Some common myths about business startups which you should avoid
When it comes to starting a new business, then you will get to hear a lot of option and information from your surrounding circle. But believe me, most of them are just myths as opposed to the real truth.
In this post, I am going to discuss with you some common misconceptions about business startups. If you are planning to start a new business on your own, these myths are something you should actually avoid. At the same time, you can also get some advice on how to give a kick start to your new business following with small objectivity and facts.
Nothing happens without investors
It is true that before starting a company, every entrepreneur chased after venture capitalists as well as angel investors who would be ready to invest in your business. It is completely true that funding is required for starting a business, but you have plenty of ways in which you can raise the capital even if you fail to grab the attention of the angel investors and venture capitalists. Some of the approachable funding sources include 401K plans, friends, and families, phone Bank savings, etc.
But for safety, you should also develop a backup plan, just in case, you fail to run your venture as per your chalked-out plan. Debt consolidation loan, debt settlement, etc. can help you out in that case.
Nothing is possible without a breakthrough idea
Of course, it is true that one needs to have a unique idea for starting the new business. The more unique your idea is, the better will be your chances of success. But multiple driving startups begin with just one simple idea but over the time market into something completely different along the way. You have to definitely pivot several times no matter whatever your startup idea is. The only thing that you need to take care of is that you meet the demand of the market and then gradually mold the same into a successful business.
Customers will only approach you if you have a great idea
Believe me, several startups are thriving in today’s market with the help of the age of notion, ‘build it and they will come.’ Always remember, a single business idea is not enough to keep your startup in good health.
If you expect the customers will flock to your business, you will have to make sure that they are aware of the presence of the same. This directly implies that apart from the executing and developing your business idea, you should also have the knowledge about how to make aware of your presence to your target audiences. Similarly, you also need to understand who your target audiences are and what they expect from your business. It is essential to develop an idea regarding how you will reach your target audiences so that they can become aware of your business presence.
There is a myth that during the initial stages of a startup company there is no need of spending money on marketing. It should be done only when the business is established and ready to move to the next level. But it is a completely wrong method because if you don’t make people aware of your existence in the market, then you will be hardly able to get any good set of clients. In fact, this should be one of the significant aspects of your business plan from the very first day. As an entrepreneur, you should design a proper foolproof marketing strategy in order to achieve your business growth through the press release, social media, content marketing, webinar or journalism.
Big competitors can throw you out of the market
There is always a possibility that your competitors who are already holding a huge market share might swoop in and take away your customers whom you manage to gather with hard work. But you can diminish this idea if you can provide your customers with something unique, which they don’t able to offer.
You have another element in your favor, and that is startups are not burdened with layers of useless bureaucracy and corporate culture. Competitive advantages are enjoyed by small-scale businesses, and they can provide better customer service owing to their small business size as compared to large companies who are not able to give proper attention to their customers because of the huge customer base they have.
You should give up if you fail in your business
There are lots of startups that come and go without the knowledge of people. You can get to see around thousands of startup companies getting closed in your city every year. But what we fail to see is that entrepreneurs who actually get the success often do so after failing several times in their life. One should have the willingness and persistence to recover setbacks.
You can do everything on your own
Of course, it is understandable that as a startup you can manage everything on your own because there is the problem of capital investment. But still, there are certain things which you cannot meet alone. You will need the assistance of a technology geek, financial expert, marketing wizard, etc.
But there is nothing to panic because you can hire them on a contract or freelance basis. You can easily get qualified freelancers and contractors who will be ready to provide you services according to your burgeoning business requirements at a much lesser salary than what you would require to pay a full-time employee. So, first, you need to understand what services you can provide your business by yourself and then the rest you can outsource to experienced people according to your decided budget. When the business starts growing, you can plan for hiring permanent employees.
Do not give ears to these myths because that will simply discourage you. Poor market stability is another factor which you will get to hear when starting a new business. Can you tell me when the market is suitable for setting up a startup? Well, there is no such time when you can expect a stable and ready market for setting up your business. So, you will have to work hard no matter at which point in time you prefer to set up your new company. I would always suggest that you avoid these myths and useless data and just focus on your dream. Create your market and start your journey today!