With the expansion of the global business market, a number of start-ups are now emerging. Many make it big while don’t make it big. But the excitement and expectations while starting off are huge because of all the start-up success stories in the market. Various myths about Business startups exist today in the market.
With all the available information many are misled into believing certain myths about start-ups that exist and should be dealt with.
Here are 6 of the most popular myths about start-ups and ways to deal with them:
Myth 1: Be the most unique start-up
The pressure of being the most unique in what you do is high today. Many start a business keeping this in mind and end up failing. Many are demotivated from starting anything because they feel that they don’t have a unique idea.
But the truth is that starting something unique shouldn’t be the focus. Doing something worth-while is what makes a business grow and stay in the business world. Google was not the first search-engine but is the best one. Similarly, Apple is not the only mobile phone manufacturing company but is better than most of its competitors.
Therefore, it is important to understand the need to deal with the existing market in a very impactful manner.
Myth 2: You need the perfect business plan
Many people are misled into believing that they need to have a perfect business plan before they could start with their business. Start-up businesses tend to set up plans to solve challenges and find potential investors. These activities take up a lot of effort and are highly time-consuming. Over a period of time, they can also become outdated due to the changing market atmosphere.
This makes it important to not waste time in building a perfect business plan and start researching the market you want to launch your product or service in. This will be helpful in even pitching a great and flexible plan to your investors which will also help you attract good investment.
Myth 3: You need a ton of money to start-off
Many fail in the initial days of starting a business because they are invested in finding funds for their business or they scrape out all their savings.
This can cause huge losses in the initial days of the business and cause the business to fail in no time.
The alternative is to decide the kind of business you want to do. This could be something you are already good at. You don’t have to do something out of your comfort zone and start learning new skills to start with.
Do something you are good at and save the additional expenses that could be incurred due to extra training or classes.
You could also take help from family and friends to start off.
Myth 4: You are not answerable to anyone
Many live in this misconception that starting a business means you aren’t answerable to anyone and can do whatever you please. It’s important to understand that business exists to serve the community and every business is answerable to the community and to every person working with it.
These people could be the employees in your company, your clients or your investors and you are answerable to them in some way or the other.
This makes it important to work efficiently so that you are able to answer any query from anyone attached to your business.
Myth 5: You can work alone
The myth of working alone doesn’t exist if you want to grow a substantial and big business. The need for various resources will always be there according to the changing business environment.
Various resources are required to start a business and keep it going. It is true that you can work alone but you might not be able to be as successful as you can be while working with a team.
Various businesses are able to survive in the market because they have good sales and marketing strategies and there are people to keep it going.
You need a team to work with you to help your business grow. It is important to hire people based on what they are good at to contribute towards the growth of your business.
For the long-term development of business employees, clients and investors are equally important and it can’t be just you.
Myth 6: You need a great workplace while starting-off
Having a great workplace to start your business is a myth that many give into. Many of the most successful businesses like Google, Apple started in garages. Even the founder of Dell Computers started his sales from his college room.
With today’s advanced technology, businesses can be set up within the available spaces and can be promoted.
Once you are able to make enough money to afford a space to transfer your professional work to, you should opt for that option. Good workplaces are one of the many things an employee enjoys while working with you.
Every business faces various challenges and it is important to stay prepared. It is also important to remain flexible and go with the flow.
Do you agree with us? Do let us know in the comments below.