7 Biggest Startup Myths to Ignore and Success Stories
Startup company success stories always inspire anyone to consider the path of entrepreneurship. Founder stories of top business giants or the startup success story of someone you know personally and their life might even influence you to take that leap of faith. But deep down, in reality, there’s a lot of doubt or myths about what makes a startup successful.
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In this blog, find out the biggest startup myths that anyone starting a startup or a small business must ignore.
Table of contents
Myth #1 - If your business plan isn't perfect now, you won't succeed in a startup.
Myth #2 : Startups must come up with innovative, new ideas to be successful.
Myth #3: If you don't have a college degree, you won't succeed in a company.
Myth #4 : A company culture is not necessary at the beginning.
Myth #5 : You can't profit before you expand
Myth #6 : Live a miserable, no sleep, no friends, no family life now so you can enjoy it afterwards
Myth #7: All startups need support from investors
Let's dive in!
Did you know that the Netflix Co-founder Marc Randolph was never a believer in business plans? And perfecting one would not do much to help you succeed unless you believe in your goals. Perfection doesn’t exist and you will never reach perfection unless you begin from imperfection.
Entrepreneurs frequently use the adage "Perfection is the enemy of done." And so most entrepreneurs begin their startup not knowing much- learning from mistakes, team communication, and networking. So you need to let go of this myth of a perfect business plan. Instead, believe in yourself and focus on your business growth, to reach startup success.
If you were asked to name a few successful startups you know, what are the ones that comes to your mind instantly?
Apple, Google, Microsoft, Tesla? These are some of the biggest names that started as startups to stand today as giants in their industries. But what do they all have in common? First to succeed with an innovative, unique idea? Maybe not.. because they all started with a no-brainer existing idea and also mastered their business strategy, product positioning, customer experience, and so on. Likewise, there’s no necessity to begin with an innovative idea as long as you know how to win the market and the consumers.
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You can start a business without a college degree if you have a strong desire to pursue your entrepreneurial dreams and to never stop till you reach your goal. You've probably heard of well-known entrepreneurs, including some of the founders of Apple, Microsoft, Facebook, Tesla who accomplished success even though they were college drop outs or without ever attending college. And you won't be the first when there are already more than 100 successful entrepreneurs in the world. So if you have a college degree, you can put what you've learned to use, but not having one does not exclude you from being an entrepreneur.
If you’re a team of four, six, or ten company culture might seem a bit of a waste of time, at the initial stage. However, having a company culture means a team that constantly communicates, organizing daily meetings about team struggles, achievements, fun activities, growth session and so on. Creating a positive working environment can impact the growth of the startup and a strong teamwork can ensure a smooth startup journey.
Making money during a startup's early phase is sometimes connected with "You're doing it wrong." However, you can be profitable if you take the steps to reach out to customers and effective marketing strategies which directly impacts the growth of the startup. For example, Offering services or products for free and gradually adding a low pricing value to your products, services is one way to earn some profits. And First1000 is a great place to find out the tactics, strategies and success stories of business tycoons such as Airbnb, Stripe, Discord and more giants and how they reached their first1000 users.
Another common myth about working at a startup is that you have to give up your time of leisure, and relationships in order to develop a profitable business. But working on a startup journey also means that giving up is not an option. Better health, good relationships are key aspects that will empower entrepreneurs. Moreover, organizing daily discussions with team members on self development, personal growth can also contribute to productivity, well-being and better company results.
Even though you need to be financially stable to launch your business, many great businesses were started without any significant investor. Richard Branson, the founder of Virgin, didn't take any outside investment at the beginning of his career. Michael Dell, the current CEO of Dell Technologies, started selling computers in his dorm room at the age of nineteen without the help of any other investors. If you lack the funds or resources, there are other alternative ways to get financial assistance, including bootstrapping, crowdfunding and more.
If you’re young, or believe that you have what it takes to be a successful founder, entrepreneur and an empathetic leader, don’t believe in myths about startups or that you’re inadequate to be a leader. It’s only through executing that you learn to grow, understand and master what’s important for a business. So, ignore these company startup myths and take a step to achieve your dream and live the life you want.
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