We all have ideas, but translating those ideas into something tangible -a product or a service- is what separates doers from thinkers. And while you are on the journey of creating a startup, you will find advice from all corners. The next time you tell someone you’re an entrepreneur and they raise their eyebrows skeptically, feel free to ignore these five startup myths they might recite to you.
There are various myths associated with Startups, which you need to clarify just from the word Go. We have tried to compile a few for you:
- Unique business plan: While it is good to have a unique business plan, it is not the only way to build a great startup. The truth remains that there are very few original ideas. What makes business interesting is how you provide your product or service in a way that differentiates you from the competition. Focus on the quality of your product and the service that you provide to your customer instead.
- Your Product should be self-sufficient: While we totally promote social media posting about the product, but that should not be your go-to way of promoting the products that you have to offer. For registering your product in the customer minds you will have to device a very good advertising and marketing campaign and there is no substitute for that.
- Investors are inevitable for success: We often read about stories of how a wanna be entrepreneur is discovered by some investor and the business blossoms. But that is not the prerequisite for success and not finding an investor should not hold you back from chasing your dreams. In truth, only a very small subset of startups ever has investors behind them.
- The Growth arrow must always be upwards: While your startup should grow, but, growth isn’t always the right goal for your company. Maybe your business operates better with a set number of employees. Your business’ size must be sustainable with your goals, or you can risk losing control over the entire operation.
- Failing should not determine your entrepreneurial goals: While failures are disheartening, it is a myth that asks entrepreneurs to stop after initial failures. You need to learn from your mistakes and come at the problem from a new angle. According to the economists from The University of Michigan and Stanford, failed entrepreneurs are far more likely to succeed their second time around.
The famous actor Will Smith in one of his roles says,
You got a dream…You gotta protect it. People can’t do something themselves, they wanna tell you you can’t do it. If you want something, go get it. Period.
Hence, don’t believe any of those Startup myths doing rounds everywhere, because you are the creator of your own story and only you know how to write it best.