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Startup Myths: Busted

Last Updated by Deepanshu 14-Mar-2021

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Myths have been there for as long as mankind itself. They are often created by people having less or no knowledge about the particular thing they refer to. The same goes for startups, people with less or no experience often create stereotypes and myths regarding starting a business.

Ever wondered when you discuss ideas for a startup with your friends or colleagues and they interrupt you saying that the idea is already executed, or it will not work out in practical life. 

Let’s bust some of these myths:


Your Idea needs to be unique

While it is preferred to think of something innovative and new for a startup, but it is not the case in real life. Let us take examples of Facebook and Google. Facebook was not the first social media network, there were social networks such as MySpace, Friendster, Second Life, etc before Facebook, but the implementation and efforts of Mark Zuckerberg made Facebook the most widely used social media network. The same goes with Google, it was not the first-ever search engine, but today we can’t even think of anything else than Google.


Startups are only for the young guns

This is also one of the biggest myths regarding a startup that only young minds have the enthusiasm to start something new, but this report from The Guardian says the opposite, while it is true that young entrepreneurs have a lot of time to invest in their business but they often lack the experience and capital required to understand the need of the startup. According to the report, the age of 40 is the average for starting a business because you’ll have the experience, network and capital that you can invest in your idea and make it into reality. Age is just a number if you are determined.


Entrepreneurs are from the best universities

Not getting admission to the top colleges is not the full stop for your career. Not all the talent in the world is being processed in these universities and in fact, most of the successful people did not go to these top colleges. An innovative mind is all that is required for your next startup idea to come into reality.


Startup failure is your failure

The failure of your startup can never reflect your failure. There is always a valuable experience that you learn while your startup fails to perform. Even companies like Google have many failed ideas that they invested in, such as, Google+, Google Video Player, etc. You get to know all the reasons where your product failed and overcome in your next try. There is no such thing as “perfect”. IMPROVISE, ADAPT, OVERCOME


You need large investments to start with

You don’t need a million-dollar budget to start your business, you can always start with your personal resources. Remember, all the largest companies started from a garage. Make your idea into reality, gain your customer’s trust and build your personal brand to attract new clients and investors when you require one.


Conclusion

All these myths and stereotypes are set by people who never tried or quit trying after the first few times. The reality is you have to try really hard, each failure builds you stronger and better. One day, your moment to shine will come, and then you will realize that all these myths are to stop you from trying, once you pass through them there is no one stopping you.

We hope you enjoyed reading our blog. Please make sure to let us know if you have any suggestions on how to make it better in the comment box below.


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