In a previous blog entry the newly released research of the Department of Trade and Industry on business myths was discussed. The research, entitled Myths Surrounding Starting and Running a Business, debunked a number of myths about starting and operating a small business. Here are some more myths that the research debunked:
* MYTH: It would take years to start a business from the ground.
* FACT: Most businesses are usually formed within six months.
* MYTH: The rejection for business loan applications is so much higher than it is.
* FACT: Only 10 to 20 per cent of applications are actually rejected.
* MYTH: It is hard to make a living from a start-up.
* FACT: People’s income estimate in their first year of trading is just half of the figure that is really achieved by small businesses.
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