4 Startup Myths and the Truth Behind These Misconceptions
Myths have been around forever. This rings especially true for startup myths filled to the brim with success stories of entrepreneurs who started with nothing but made it to the top. Whether you have started an ecommerce shipping solution business or a consultancy firm, myths are omnipresent. All too often, one meets an enthusiastic young mind who wants to see their idea tree grow and deliver to them the fruits of success and wealth.
Some myths about startups are even passed off as common sense. If you, too, are tired of the misconceptions and want to separate fact from fiction, read on to be informed about the four most common startup misconceptions.
A Unique Idea Is the Only Way to Go
Although the idea is key in determining what path the startup will follow, it certainly isn’t about how unique it is. Trying too hard to stuff an idea into a unique box might make it unappealing for the public. Often, a few entrepreneurs are discouraged when another business offers a similar service to theirs. You may want to look out for any competition, but importance should be given to its quality. A startup must go above and beyond to fix problems and present the idea in all its glory.
Passion Over Money Making
Apparently, monetising your idea shouldn’t be the goal, and your only drive should be a passion for bringing the idea to force. This simply does not hold true.
While it is vital for a determined team to lend wings to its idea, it must be done in a way that ensures that the product offered is desirable in the market. Implementation and growth can go hand in hand with making money. You are more noticeable when you’re able to make money than raise it.
Friends Make the Best Co-founders
Friendship doesn’t work the same way in a professional setting as it does in a personal one. With good friends as co-founders, a lot gets in the way when disagreements arise prior to making significant decisions. When personal and professional life clashes, there is bound to be a loss in at least one of the two, and the fight then comes down to who was right.
The Best Plan Is to Not Plan
If luck is always on your side, you can think twice about planning. A startup without a plan is willingly taking the trip to nowhere. Planning not only helps the team to establish goals to focus on but also allows them to assess the short-term goals required to get to that place.
Learn as You Keep Going
Instead of basing your strategies on exceptional cases of success, one can learn what works best for the growth of a startup by responding to feedback, effective planning, and focusing on functioning. What had worked for one startup may not work for others, so one must not delude themselves and fall prey to the common type of myths encountered in the startup world.