Top 5 myths about starting a business

More Americans became entrepreneurs in the past two years than at any other time in the past 15 years, according to the Kauffman Foundation. But if you’re considering leaving your day job to take the leap into entrepreneurship, first learn the facts behind these Top 5 myths about starting a business:

1. All you need is a great idea

Jake Turcotte/The Christian Science Monitor
Your great idea is a starting point – not the end point – of starting a business.

Rarely is a great company based on one great idea. Typically, the initial idea you have for a company gets transformed significantly over time. For example, PayPal initially offered a service that allowed one Palm Pilot to pay another. When customers told the company they really wanted the ability to pay others online, PayPal changed routes and built a billion-dollar business.

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