What is a myth? A myth is a commonly held but false belief, a common misconception. It is a popular conception about real things, people, or events that exaggerates or idealizes reality. It is important to know what a myth is because at times people assume they know what something really means. In the world of business and entrepreneurship, there are countless myths. That is really the case in any field of endeavour. Myths can be limiting and can cause people to not embark on their pursuits. In this article, I discuss 7 myths regarding launching startups.
Originality Or Novelty Of Ideas
So many people have been socialized to believe that startup success is only for original or novel ideas. It is extremely rare to come up with what can be termed an original or novel idea. In some regard, an idea can somewhat be original or novel if introduced in a location or environment where it is unheard of. There actually is nothing new under the sun; what you think has never been done has already been done. Recently in Armenia, a 5500-year old leather (complete with laces) was found in a cave. This is just an example to show you that nothing is really new under the sun. Do not ever doubt or question the efficacy of your startup idea simply because it does not seem original or novel.
Perfection From The Get-Go
What is a startup? A startup is a business or company still in its budding stages, put up to address a particular human problem or need in an operating atmosphere of utmost uncertainty. This entails there is going to be lots of tweaking and adjustments along the way. Your initial idea might even end up changing along the way. Thus you should never think that for a startup to succeed things should be perfect from the get-go. There will most likely be chaos and turbulence as you seek to strike the perfect balance. Things gradually take shape as you proceed so do not be unreasonably obsessed with perfection from the get-go.
The Need For Lots Of Capital From The Onset
I have heard so many times saying they cannot start anything because they have no capital. Many people think you need loads of capital to successfully start a startup. Though in some cases that is so but it is not a universal scenario. The most important thing for you to do is to start – from where you are no matter how small. It is said that money follows good ideas and that is actually true. You do not necessarily need to have money on you or in your possession to successfully launch a startup. Especially nowadays with many tech advancements, it is possible to have a minimum viable product with very little capital needed. Closely look at examples such as Facebook, Google, and Twitter when they started. Very little was needed at the onset – the product was substantial even before investors started coming in.
Success Will Be Instant And Rapid
There is no such thing as overnight success – that is a fallacy. It is funny how people even use that term because it usually obscures the truth. The sense of being ‘overnight’ stems from how something can become public later. What people will be oblivious of is the fact that so much was done before that breakout moment. It typically takes months and even years of ups and downs to reach a breakout moment. You could say that it takes months or years to become an overnight success. Inputting together a startup never go in expecting instant and rapid success. Unreasonable expectations will only culminate in crippling disappointments. Trust the process and be patient!
Market Is Always There
Many startups have failed to take off because of this grave assumption. Just because you have put together a product does not automate it’s being sold. There are countless examples of exceptional products or services that never had a market needing them. This all goes to show you the importance of not foregoing in-depth market research. Before you even get to a point where you have a minimum viable product, ascertain the existence of a market. Thinking that for whatever you come up with there will be a market is unwise. The market is not necessarily always there – sometimes it actually is not there.
Riding Solo – Being Your Own Boss
One of the reasons why people quit their day jobs is to become their own boss. What these people do not realize is that being your own boss is only but for a short while. If you are serious about becoming a successful startup you will realize that riding solo is fleeting. There will come a time where you have to be accountable to someone or some people. You will probably need investments and even business partners. At the most basic level you will have to be accountable to your customers, relevant authorities and so on. So being your own boss will not last a lifetime per se; it is extremely short-term.
Long Days And Sleepless Nights
It is commonplace to hear entrepreneurs remarking on long days and sleepless nights. Most people even fear setting up startups because of this. The truth is that it is not every startup that is put together through long days and sleepless nights. In fact, most entrepreneurs exaggerate their life stories to make them juicy. Long days and sleepless nights can actually be an indicator of poor time management and lacking delegation and outsourcing. You can establish a successful startup with normal days and good night sleep. Remember quantity does not always equal quality.
I am confident this article will ignite the fire in some people that had given up. I wish it will also ignite those that had been procrastinating or hesitating because of such myths. In life you can create your own reality, so do not be misinformed by misconceptions.