Top 5 Myths about startups.
When we compare Jobs and entrepreneurship the first thing that comes to mind about 9 – 5 jobs is security, But tell me how secure it is? It is a job is just another business isn’t it?
The real problem is there are many myths about the business that makes it look risky, Everything has its own risk, but you know the regret of what you would have been will hurt more than your failures.
Remember one thing before scrolling down, there are 7.9 billion people in this world and at least 1 million of them may think the way you would. What matters here is not your idea but your guts to take action. Here I have simplified starting a business like anything. It’s always now or never.
No one believed in Jeff Bezos, Elon Musk, Mark Zuckerberg when they all started. Take any unicorn businesses into consideration, They at least would have violated 100 theories. The world is evolving faster than scholars create laws & theories.
In a world of entrepreneurs that break theories and laws, we are believing some unverified facts. Here are the top 5 myths about startups every small business owner and entrepreneur should be aware of.
Huge capital required to start a business
People talking about capital is the number 1 myth that stops people from starting up. Do you still believe it, even after knowing google started from a garage?
Still find it hard to take the fact. Read this article about a farmer to a billionaire Henry Ford.
Investing is different from building business:
Hey guys we are not talking here about investing but about building business and the proven fact here is 67% of wealthy people are self-made that is many empires we see around us were built from scratch one day. I know sometimes it’s hard to believe that most businesses don’t need much money don’t worry here at the end of the article I have attached a link for 60 small business ideas that needs less or no money to begin.
You should be an expert before starting a business
This is one of the top myths about startups and an impossible dream too. There’s no way anyone can know every detail about every part of any process or endeavor, so don’t try to be perfect; go with the flow and change as needed. Learning on the job is key to success, but taking time to research before acting isn’t wasted effort if you want everything to go smoothly – even though it sometimes makes more sense to simply ‘go with your gut.’ Learn from other people’s mistakes; this will save you much time and money! Any biography of an entrepreneur will tell you what costly mistakes they made at the beginning, but why make these same errors yourself if you know better?
We need unique ideas to startup.
We all want to be great thinkers. We all want to come up with something crazy and new that no one’s ever thought of before. Only a unique idea or product sells is a common myth among startups. Sometimes we even expect it, like when we meet someone trying to sell us a plain old spaghetti sauce. What’s the point? Where is the originality? Where is the sauce I can’t get anywhere else? Where is my unicorn? But when you think about it, the simple ideas tend not to need marketing. It just works.
Tesla is not the first electric vehicle, Facebook is not the first social media, Amazon was not the world’s first online store. IF your idea already exists in the market that’s great you can learn from it and execute it in a better way.
You should Quit your job to be successful in your business.
Many great businesses have actually been started by people who had full-time jobs! There are so many examples of this, it almost appears as a meme these days. The misconception is that if you start a business, you also have to give up the stability of your job. Business advisors know that this is far from the reality though, and would often suggest that budding entrepreneurs use their SAFETY NET as a paycheck from their current job until they’re able to generate enough passive income to replace it as a source of income. It’s kind of like getting yourself a college savings fund for all those fires constantly going about in your life.
Office and employees required to start a business.
At the beginning of starting up your own business, you have to have only one goal in mind and that is to be able to maintain it all by yourself. You must figure out how much work can be done on your own before hiring people because it will help you get a feel for what kind of employee you want and it will also allow you the time and experience needed for whatever role they’ll initially take on going forward.
Michael Ervick, Lecturer at the University of Washington Bothell School of Business says 80% of businesses in the US do not have offices or employees.
Quick Takeaways- Myths about startups vs facts:
Myth #1: Every business needs huge capital to startup.
Fact: About 66% of businesses in the world were started with less than 10000$.
Myth#2: Only Experts can become successful entrepreneurs.
Fact: Only 30% of entrepreneurs have a college degree or formal education
Myth#3: Only unique ideas become unicorns
Fact#1: First electric car was discovered in 1870
Fact#2: Archie was the first search engine released in 1990 that is 8 years before Google.
Myth#4: Quit a job to be a successful entrepreneur
Fact#1: Do you know? Steve Jobs was working for Atari when he developed Apple I
Fact#2: Have you heard of Slack, salesforce, Imgur, Yankee candle & many other successful businesses that were born out of side hustles
Myth#5: You need to recruit employees to a startup
Fact: About 80% of the business in America has no employees or office.
Conclusion on why there are many myths about startup.
Keep this mind the main reason behind all these myths is people want you to do good but never better than them. and most of the myths are just excuses people decided to give themself for not achieving what they wanted to be.
Now ask yourself whom are you gonna listen to? Not trying anything is the biggest risk you could ever take. Now, what are you waiting for?
Airbnb Co-founder, Brian Chesky, said, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. “You just have to find the solution for a problem in your own life.” IF you still dunno what to start here is an exciting article that gives you 60 top ideas to start a business with no or less investment.
I am Vishnu Founder of Digital pilotz which is one of the leading digital marketing agencies in Chennai. We believe that problems are the steps to success if addressed well. our mission is to build solutions and offer services that make the digital world accessible and affordable for all.
I am an Experienced Business Development Manager & Digital marketing expert with a good understanding of various business models operating in both B-B and B-C markets. My passion for teaching and sharing knowledge made me write these articles for you.
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