Startups are the hot topic of discussions over every forum now a days. What should startups take care of, what should they avoid and what should they grab, while trying to establish themselves. Every website that talk about startups, basically ends up giving them an advice or two. Compiling all these articles, one can definitely gather a huge amount of information, that may help a startup, towards its success.
But once the data keeps on getting compiled and repeated, a web of false information also seems true. Sometimes its the startup entrepreneurs themselves who try to come up with theories of startup related success. Soon all of these false beliefs and assumptions take form of myths, startup myths, as people actually start trying them out.
Some of those myths that may lead your startup to its downfall are:
#1. Innovation = Originality
This is the biggest myth that startup entrepreneurs suffer from. There is a lot of difference between originality and innovation. On one side wherein originality means the invention of something new, that has never been done before, innovation on the other side, means bringing out a certain ‘newity’ to what has already been done before.
Innovation is the better choice amongst the two because it is safer to make fantastic changes in an already tried and tested idea. There are more chances of that startup being a success than a one that tries to think out of the box completely. If you look at Facebook, then it had many predecessors including Orkut, some of which did not survive. But their untimely death gave enough space for Facebook to be born.
#2. You Need Bucketload of Money to Start a Startup
Well there are a few ardent believers in this philosophy, yet again this is a myth. Advisors to startups testify that starting with a small amount of money is great considering the ratio of startup failures. You can also start a startup with a small amount of money as well and it can work perfectly well. Instagram started with 2 people and very less money, but I guess today I don’t need to tell you what Instagram is all about. It is famous in every nook and cranny of the world.
It is considered that mobile app development for startups is a costly affair and is way above the level that a newly established company can afford. However, this is a mere belief and not a reality. There are many companies that can make you an app, that is user-friendly and easily navigational at a decent price. A price that is very less as compared to the result it reaps.
#3. If You Build It Well, The Customers Will Come
This old school belief is still instilled in people’s mind. Even today, startup owners believe that if they keep on working towards their products, then people will come. This is, obviously, no more than a myth to the core. In today’s world it is as important to market as it is to create the product itself.
If you look at Facebook, users promoted it, using the word of mouth publicity. But it was marketing nonetheless, and without it Facebook may have gone towards its death like its predecessors. Without a certain promotion of your product, it has no future.
#4. Shhhh up! Don’t Let Your Idea Get Stolen
Most of the startups focus on signing the NDA with all its initial staff members, with the fear of their idea being stolen. They do not even attempt to share their plans to advisors, for a second opinion, because of the fear of their idea getting stolen. Whereas their own idea is also an adaptation of an existing idea. Instead, it is the best practise to actually talk out and take some advice on the matter from a couple and more experts. That way you can be sure about your plan ahead.
#5. If you fail, you take a final bow to the industry and Exit
I guess this myth even sounds crazy. There is one way in which you can actually make sure that they stay firm in the market after all. A failure actually defines you as much as a success does. According to Bred Feld, a Venture Capitalist, says, “While it is a cliche, failure teaches the big lessons. Most importantly, entrepreneurs that have some failure under their belt have humility and perspective that I think is deeply useful in the creation of the company.”
While it is ok to list startup myths down and may be even spare a laugh at them, what is important to avoid pondering on them. These may be the myths that stand in the way of your success. With everything going in your favour, it might be you, who becomes the blockage to the growth your startup is destined to have.
Main Image: tech.co