1, 3, and 5 years. But, these goals do not need to all be strictly surrounding the revenue or profit that a business is bringing in because it’s highly unrealistic for any business to strictly only measure revenue. While money is a crucial part to maintaining a business, if you kill yourself to hit a revenue metric, ruin your relationships or deliver a subpar product, is it worth it? (Hint, the answer is NO). Success can be measured in many different ways — perhaps success to you is being able to reach 100K followers on Instagram, or booking 20 new clients for the year, or maybe even just implementing an entirely new onboarding program for your business.
Myth: You need a lot of money to start a business.
Also, not true. Depending on the type of business you want to start as well as the goals you’ve set for the business over the next few years, you likely do not need tens of thousands of dollars to start a business. Decide how you want to launch your business, buy inventory, or even market your products and services and ensure you are doing your research and planning cash flow appropriately. There are many ways to obtain funding for small businesses and lots of free services and community resources for startups. As mentioned earlier, with the little ol’ internet there’s a TON of resources (a lot of it free!) on how to get that new venture up and running.
Myth: There’s only one way to do business.
Let’s kick this myth to the curb! None of the businesses I’ve started or been a part of are the same. I’ve had a product-based business backed by venture capital (MEND Jewelry), another retail business with brick and mortar locations (Founders Co), a service-based business (JDP Consult), and even a podcast (The Refund Show)! The process of launching each of these businesses has been vastly different from one another, and even if I were to start additional businesses within the same categories in the future, I would likely do it entirely differently. There is no one-size-fits-all for doing business.
That’s likely not the answer you want to hear. As a new business owner, you likely are searching for those answers and what your next steps are, but only YOU can answer those questions and learn for yourself what your business needs.
We tackle these conversations all the time on The Refund Show podcast, where we’re “refunding” the business ideas and rules that no longer serve us. Sara Schultz (of Hey Sara Schultz and Free Afternoon) and I started this podcast so we can rally new business owners to defy the odds in everything they’re doing.
Both Sara and I are serial entrepreneurs who have started many businesses — together & apart and are involved in many more ventures of entrepreneurship in our local communities. We, in each episode, “refund” a business principle that no longer applies, and call on our own experiences to explain why these rules are no longer applicable to the business world.
Resources:
†https://advocacy.sba.gov/2023/03/07/frequently-asked-questions-about-small-business-2023/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995.
HI THERE, I’M JORDYN
Serial entrepreneur, strategic integrator and financial aficionado.
My mission is to revolutionize the way businesses grow with strategic clarity and implementation. It goes beyond consultancy—as I want to be a dedicated partner in propelling your success with strategy and impactful execution with zest and honesty.