Even though most myths from the world of startups are false, they are being actively promoted by social media, the entertainment industry, and even the startup holders by themselves. These common misbeliefs often become the main obstacles for young entrepreneurs which prevent them from starting their business, even though they may have a promising basis for it. What’s more, some defer to these myths after they launch their projects, and this, eventually, leads to failure. Learn the top 6 myths about startups below. Looking to discover more? Check the HomeworkNeeded service.
Myth 1: You Only Need a Striking Idea and a Purpose to Succeed
To face the truth, you will need much more than a good idea, persistence, and courage in order to earn a stable profit, gain self-sustained growth, and finally, scale your business. There are plenty of stories about talented entrepreneurs who had a brilliant idea, yet failed as a result. To put it simply, 90% of startups are doomed to failure. If to take a look at the 10% remaining, you will reveal that only a tiny part of them was founded from a genius idea. For instance, the original idea of Snapchat and Airbnb were considered as ridiculous. What they had were innovative solutions and a quality product. Besides, sticking to the original concept doesn’t guarantee success. On a contrary, changing your mind is a vital part of the startup development. Take, for instance, the stories of such projects as Instagram which was a copy of Foursquare, or YouTube, originally presented as a platform for video dating. If the founders didn’t change the concept, would they become prosperous? Doubtfully. Thus, you should focus on a specific issue which your product solves, rather than your own vision of the whole thing.
Myth 2: Startup Always Aims to Bring Something Brand-New to the Market
People tend to believe that the word ‘innovation’ strictly means ‘to create something new.’ Likewise, entrepreneurs see the key to success in discovering a brand-new product which will start bringing the profit instantly. However, the real innovation is based on the ability to find a balance between the creation of the new product and revealing the capabilities of the market. Take, for instance, Facebook, Apple, Tesla. Besides, to actively sell your cutting-edge product, you simply need an appropriately developed market.
Myth 3: You Won’t Gain Success Without a Great Amount of Money
On the one hand, this myth is true, since you do need to raise some money to start with. However, not always it is required to invest huge sums. It is all about the right moment. You don’t really need hundreds of employers at the very beginning, do you? Most likely, big investments will result in a waste of money. What you really need money for is to examine the product, check the market, explore your advantages and weaknesses.
Myth 4: You Have All the Time in the World
Most inexperienced entrepreneurs believe they will have lots of time with the complete freedom to dispose of it at their own. The truth is, you will have to work even more, while there will be no paid overtime. However, in a while, you will have the chance to choose and maintain the process and the degree of your own involvement. It may be compared to bringing up a child. First, you have to put massive efforts along with a huge financial responsibility.
Myth 5: Success Will Come Quickly
Success is a very subjective concept. Besides, it is considered differently by everyone. Some people feel success as a financial independence, while the others seek for recognition of their career achievements. They say that 90% of startups shut during the first year of operation. Indeed, success is not a straight path. There will be ups and downs before you gain your main purpose.
Myth 6: Startup Is an Exciting Adventure
In overall, the most of assignments will present a routine work. There will also be complicated or even harsh functions you will have to carry. A startup is attached to constant self-education and self-development, thus you will unlikely have chances to relax in the beginning. What’s more, there is a misbelief that you will have no supervisors and will get rid of a permanent control. From now on, your investors and clients are your main chiefs. Surely, you have a vision of your skills, qualifications, knowledge, and talents, yet don’t underestimate the challenges and obstacles which are yet to come.