Most entrepreneurs rely so much on unfounded rumors, which deter them from making a bold step in building their businesses. The idea of the start-up has a lot of myths surrounding it. As an entrepreneur, the best you can do for yourself is to ignore these unwanted opinions.
Consider these myths that keep haunting start-ups from growing into bigger businesses:
Myth 1. You need a venture capitalist to succeed as an entrepreneur. It is tempting to believe that getting a venture capitalist is the fastest and easiest way of funding your start-up.
● Truth: Getting funding for your business can be very thrilling. It cannot be entirely true that venture capitalist is a sure bet to success. Only a small percentage of venture capitalist-funded businesses can provide the 10 - 50× demands to make returns on the investment.
● The truth is that there are several means to raise money to support your business. Even if conventional approaches fail, there are other options you can try to get your business going.
Myth 2. You need a detailed business plan. Most entrepreneurs lock themselves up for months and years with the motive of putting up a perfect business plan. They intend to put up good scenario planning and make detailed financial projections.
● Truth: These days, the market trends vary so quickly. You will not be able to project how customers will react to your goods or services. Also, you cannot anticipate the technological advancement that will emerge. All these factors can cause a change in the business environment.
● Your main focus should be on how to get the best product and services that present solutions for your demographic. Set strategies to meet potential customers, get their feedback, and make corrections quickly.
Myth 3. Your idea must be original. You must be creative and innovative to be a successful entrepreneur. Your start-up idea must be 100% original.
● Truth: Building a start-up is merely finding a solution to an existing problem in a given demographic. It can mean providing a newer solution to a current problem. Identify a flaw in an existing solution and then upgrade it.
● As an entrepreneur, you can upgrade on a past failed idea. You can also combine two or more technologies into a single idea. Most of the existing innovations and technologies did not make sense initially. With time, they got the market's recognition and made waves.
Myth 4. You can't compete with the giant. Big businesses are insurmountable. As a start-up, you are too small to compete with the more prominent players. There is no way you can compete against the market giants.
● Truth: It is time to change your thinking. As a small business, you can learn to thrive on the big giant's shortfalls. Determine where the larger competitor is positioned, learn their gaps, and fill them.
● Putting up a good marketing strategy that will make you different from your competitors is good. Consider price matching, target customers, and product differentiation.
Myth 5. There is a "right" time to start. Most times, you hear comments like: Hold on! It is not the right time.
● Truth: The only right time is when you are passionate. There is no right time to start a business based on external market factors. As an entrepreneur, it’s important to focus on growing the business with persistence and perseverance.
● When your passion and commitment are in the business, you will learn ways of doing things effectively in order to achieve the desired results.
● Make the best out of every situation.
People can discourage you with a lot of things about your start-up. Some of their opinions may even pose a threat to your decisions about the business. The best thing to do is to visit the fact sheet and disapprove of the myths. Only through this can you move further on your journey to success.