10 Most Common Startup Misconceptions
Different start up players are entering the market everyday. Business dynamics prevailing 10 years back were a lot different from today. Exposure for start-up’s has witnessed a huge spurt with the advent of the internet. Advertisement has become much more easier and reliable. However, there are many misconceptions about Start-up Business. Many young entrepreneurs assume them to be true. We present a list of Ten common Startup Misconceptions among Entrepreneurs-
1. Money is the prime Aim.
No it’s not. Your start-up’s prime aim should be to create value. To serve. To make a difference. Every successful story, from Facebook to Google, was driven by a vision of mastery. These enterprises made a difference in the lives of people. And that is why they succeeded. Always think of the long-term value your business can create. Become a master in your field. Money will definitely follow.
2. One should wait for the perfect opportunity.
Entrepreneurs like Jay Z and Warren Buffett did not wait for perfect circumstances to execute their dreams. Jay Z used to make rap beats by banging his kitchen table. Warren Buffett at the age of 13 collected Cola cans and made money. Leaders start with what ever they have, where ever they can. Perfect opportunities won’t deliver perfect results. Perfect attitude and efforts certainly will.
3. Team is not so important.
“Our assets walk out of the door each evening. We have to make sure that they come back the next morning.” A very famous quote by Mr. Narayan Murthy. It holds true in every sense. Your team is indeed an asset for the business. Never under-estimate the importance of hiring productive people for the Business.
4. You should necessarily indulge in something different.
When Google entered in the search engine portal business, 80 players were already functioning. But they persisted and strived with better search options. Today Google is a synonym to Internet search. Similarly, Myspace and Friendster were already in operation before Facebook began. Do not let a great idea collapse simply because a similar one exists in the market. Competition is healthy and you will always have a chance to make a difference.
5. Competition will not distract you.
It will. There is a very high probability that your idea has already been thought over by a dozen entrepreneurs. But the entrepreneurs with Will and courage always have an edge. The idea for Facebook was sublimely conceived by a few friends of Mark Zuckerberg. But Mark had the urge to execute the project. As mentioned earlier, Competition is healthy. It must inspire you to push the envelope.
6. Failure is bad.
” I’d rather die enormous than live dormant”. One of the most famous quotes from Jay Z. Great organizations never strive under the comfort zone. To succeed you must take risks. Do not be afraid of failing. Rather fail faster. Because it is the pathway to growth. “I can accept failure, everyone fails at something. But I can’t accept not trying.” – Michael Jordan.
7. Long working hours means greater productivity.
The traditional ‘9 to 5’ work schedule is no longer in trend. Long working hours never lead to more productivity. A good state of mind and dedicated efforts certainly do! As Zig Ziglar mentioned, ‘ Your life on the inside determines your life on the outside’. It is the quality of work which matters not the quantity. Maintain your spiritual and emotional balance through out the day. Work will become much easier.
8. Diversifying your product line is the only way to grow.
Confucius said it wisely, ” A person who chases two rabbits catches none.” It’s better to be a master in a few thing’s you’re good at. Outsource every other thing. Keep your focus intact on the core aspects of your business. Too many cooks indeed spoil a meal. It’s not always a wise choice diversify the product line. This may cause frustration among the initial users. Stop managing your time. Rather start managing your focus!
9. It’s okay to become complacent after you’ve been funded.
With greater funding comes an even greater responsibility. Once funded, You will be held accountable to all the investors. No doubt, Funding feels great. Though it brings along the need to increase our sincerity towards the business. Money raised has to be channelized in the right direction. Investors are like spouses. They will always have a sublime role in the operations of your business.
10. Critics must be ignored.
Constructive criticism precedes growth. It is okay to ignore blind critics who make assumptions without precise knowledge. But criticism from customers, investors or clients should never be ignored. They, most likely, give a productive and honest suggestion. Listen to it carefully. Reflect upon it. And make efforts to enhance the organization.
Do you agree with the above list? Tell us the misconceptions you’ve encountered in the startup journey so far.