The idea of being entrepreneur is ever appealing. However, it takes a lot of determination, will power and of course good many efforts to keep the ball rolling. While looking at any startup entrepreneur story, any new entrepreneur might think that every startup raises capital and walks away with millions in their pocket after the easy and quick overnight success followed by acquisition by Facebook and Google.
These sensationalized stories are very misleading and do not represent the daily grind of startup life.
Below are some of the common startup myths that needs to be brush off:
1. Entrepreneurs are rocket scientist- Cut that bullshit — You don’t have to be technical
Being technical is only important if you are planning an Internet startup. If you are not technical doesn’t mean you can’t be an entrepreneur. You can learn few basics and knick-knacks of the same. Today, it is easier than ever to learn codes without putting a hole in your pocket.
2. You should bring in the capital
Agreed that a startup requires a substantial capital than an established one, but it isn’t compulsory that a startup capital should be from you. You will come across several such examples of famously startup companies having raised their capital from several investors.
3. I need a venture capital partner to succeed
It is very tempting especially these days, to think that venture capital is the quickest ways to the success. The truth is that a company has to develop a working prototype or a minimum viable product and build a small customer base to provide proof of concept before considering the potential equity diluting concept of a VC partner. So, when you are visualizing the idea of opting for venture capital, it is important to research before you get started.
4. Build it and they will come
This is another prominent myth that thinks that if the entrepreneur builds it, the customers will flock in abundant. And when this doesn’t happen, they continue building adding features. The “build and they will come” theory have only worked in few cases, it is wrong to assume that the same will work for you. The majority of the time you will have to spend on marketing, building relationship and selling the products.
5. You need to put in 80 hours a week
It is a very common myth that a startup entrepreneur is expected to work non-stop. Agreed, that a startup company will need more attention and minute detailing to make it successful but entrepreneur do sleep. The chances are if you are working that much, you are not doing very productive work most of the time.
The above mentioned are just few but common myths that have heard and come across when talking with fellow entrepreneurs. Every startup is different and difficult in its own way and no same marketing strategies can be levied, hence every startup owner come across different challenges and opportunities that helps them improve their organizational structure.
As always, let me know your thoughts on the topic. I’d love to hear your ideas and views in the comments below.
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