When launching a start-up you may be bombarded with myths that hold you back. Today we will debunk the myths and help you to start your journey to being a successful entrepreneur. Each myth looks at different aspects of the entrepreneurial journey. Let’s take a look at seven myths about launching a start-up.
MYTH #1: Your idea needs to be original
Original ideas are hard to come by as most ideas have been done before, but this should not dishearten you. When considering a business idea, it is important to consider what problem is it solving and how successful are your competitors in solving the problem. If your idea already has a market, you know that it might be a viable business opportunity and if you can improve on the delivery of the offering compared to your competitors, you may be able to have more of the market share.
If you do have an original idea, you may need to have a robust marketing plan to help bring your customers on board to see the benefits of buying your product or service.
MYTH #2: You need a perfect plan before you start
It is very hard to create the perfect business plan because of how quickly technology and markets change currently. Therefore you need to create a simple one-page business plan which helps guide you on your business journey. This document needs to be seen as a living document and can change as you get more acquainted with your business.
In this document, you will highlight your value proposition for your client, what problem your market has and how you intend to solve it, who your target market is, how you will fund your business, who will be on your team, or who you will need to employ, and who you could potentially partner with. With this information, you have a guiding light for your business. Without a business plan, you won’t ever know if you have gone off course and you may struggle to remain focused on the problem you wish to solve with your product or service.
MYTH #3: You need to invest a lot of money
If we look at Apple, Google, or any other big-name brands, they started off small. Some even in the garage of their homes. When starting a business, you need to identify the minimum amount of money needed to get your product into the market. You need to focus on making a core product which you can test the market with before you add all the bells and whistle to your product. By testing the market with your core product you will receive feedback on what can be improved on. Then when you have the best core product, you can start looking for investors. Remember that when you take investors on board, they will want a share of your business and you will need to give them some control in your company.
MYTH #4: You will be an overnight success
Many would-be entrepreneurs, look at the success of brands and think they have been an overnight success but they haven’t seen the struggles those entrepreneurs have been through to get to where they are today. Many successful brands have been working at their business for many years before they hit the jackpot. It is important to stay the course while you build your business because you may only see a return on your investment in the fifth year or beyond of doing business.
MYTH #5: You can build anything and you will have a market
Some people say “if you build it, they will come” but you have to be careful about what you are building. If you build something which only satisfies one person’s need and can be used once and never again then there is a good chance you will not be successful. You need to ensure that the offering you create solves a real problem within your market. You may satisfy the problem in a different way than what your customers expected and that is where the creativity of entrepreneurs comes in. Seeing a problem and finding a unique solution to satisfy it.
MYTH #6: You are your own boss
Though you may have more freedom with your time and may not have a boss breathing down your neck. You definitely have people to whom you are accountable. They are your customers, your suppliers, and your employees. You need to ensure that you run your business so that you are on good terms with all those who have a vested interest in your business.
MYTH #7: You need to work 24/7
When starting your business, you need to be disciplined on the time you will spend on building your business. It often occurs that entrepreneurs dedicate a lot of time to their business and eventually burn out from the amount of work they do without taking adequate time to rest. When you work to the point of burnout you will damage not only your physical health but your mental health too. Therefore, it is important to be disciplined about how you work on your business from the start.
We hope by debunking these myths you will be ready to launch your start-up and begin your journey to becoming a successful entrepreneur.
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