Business is booming worldwide. According to the Global Entrepreneurship Monitor, more than 582 million people have embarked on a journey to start a new business. Here are 12 Startup Myths You Must Know.
And It seems there exist a lot of myths and misconceptions as people are starting new businesses.
You need not to take a look far to see that we are making progress in the long run.
This is good news.
Business growth is a sign that the economy is doing well. But old ideas, often misinformation about entrepreneurship, spread when new businesses are added. Myths are found in various startup cultures, from innovation to fame and fortune.
A few preconceived notions, theories, clichés, and general information about false myths.
It would be easy to believe what is said about the founders, even if they are false. People, including friends, family, and former colleagues, may tell you that “this is too much” or “too much” to make the startup a success. Still, it is usually more a reflection of their bias, fear, and consideration than it is. . As a business coach, I work with young entrepreneurs who often worry about one (or more) of the mistakes below. These lies are often roadblocks to success – not because they are true, but because they may think real.
Let’s see how the 12 most common myths can hinder your success.
Myth: You need to be first and foremost
Do not panic at the party. Your business should not be the first to arrive.
That does not mean that you should drop out of life. On the contrary, you can use that to your advantage.
Look at your white spot. Ask yourself what your business can do to get into a market that is already overcrowded. What can you do and are doing differently than others to make sure your product stands out? That’s what Hinge’s company did when it entered the bustling dating site. By researching their target audience, the company’s founders have identified a basic human need.
Keep an eye on your customers. They want the services and products to be accurate. To meet their needs and wants before they arise.
Look for spaces in the market. Be creative. Trust your feelings about what is missing from existing businesses. SO we included it in our list of 12 Startup Myths You Must Know.
Related: Read Our article on steps to start and run a business.
Myth: You will not succeed in getting started because you are too young.
It’s not fair. It is better to be an entrepreneur at a young age because you will learn along the way, and you do not have to study as you should older entrepreneurs after decades of working in corporate structures. Youth does not necessarily mean immaturity or ignorance.
Myth: “You Need to Have the deadlines.”
It isn’t easy to find companies, new or old, that do not have a deadline. It is in the business of the business to set deadlines. And the deadlines days, at the top, seem to be crucial to a new internet launch recently launched as a fast-moving gadget.
And, of course, at first, we were tempted to think that the last days were crucial to our success. So here is what we would do: We set a deadline, work like crazy as the day comes, and then when the work is over, we are free. As most of you probably already know, that doesn’t work if you try to do something new and new; when you do not have a manual to refer to how you do your duties.
And having the last days did not please us either. So, instead, we decided to use the concept of speed. We help everyone in the team to do their job faster.
Myth: Follow your happiness, and success will follow you
Following your passion would be great. But dismissing the real issue can bring even greater rewards. When you think and find yourself in a situation that no one else has been able to solve, you have a solid idea of your next side gig.
Anxiety may be a great incentive, but it is self-driving. You can find others who like you, but it is often easy to uncover a problem many share. Many successful brands and services share the original story of “I needed something like this, so I built it.”
The world will always have problems. So while liking something is a good thing, having solutions to those problems is often the most effective way to immerse your teeth in a new business.
Instead of using something you love as a starting point for your business, think of a problem you need to work on first and then lovingly work from the bottom of the list.
Myth: “You Do Not Need a CorporateTradition at First”
So, you are a group of 4 or 6 or 10. The correct assumption, in this case, is that corporate culture is a waste of time. You are young. And you are just getting started. Thus is a part of 12 Startup Myths You Must Know.
It would be beneficial if you had users, marketing strategies, and good code right now. But, who cares (or has time to think about) company culture? Building a company culture from Day 1 was one of the most critical factors in Buffer’s growth.
Myth: You will not succeed in getting started because you do not have a college degree.
If you are very thirsty for knowledge and do not stop studying, you do not need a college degree to start a company. You have probably heard of famous people in business who have never had a college degree but have been very successful – some of the founders of Apple, Microsoft, and Facebook. If you have a college degree, you can apply what you have learned; but it does not allow you to be an entrepreneur if you do not have a college degree. One of the great benefits of being an entrepreneur is that you decide for yourself your destiny. Although some of the habits a person learns, most of what I have trained as an entrepreneur has been campaigned to teach me the skills needed for my speed and energy.
Myth: “You Should Work Hard, Never Sleep and Feel Sad”
One of the most common beliefs about early tech life is that it hurts. So you spend the day and night in the office, encouraged by energy drinks and pizza, without anything else happening in your life. However, we found that working hours were depressing and built a solid daily routine.
Myth: You Can’t Make Money and Get Greater.
Making money in the first few steps is often the equivalent of saying, “You’re doing the wrong thing.” The idea is: If you focus on making money initially, you are not focusing on growing up, which is very important in getting started. On the contrary, there is nothing better for a start than to make money early. And it is not just for obvious reasons.
“Charging something is the best way to prove your point,” is a line from Joel, founder of Buffer.
Another myth we intend to fight is that, as a start, you should keep your numbers under the hood. After all, you are a small company, and if you share your inner secrets, the competition will crush you! But instead, we found the opposite to be true. This has to be in our list of 12 Startup Myths You Must Know.
We freely share how we meet with our investors, how much money we earn, and we have plans to become a full-fledged Open company in the next few months. I believe that transparency and sharing of our progress have helped us gain interest in our users and within the industry.
Myth: Failure is not an option
You failed attempt ≠ failure. If you go to business, you may want to accept those figures immediately. It is said that life is a journey, not a place. So, you need to be ready to go with your life. Once you have established your path to success, it is not possible. There will likely be a deviation from the course. So, when preparing for your trip, remember to throw a lot of persistence into your travel bag.
Myth: Investors will flock to you and guarantee your success
While it is true that you sometimes need to spend money to make money, the amount of money you need to pay is when things get complicated.
The new business highway is lined with remnants of businesses that started with tons of seed money but ended up with a small amount of money.
An excellent example of this is the story of the Photo Coloring app.
It started with massive hype, about 40 employees, and a considerable sum: $ 41 million. Then, a year later, the company burned most of the money and closed the store.
Myth: Leaders must build up the hustle and bustle of culture
Last myth in 12 Startup Myths You Must Know. Hard work and recreation are not bad qualities. But companies are moving away from a speculative model that requires employees to push themselves up every 86,400 seconds every day.
Chasing investors tirelessly, market share, customers, and the next big thing can be a direct path to fatigue.
Your employees are not machines. Treat them as they are, and they will not last long. Remember empathy? It’s back in style.
While long overlooked as an indicator of performance, empathy is an influential business bond. It’s time to remember that your team is your best asset.
Final Advice
Believe in yourself, what you want, what you do, and who you are. Do not believe a lie. You have what it takes to learn to be successful as an entrepreneur.
Now one can know many more myths and misconceptions about beginners. Share your views, thoughts, and knowledge on this subject.
We are not saying that night success is impossible or that you should not be passionate about your business.
Make sure you are well-equipped to start your own business: it takes time, hard work, and healthy grit.
If you have the motivated and right mindset and rational expectations, there is no reason why you should not start chasing your business dream today.