Have an innovative idea and want to start a startup based on it? You must have already done a lot of research regarding it, right? If you look around you will find so much information available both online and offline on startups. Some are true and some should totally be ignored.
In this article, we will show you a list of myths about startups and why you should ignore them.
1. Be the First of Your Kind
It is not about being first in your field, it’s about providing better service than your competitors. You need to do something that your competitors don’t provide or you may just provide it in better ways.
Facebook was not the first social media app. Amazon was not the first online marketplace. Even Tesla is not the first of its kind. Innovation matters, but it certainly is not everything. You need to bring your ideas into reality. That execution is what really makes a difference.
2. Failure Means the End of Your Startup
The second in the list of myths about startups is to shut down the startup if met with a failure. Even the most successful business startups have faced failures. But they didn’t end their startup journey just because they had to face some failures.
Instead, they accepted them, worked on them, and bounced back much stronger. Failures are discouraging, but you should figure out what you need to learn and how to come out of it.
3. Product Is Everything
If you think that product is enough and don’t work on marketing, then let me tell you, you are going on the wrong track. Even successful businesses like Google and Reliance market themselves to increase their reach.
A good marketing strategy will help you present your products and services in a better way to your users. Marketing will establish your brand and it makes you the first option to that customers will prefer when in need of a specific product.
4. Building a Company Culture Overnight
Company culture doesn’t come overnight. Neither it should take years to build one. Many successful startups keep their employees on top priority and create a good company culture. A distinct workplace is very important for the success of the business.
If the employees are happy at the workplace, they will be more productive which in turn results in the growth of a company.
5. No Sleep, No Food, No Rest, and Work 24×7
Another myth in the list of myths about startups is to work like a robot. In startups, people often end up working for days and nights, without taking any break and nothing else in life but than work.
It is very discouraging to work crazy hours without anything else in your life ongoing. A proper work routine will always be helpful for you to be more productive, and more productivity will result in the growth of a startup.
6. Cheaper Is Better
These days people are on the hunt for the best deal and the best price. It will be very difficult for a startup if they set high prices for their products if the same thing is sold by their competitors for lesser price.
Here, the solution is not to set your prices low as that will be a loss for the startup. Instead, do a proper market survey, understand your competitors, provide great customer service and amazing products that justify your prices.
7. You Can Become a Millionaire Overnight
Many people think their startup will become the center of attraction in their industry within a few days or weeks. But let me tell you, it doesn’t work that way. To be successful, you need to perfect your product and services and that can take months, if not years. But you should not be demotivated by that. Many startups in the world become well-known businesses after many years of struggle.
8. Entrepreneurship Is Bombarded With Huge Risks
The last myth in the list of myths about startups is taking huge risks. People think that entrepreneurs need to take a lot of huge risks to be successful. Startups should always calculate the bets and start with smaller risks.
They should be prepared for the worst and are recommended to always have a plan B. Taking smaller risks and protecting yourself against loss can make you stay around for long.
8 Myths About Startups You Should Ignore
Summarizing everything we have said above, here are the 8 myths about startup that you should ignore if you’re thinking to start a startup:
- Be the First of Your Kind
- Failure Means the End of Your Startup
- Product Is Everything
- Building a Company Culture Overnight
- No Sleep, No Food, No Rest, and Work 24×7
- Cheaper Is Better
- You Can Become a Millionaire Overnight
- Entrepreneurship Is Bombarded With Huge Risks
We hope this blog post has helped you in getting a better idea of the myths revolving around startups. When you are ready to launch your amazing startup, keep these things in mind.
Read our other blogs to get useful information related to startups.
1. What is a startup?
According tou003ca href=u0022https://www.investopedia.com/ask/answers/12/what-is-a-startup.aspu0022u003e Investopedia.comu003c/au003e, A startup is a young company, founded by one or more entrepreneurs to develop a unique system that provides a service or a product.
What percentage of startups fail in India?
According to one report of the IBM Institute of Business Value(IBV), 90% of the startups fail within the first five years.
3. What is the most common reason for a startup failure?
The most common reason for the failure of a startup is the weak management of the business and its people.