Myths of Start-Up Entrepreneurship

Every time when you open your Social Media account or YouTube videos, the one common thing that you see is the motivation and success formulas of Elon Musk or Mark Zuckerberg, or Jack Ma. People get charged and dream to start an Entrepreneurship journey. Without getting prepared, they get into action immediately. Because of this ignorance, we pay a heavy price in terms of loss of reputation, debt, values, and culture. Starting a start-up company is not just creating a website or an online solution. A few myths about start-up entrepreneurship are given below;

Every idea can be materialized - We think every idea can be materialized at any point in time. No. Every idea has its own time of launch. A luxury product idea at the time of a pandemic is an example.

Everyone is happy - We think everyone around us will kick the air, jump for joy, motivate and appreciate us. Not everyone is happy with our success. There are people who care for us, advise us, are jealous, and envious.

Immediate Support - The rosy picture of successful start-up efforts goes in vain when the dream meets reality. Right from company registration to taxation, a proposal to client acquisition, product sampling to completion, and expenses to investment nothing is going to be easy. No one will come forward to do handholding. We have to run post to pillar for all the needs.

Success Mantras - You may see a lot of quotes, plans, videos, and interviews of successful entrepreneurs. One should realize that hardship, perseverance, and never giving up attitude are common among successful entrepreneurs. But the path, decisions, problems addressed, and solutions provided are different from each other. The success mantras can be a motivational factor alone but each one of us has to walk the path on our own and identify our own formula for success.

Company Taxation and Laws - A child doesn't pay taxes unless it is earning huge money. But a start-up organization is created by the savings of the individual and the monetary support of their contacts. Right from the incorporation of the company, taxes and company laws are imposed. Whether there is revenue or not, the filing of taxes and other activities will be started. No one worries when the start-up struggle. But if it makes a profit, the government is the first body that claims its share without getting invited.

Overwhelming Audience - The solutions that the entrepreneurs provide need to be a real need in the market or it has to create a disruption in the market. Yet another solution/product/idea should be evaluated at its nascent stage.

The Learning - The start-up entrepreneur has expertise only in the solution. But the excel sheets, growth prediction, and other exercises kill a lot of time. When the company grows, the individual has to learn finance and marketing. Start-up entrepreneurs need to learn all aspects of running a company.

Funding and Investment - If the idea/product/solution is disruptive, you will find a lot of people to claim a lion's share. Some investors are wicked to invest less money against huge stakes. Knowledge of funding and investment is important.

Manpower and Planning - Finding a like-minded partner, and workers to run the start-up is very much important. At this stage the investment is huge and expenses are high. But the returns are very less.

We will look into each aspect of the myths in a detailed manner in the coming days.

Start-up and Gearup