9 Myths and Misconceptions about Startups
Startups are driven by motivation, passion and a great idea. But that does not conclude to the success of your startup. We have so many stories of startup entrepreneurs who are living a luxury life and everyone dreams to be like them. Mark Zuckerberg, Bill Gates, Steve Jobs, Richard Branson and Larry Page are few names that are always in the limelight. However, each of them had gone through endless struggles, sleepless nights and financial breakdown.
During the initial phase of startup, lots of misconceptions and myths surround entrepreneurs. As an entrepreneur, we hold a wrong perception of how the things work smoothly and everything can be achieved overnight.
Why would 90% of startups fail at an early stage, if the things were so smooth? If you are passionate about your startup, make sure to read the article in order to free your mind from the myths and misconceptions that have been fed to you for a very long time.
Without further ado, let’s get started.
1. Modern Technology will lead to Success
Adopting modern technology is perceived as a highly innovative approach to lead startups to the success. In fact, it is important to deploy modern technology in this era. However, many other factors need to be considered.
If you are deploying high-end technology, it is good for you. Nevertheless, what customers are looking forward is state of the art solution that would solve their problem. Before you invest in technology, make sure to look at what is demanded by the customers. You need to address the pain points of the customers at large and less consider the deployment of modern technology to ensure success.
2. Doing Things on Your Own
In the early stages of a startup, everything needs to be started from scratch. For instance, developing a website, generating content, managing social media platforms etc. are few to name. As a founder, many of the people believe that everything has to be done on your own, which is wrong.
No doubt, you are low on budget and have little to no resources. You need to focus on bigger tasks and outsource the smaller ones. It won’t cost you much as there are many platforms to offer you great services at low price.
3. Thinking of Making Money is wrong
One of the biggest misconceptions about startups is that entrepreneurs do not need to think about making money at early stages. Moreover, they aren’t even allowed to keep something for themselves.
It does not justify at all as the whole objective of establishing a business and selling product is to make money. It is wrong to ignore profitability. You may have come up with many stories of many entrepreneurs who did not take a dime in the first two to three years. It is admirable but not a necessary part of a startup business.
4. First Idea is the Best
The first idea is always the best and that is what leads you to success, which is wrong. Very few of the entrepreneurs would have tasted success after hitting the first idea and implementing it. Startups begin with many ideas, selecting a few and implementing only one out of hundreds.
Brainstorming involves generating as many ideas as possible. The focus is on quantity instead of quality. It is the right time to learn many things based on these ideas. Sometimes, you will come up with the ones that can be combined with other as well, making it great and addressing the pain points at large.
5. No Eating, No Sleeping
You might have watched documentaries where entrepreneurs claim to have sleepless nights and spending the day without eating. This might be true to some extent, but not necessarily an essential part.
For a productive work, you do not only need proper sleep and food but also get some time out for a workout or any physical activity. You have to work 12 to 15 hours a day to kick-start your business, but that does not justify the price of your health.
6. Startup is Dazzling
Startup seems to be very luxurious and dazzling when you watch it in a Hollywood movie. However, keep this in mind that movies are just showcased where everything feels like stress-free and easy to achieve.
However, startups are not what it seems to be. Yes, successful entrepreneurs enjoy great and luxurious life. But have you ever imagined of what they have faced in the past. The struggles are countless, finance is little and resources are limited. It is just like reading the novel from the end where you didn’t get the idea of character how it started with miseries and ended up greatly.
7. Startup is Risky
The startup is risky and some of the people might step down to pursue their dream. However, the surprising fact is that it is risky, unless or until you have done the market research. Great ideas can place you in the best 500 fortune companies.
It is only possible if you have worked hard on the idea and touched the pain points of the customers. As a startup, if you know what you are doing, there are many chances of tasting the success.
8. Competitors will take the Lead
You are new, your idea is new and your product is new. Someone might tell you that your competitor will take the lead because they are too old and people trust them. However, if you have a unique idea and offering something that is missing in the competitors’ product, how can you fail?
You must have some unique propositions and value that you offer in your product, only if you have researched well in the beginning. However, unique offerings don’t mean that they will out beat competitors. Marketing, branding, giveaways and outreaching customers are few other things needs to consider.
9. Everything Needs to Be Scalable
Everything needs to be scalable for startups, the biggest misconception among people. Majority of startups who pursue their idea believe that the product or services they are offering must be scalable or otherwise it would lead to a complete shutdown.
This might be true to some extent, but startups really need to find the idea that yields long-term benefit for the customers. For instance, an app that allows you to track productivity is something that is needed even after centuries. With the response from customers and evaluating your product from time to time, you will successfully scale your business.
As a startup founder, you need to carry yourself away from the fears, myths, and misconceptions. If you are trapped in the endless world of folklores, doubts, and delusions, you might never be able to take the first step.
Ray Parker is an entrepreneur and internet marketer with over 15 years of experience in Search Engine Optimization, Creative Writer and Digital Marketing with IQVIS. He has worked with several clients from all over the globe to offer his services in various domains with a proven track record of success.