Exeleon Magazine

10 Myths of Startup Revealed

Man sushing down myths

Here are some of the most common myths of startup that we have busted :

It is all about having a brilliant new idea: It is not just the idea itself because many people might have thought of the idea before, but what changes and advantages you bring into the picture is what is actually important.

If your product is made on the basis of a good idea, customers will definitely come to you: Customers will definitely come to you, if and only if, the product that you have developed is of actual value to them. As soon as you make a product it does not mean that customers will flock towards it.

You must have a very detailed business plan: It is wrong that you need a very elaborate business plan in order to succeed in the business venture. Yes, it is important that you must have some business strategy, but not definitely professional and detailed one.

It is important to have quite a big capital: Many people tend to back out of start-up business plans because of this misconception. If the idea is good enough and is pitched perfectly, funds will automatically come in.

The founders of the business are their own boss: It is not always the fact that people who have founded the business end up being their own boss. As a matter of fact, they have quite many numbers of people they are responsible to for their actions.

You must get hold of that one particular huge customer: Get rid of this notion that if you get hold of one rich and influential customer, you are good to go in the business world. You should have global outrage as your motto.

The more the developers the better the business: Success does not depend only on the developers, it depends also on the sales, finance, and all other domains associated with an entire business.

The best friends will become the best cofounders: The personal life should always be differentiated from the professional life. If they tend to mix up more than they should, it will probably cause more harm than good.

The cheaper your price, the more competition you defeat: Many start-up businesses enter the market with the plan of providing the cheapest rates in order to get the most traffic. This often backfires and causes failure at the first shot.

When you start off, company culture and ethics don’t matter: If you cannot develop a good company culture and work things at your professional level in the first place, then you cannot hope to have a good business culture later on.

Do not fall prey to these myths of startup, and you will have complete focus on your business and guide it towards success.

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