Myths, no matter how fictional, have origins. They are simply tales that might have been true at some point. Myths are persistent, tenacious, and unforgettable. To debunk a myth, you must refute it with a more powerful and memorable truth. That is why there have been so many misconceptions that have been dispelled as people started looking for those truths.
Sure enough, many aspiring entrepreneurs get caught up in these myths and they prevent most people from fulfilling their goals of starting a business. As most things are case to case basis they find it hard to know which is true, and before they know it, they have lost their opportunity. Here are seven common myths surrounding startups.
1. New is always better
Many starting entrepreneurs assume that they need to think of something new. A shiny concept that will attract people immediately. While novel things or ideas certainly have their charm, it doesn’t mean that it should prevent someone from starting their business. What startups need to do is make any existing concept better by adding elements that competitors don’t have. Improve something that is not working before.
2. Expertise is a must
While you certainly need to know what you are doing. You don’t need to be an expert at it. A plan remains a plan unless you actually do it. One can’t become an expert with theories and plans alone. Startups become successful because they learn and find ways to improve along the way.
3. Grand business plans
The market is unpredictable and obsessing over your business plans is not going to help you launch your startup. Simple is always better than having these grand business plans that you don’t exactly know how to execute. Start planning the core of your business and go from there.
4. Finding the right time
As they say “there is no better time than now”. You’re probably thinking along the lines of “the recession is really bad right now” or “I feel like people won’t find any use for my service or product right now”. While those are valid concerns you need to remember that some of the biggest companies right now started during a recession too.
While the current market may not be ideal for everyone, don’t assume that if you have an idea that you believe is ready for the world. You must put it on hold until conditions change. If anything, this could be the best moment to get started.
5. You’ll need a lot of money to start
While you need money to start your business, it doesn’t mean that you have to launch your startup with millions. There are ways to start your business with only a little amount of funds. You can do a micro testing and scale-up, take out a loan, and look for venture capitalists to support your startup.
6. Hiring a staff right off the bat
You can’t do everything alone, while that is true, hiring staff of the bat can delay launching your startup. Because it takes time and you also have to think of how you are going to sustain their salaries and other expenses.
What you can do instead is hire freelancers for specific core tasks that your startup needs. There is an abundance of freelancers that you can hire on a project basis. Hire your staff when your business can sustain itself.
7. All work and no play
It has been a common misconception that when you launch your startup, you need to focus all of your time and energy on it, but that should not be the case. While it’s true that you have to spend a lot of time on your startup, you need to find a balance between it and your personal life.
In order for you to succeed in your startup, you also have to invest in your overall well-being. Being mentally and physically drained can be a recipe for a disaster. So, remember to take some time off once in a while to recharge to ensure that you are ready for anything that comes your way.
Starting a business is not easy, and myths like these add up to the apprehension of entrepreneurs. However, you will never know what will happen unless you start. Like they say, “slow and steady wins the race”. Focus on what your business core is, plan, do research, and go for it.