The startup world is filled with misconceptions. A lot of wisdom about entrepreneurship that is absolute wrong.
They are false notions based on false premises. They can be annoying and can lead intending or young budding entrepreneurs down a wrong road.
Check out some of those myths on startup:
- Being a founder means you’re your own boss
While this might sound true, Part of being a founder is being accountable to everyone, the board, the investors, the customers. after all, the outcome of every business will ultimately depend on the customers, as they could fire him if he fails to perform.
2. Build a great product, a great company/business will follow
It is very easy to believe this as it sounds appealing to the senses. but the truth is that they have to be built simultaneously. You have to build a company that people will want to work for, people to implement your visions.
3. The product is good so it will sell on its own
We hear all the time. Though in a way it is true, but truth is that products don’t win, businesses do. No matter how good a product is, with a shitty marketing, it stands no chance.
4. A startup needs to have a unique idea for a product that doesn’t yet exist.
It’s incredibly difficult and it takes a very long time. Find an area that isn’t served well and work on it.
5. Starting a Business Is the Best Way to Get Rich
I guess this is the notion that is spread everywhere. Most founders have had their motivation being business is the surest way to get rich. You can get rich owning a business, but it sis definitely not the easiest or most guaranteed.
6. More Features Will Improve Your Product
This is less likely the truth because the more features you add to your product, the less simple your product is to use. So before you add a feature to your product, think carefully whether it is really a necessary benefit.
7. You Need to Take a Lot of Huge Risks
Yes, entrepreneurs are associated with risk, but that’s not all to it. They take risks, but calculated ones rather than swinging for the fences.
8. Free solutions are the way to build critical mass quickly.”
To many customers, free implies no real brand value. so their loyalty is low.
These myths are inexhaustible. Others include:
9. Entrepreneurs Are Not Made, They Are Born
10. Passion Is All You Need
11. The Founder Does All The Job in the Early Days
12. A Great Technology Will Lead A Successful Business
13. You Need To Rent An Office
14. Spamming People on Social Media Is a Good Marketing Strategy
15. You Have To Spend More Money To Make More Money
16. Just Land That Huge Customer, And You’ll Win
17. All It Takes Is A Good Idea And A Deck To Attract Investors
18. Go For The Biggest Market
19. You Need To Work 80 Hours Per Week To Succeed.
20. You Should Keep Your Product Secret Until It’s Ready
Let’s shatter this myth together.