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.