Startups are already quite prone to various things, tough market competition, financial crisis, and now myths also? No way! For a start-up owner, myths can work as a slow poison, finally suffocating the newborn business to death.
There are many types of myths or misconceptions related to startups that you should know to play safe if you are also a new business owner. Have a look at them here –
5 Myths About Startups Business
1. Startups are easy to start and do not need much hard work!
Seriously? It is a big joke if someone really thinks so. The most common reason for such type of perception can spoil your efforts in the middle of the journey. However, it is not always a difficult thing to start a business, but at the same time, it is also not something that you can take for granted.
- Normally such perception develops due to the small size of the start-up businesses.
- Some businesses start with a very small investment, and people think that efforts are also less.
- Start-ups sometimes are started as part of the experiments making people underestimate them.
Hard-work is required in anything you do in life. It does not depend on the size of a business. The actual point is how determined you are to get success.
General challenges that make a startup owner work hard
Everyday struggle with money management for working capital and other commercial things.
Fear to reach the wrong type of group of customers, which may result in misuse of resources.
Spending sleepless nights in making the business strategy to launch the product/service in the market.
Collection of customer data through extensive market research including fieldwork.
2. Start-up businesses are usually alternative to unemployment!
Again, a myth that can break the start-up business industry’s backbone kills the countless minds that generate innovative ideas. A start-up business is never an option for joblessness. In fact, it is a complete choice that an employed and unemployed person can make. However, there are start-up loans for unemployed available, but that does not mean they are for the jobless only.
- Start-up businesses do provide security to those who do the job. A salaried person can prevent the extreme financial crisis with an additional income from a start-up. In case they get unemployed in the future, at least there is support to fight the tough times.
- A Start-up business is an individual initiative by a person that needs no special financial or employment status. Those who think it is only when you lose or leave a job can never grow as an owner.
- Start-ups are basically the creative forms of innovative ideas of creative people who take the initiative to give something new to the world. It is, in fact, a small but vital way to support the economy.
3. You do not need employees for a start-up!
This misconception makes many start-up owners act over-confident and try to be the one-man army and do everything independently. But when they actually meet reality, the haphazardness starts rising, making daily tasks difficult.
- A start-up can be small in scale, but it has multiple tasks to perform, which one person cannot perform every day. There has to be a team to handle various activities. Besides, the work that needs expertise in a specific field cannot be done by you. You may be able to set a new coffee maker in your office, but you might not know how to fix the technical issues. A person from an engineering world needs to do that. Hire one, or take support from a friend, or whatever it is, the basic idea is that you cannot work on everything on your own.
Example – Just imagine at 9 o’clock in the morning you have to meet an important person for business purposes at another location. At the same time, you will have to receive the delivery of a machine, scheduled to be installed in your workstation. Will you be able to ensure your presence at both places at the same time? Certainly not. If someone is there to get the machine installation done, you can make a convenient visit to that person. Isn’t it?
- Usually, start-up owners hesitate to trust other people and hand over their responsibilities. But at some point, you have to accept the fact of dependability on others and leave things on others. To make a perfect balance between all the activities, you have to let others work for you.
4. You can not get success in a startup before one year!
It is one of the top myths about startups business that you need a specific time to get success in your business. In fact, you may have already made your plans but if the plans do not work within a specific time, you simply can change them. It’s not that tough for an entrepreneur. Every business work according to their own time limit. And you know it better if you are a business owner.
- There are startup myths like “you can not get success before one year” or an opposite myth like “if you do not succeed in one year, the startup business is not for you”. You must avoid these myths and plan accordingly.
5. It is very easy to close a start-up business if things do not work!
Not all business ideas work, and sometimes people think that they will close the business if they feel the same. After all, it is so small, and it is their own, and they can do anything to it and whenever they want. That is all.
- You may be the only owner of a start-up, but your business may have several liabilities to others for varied commercial activities. Not only liabilities but also some pending things. You may forget that an order for new furniture can be on the way coming to you. If you cancel it, you may have to pay the penalty. So in many cases, it is not easy to close a startup if it fails. And this is one of the top Myths about Startups Business.
- There is a legal procedure to close things, and if you fail to do so, things can get complicated for you. Anyone from suppliers to the dealers, need to be informed. They may need to complete some formalities with you.
- You need to pay off all related debts. Whether you have taken small business fast loans in Ireland or a mid-term machine loan, it needs to be paid off on or before time. If you are paying off early, you need to inform the lender while submitting some related documents.
You should be aware of these Startup Myths…
Start-up owners should always make sure that they are away from all types of startup myths that make them take a wrong turn. In fact, knowing about the actual facts of the start-up industry is the first thing that one should do as the prime precondition of opening a business. If you have a new business, stay informed, and then only you can stay strong as a start-up.
Description: There are several myths about startups business that may cross your way. And you need to make sure that you know about these startup myths.
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