What do you do if you’ve got a brilliant idea but you’re short of cash? The answer is simple: create a startup!
There are many incredible stories of word-wide brands with humble beginnings. Just think of AirB&B where three guys looking for accommodation while attending a San Francisco conference ended up creating a business. Or Uber, which started with Travis Kalanick and Garrett Camp complaining about finding a cab.
In the light of these successes, it’s a common belief that creating a startup equals instant wealth and success. However, things are not quite that simple, and any entrepreneur can tell you that the road to their first million wasn’t so easy. There are lots of bumps and potholes!
Here are 5 busted myths about startups:
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MYTH #1: THERE ARE RICH PEOPLE READY TO GIVE ME MONEY TO REALISE MY IDEA
As would-be entrepreneurs, we’re in love with our ideas. We all think they’re awesome, unique, and ground-breaking. It should be impossible for anyone not to share our passion and consequently hand over money for its realization. As any experienced entrepreneur will tell you, you’ll hear more ‘noes’ than ‘yesses’ before somebody finally gives your product the attention it deserves. The truth is that many startups go for months without salary, and debts soon pile up. So be ready to tighten your belt.
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MYTH #2: MY PRODUCT WILL BE ON THE MARKET IN THE BLINK OF AN EYE
If you believe what they say in the media, all you need to be successful is a good idea and your product will appear on the market as if by magic.
The reality is that between the idea and the final product there are many setbacks, and once the product is finalised, it will need time to crack the market.
photo by Ricardo Gomez Angel on Unsplash
MYTH #3: MY IDEA WILL MAKE ME SO RICH I WON’T NEED TO WORK ANYMORE
Who doesn’t dream of spending their golden years in a beautiful resort, doing only the things we want to do? You might dream that your business will be known worldwide. Unfortunately, billion-dollar startups are few and far between. Dreams cost nothing, but reality means that turning around the finances of a startup takes time and hard work. You’ll need a couple of years to establish your business before it becomes profitable. If profit is the prime motivation for doing what you do, take a step back. You could end up disappointed.
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MYTH #4: I’M A ONE-MAN BAND, AND THAT’S ENOUGH
Creating a business isn’t just about having a great idea and the personality to sell it. Your “animal magnetism” alone won’t make your startup a winner. We believe we can do everything, from PowerPoint presentations to writing the blog for our website – which of course we designed and created ourselves. The truth is, it doesn’t matter how skilled or knowledgeable we are, we just can’t do everything ourselves. The reality is that going it alone won’t get you very far. Having onboard people with whom we can share different aspects of the business can make our dream all the more possible.
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MYTH #5: EVERYBODY WILL CARE BECAUSE I CARE
The truth is that most of the time when you announce that you’re creating a startup, you’ll be greeted with a resounding silence. Very few startups begin with fanfare or create a fuss in newspapers and social media.
The reality is that only a reputation for offering a great product or service will get you into the spotlight of the business world.