710. Expert Interview: Uncovering the Myths and Sharing the Realities of Entrepreneurship

Tim Fulton

“I believe in a one page business plan, very simple, not complicated. If it can’t fit on one page, it shouldn’t be on their strategic intent of business core values, mission, vision, three year goals, one year goals, key strategies, action items—all on one page.”

Tim Fulton is a successful, serial entrepreneur, small business consultant, executive coach, nationally recognized advocate for small business and Vistage Master Chair for the past 15 years. He has trained over 2,000 small business owners in four states, created an award-winning book and newsletter, and hosted one of Atlanta’s most popular events for small business owners.

Uncovering the Myths and Sharing the Realities of Entrepreneurship

For over 15 years Tim Fulton has worked with hundreds of small business owners and has coached and trained several thousand. One of the things that he has found most interesting is the shared misbeliefs or the myths that many small business owners have about not only starting their enterprise but also growing it. In this interview, he shares a good number of relevant myths and how understanding the truth can set you on the path to success in your business.

Why Is This Important?

Behind the myth that most small businesses are started by entrepreneurs, builders or visionaries is the fact that over 90% of small businesses are started by what author Brad Gerber of “E-Myth” calls “technicians.” Technicians, in this case, means someone who has a particular skill or particular expertise and then decides to start a business around that particular expertise. They believe that an educated, experienced technician should be able to run a business in their field.

What Are the Key Lessons Learned Here?

Although Tim shares a good number of relevant, interesting myths, one that disturbs him is many small business owners have a written business plan when they first get started, and then for whatever reason, they are determined that moving forward, they do not need a business plan. “This myth is very unfortunate because I find, if they are not regularly creating an annual business plan for their business, that it’s easy–very easy–to get lost “