Like the established industries, startups face an equal share of challenges. While about 305 million startups are created annually, 90 percent end up closing down. The main problem is that most entrepreneurs expect accelerated profits from the business immediately after beginning operations.
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When starting, young entrepreneurs are also prone to picking negative advice from people—not knowing they are only expressing presumptions towards their idea. These misconceptions are roadblocks to their business success if they believe they’re true. Here are five startup myths you should ignore.
1. You Need to Hire Experts
Startups don’t need expertise! There are other aspects of your business to concentrate on other than hiring expensive experts for your business and probably committed elsewhere. Instead of wasting time and resources looking for experts, you can widen your search to other skills like someone compatible with the company’s culture.
Your primary focus when starting up is to deliver what you can with what you can afford, hoping to grow with time. Hiring people with the right skills who fit your startup budget is also essential.
2. You Need a Unique Idea and a Perfect Business Plan
Startups don’t need to reinvent the wheel or have a ‘perfect’ in their vocabulary—they will only waste time and limited resources. Waiting for a perfectly polished business plan can take you forever. Start with what you have, and don’t search for a unique idea.
What will determine the success of your business is your dedicated execution and customer satisfaction as opposed to the uniqueness of your idea. It’s worth noting that even the ideas behind the big industries in the market were once startups who chose to deliver their services/products creatively amidst the competition.
3. Startups Need an Investor
When starting your business, you don’t need the intervention of an investor. While it’s okay to be financially stable to support your startup, there are other options that you can exhaust before turning to investors.
You can seek family and friends’ support, talk to your bank, fundraise or apply for a startup –funding from the government. When you’re set to start, never heed this myth—most investors like supporting already established businesses.
4. You are Too Young
Age is one of the startup myths that has held many entrepreneurs captive of their ideas. If you can fathom your startup idea, let nobody tell you there is a certain age for you to start.
It’s easy for you to start a business when young because you will grow with it, unlike when older.
5. You Need to Know Enough about the Business
You don’t need to know much about the business when starting—but have the passion for learning the ropes. Understanding expenses, profits, and income are the most basic—the rest you learn as they unfold depending on your business
You can also take online courses related to your startup to ensure you increase your knowledge and understanding of your business. However, you can hire a team that is conversant with what you don’t understand and relieve the struggle while you concentrate on growing the business.
Startups face many myths, and if you’re not keen, you will never start. Most of these misconceptions express personal fears and dislike towards your business.
Most of the big names in the industries did not start and rank the same day—there has been a struggle not presented in public. It’s good to be aware of these myths before making decisions.