Are you buying into these myths?
June 11, 2008 by ShannonCherry
Filed under Business
The Chicago Tribune recently posted an interesting article on the myths that many people believe about starting a business.
But what surprised me the most is they cited statistics that say the typical start-up requires about $25,000 to get going.
Really?
The more entrepreneurs I meet (and I met a ton yesterday at a trade show in New York City), the more I find they’ve started their businesses for much, much less.
How about you? What do you think of that statistic? Is it accurate? Or is it a myth too?
Wow, if I’d needed $25K to start up, I probably wouldn’t have started! We took out a loan for a couple thousand dollars of “just in case” money, and we bought a nice used marimba for $700. And that was our startup cost!
Maybe that statistic is accurate for some businesses, but not all. Or possibly they’re going for the average, and it’s skewing the numbers. If you average the guy who dropped over $500,000 to start his rehearsal studios here in town, and my $700, you get the picture!
Great post!