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Top Myths About Starting A Business [Interview with Chris Kilbourn]

Top Myths About Starting a Business

Entrepreneur Chris Kilbourn makes running a business look so darn easy. By his early 20s, he had already run multiple successful businesses. Today, he owns and runs TOFU Marketing and TaskBullet, a virtual assistant company.

With a focus on marketing, branding, and operations, Chris became interested in entrepreneurship in high school after hearing a story about a classmate running his own vending machine business. Chris realized that he wanted control over a company as well as his career path.Chris Kilbourn

“Like many entrepreneurs, my love for business started at a young age,” he told us. “Being an entrepreneur can be great if you have the right type of business. You can sleep in, have a flexible schedule, and may even generate some passive income.”

Chris’ interest in music led him to start a series of small projects, which eventually resulted Monolith Management, a band management company that provides business services to music professionals.

Here are three entrepreneurship myths that Chris Kilbourn wants to dispute.

Myth #1: You Need Money to Start a Business

No way, says Chris.

“Every business that I’ve founded has required less than $300 to start,” he said. “You’ll be surprised how little you need to begin. This doesn’t mean that you’ll have to do it all yourself either.”

Chris recommends that entrepreneurs rely on communities of fellow business owners and contractors.

“Who can you hire as a commission-only contractor? Who can you trade services with? What type of business model can you create that doesn’t require capital upfront? Get creative!”

Myth #2: You Need Experience to Become Successful

Think you need to work for a large, established company before jumping into your own venture? Not necessarily.

“Truth is, you can learn 80 percent of the industry in 20 percent of the time through reading, interviewing others, and doing it yourself,” said Chris. “It’s always best to learn while you start your business so that you have something to apply it to. Only learn about something right before you need it. It’s easy to get sucked into blog post after blog post, obsessing over knowing the perfect way to do everything before you begin. It’s another reason why you should ‘just do it’ before wasting all of your time learning about it first.”

Myth #3: You’ll Start Your Business When the Time Is Right

That time will never happen.

“The timing to start a business almost always sucks,” Chris said. “Getting the courage to make the jump was one of the most thrilling, terrifying, and most important actions I’ve made. The sheer terror of not having a steady paycheck is enough of a kick in the rear to get you moving fast.”

Even if you need to keep your job, you can still get started.

“Try starting a business on the side. This may be difficult to do by yourself. So, hire out tasks to others. My virtual assistant company, TaskBullet, completes tasks for people in this exact situation.”

Be a planner. You’ll get started by getting things done. Learn your industry, where your strengths are, and what business models appeal to you. Decide if you want to offer a service, sell another company’s products, open a franchise, or start something new and unique.

“Life’s too short to run a business you hate,” said Chris. Better to do what you love.

What Do You Think?

Have you started a business? Were your expectations the same as the reality? If you haven’t started a business, but want to, what’s holding you back? Share your thoughts in the comments below.

  • http://www.TaskBullet.com Chris Kilbourn

    Thanks for the compliments! I am truly flattered.
    If anyone has questions, I’m always open to chat!

    • Emma Siemasko

      Thanks, Chris! You offer great insights to those who are just starting out.

  • http://www.getoutexplore.com Kyle

    Good Stuff Chris, Thanks.

  • http://www.TaskBullet.com Chris Kilbourn

    Thanks, Kyle and Emma!

  • danny green

    well said. But how do you survive and meet real life weekly living expenses when starting a new business? Doesnt it always involve some large amounts of capital to get going before you see any results?

    I have so many ideas but no money and time to wait for a return….its a paradox!

    • Emma Siemasko

      Hi Danny,

      Thanks for the comment. I think there are a bunch of options depending on the type of business you create. Keeping your day job and starting a new business savings fund is an option, as is applying for a startup program or incubator to get things off the ground! I started my business with nothing, and once I was making a little bit of capital, I was able to spring for the pricier necessities.

      Emma

  • http://www.taskbullet.com Chris Kilbourn

    Hey Danny,

    Thanks for the comment!
    I agree with Emma. It just depends on the type of business that your interested in creating.

    All of the business I have started were with little to no capital.

    Service-based business work very well if you have no money or time to wait for a return. Charge cash upfront and work with the earned income to build it up or fund a separate business.

    Let me know if you have any other questions. I’d love to help!

    Chris

  • http://www.ovationlife.com Daniel LaBroad

    Good article. I started my business 9 years ago with no investment, no clients, no experience, and flat broke. Just an insurance license that a previous employer had paid for. When I left that corporate job not-by-choice, the timing was terrible, but I knew I never wanted to work for anyone again. So I hit the pavement, knocking on doors and cold calling, and waiting tables in the evening to make ends meet. The first year I barely survived, and was putting in 40 hours + at my venture, and 40+ hours waiting tables. Second year, i could pay my bills. After that, it all started to come together and has grown every year since. Now I have a competitive benefits firm, almost 10 years old, and doing business in 10+ states, working with employers of all sizes. Its all about having a vision, good work ethic, and a product or service people want and will pay for.

    • Emma Siemasko

      Thanks for the comment, Daniel! I love your story- it’s awesome to hear about people who make it happen, even when it’s tough.

      Happy you’re reading. I hope you’ll stop by to read more on our blog!

      Emma