Things You Should Stop Believing About Startups

Not every brilliant idea translates into a super-successful startup. Statistics indicate that 9 out of 10 startups do not even cross the 5-year mark. What is the reason behind this shocking figure? In reality, people blindly believe and follow a number of rules while running a startup.?

Even one of the most successful entrepreneurs, Bill Gates, has admitted to committing mistakes in starting a business. He mentioned: We did all kinds of things wrong. It is all about what worked out anyway.?

Surprisingly, the response can be applied to almost every entrepreneur’s life. There are times when people commit wrong things but find success through it. A number of factors like financing, experience, ideas, etc. are responsible for business success.?

An inexperienced business owner is 3X more likely to fail with a fresh startup as compared to an experienced entrepreneur. This is why learning and knowledge acquisition becomes an essential part of the journey.?

One is likely to counter both positive and negative advice regarding the business. However, a smart entrepreneur always learns from his and others' mistakes. Thus, let us walk through the top startups' myths to ignore, and why:

Myth 1: Do not make startup your full-time project before it takes off

How often have you heard motivational stories about entrepreneurs working day jobs while putting in long hours for their startup? These stories are both motivational and tempting to hear, however, the truth is missing.?

These are just exceptions when people are able to garnish success in their business while working on something else simultaneously. The launch of any business requires much more planning and time than you can imagine.?

Developing a product is just the first step towards a large number of responsibilities. In today’s scenario, one cannot survive without well-crafted sale strategies. These crucial activities require more time and effort than full-time work.?

Every business owner varies in terms of planning and implementation. Despite this, the commitment of time and money cannot be avoided. One should always have a plan regarding their startup’s long-term financing.?

Running a full-time business is also a great motivator after taking up the major risk. If you feel that you are stuck at what you are doing- you will find out quickly rather than limping along for many years.?

This is one of the reasons why people convert their part-time idea into full-time work. Taking this step is a complicated deal, thus, one should be ready with a backup. Any startup’s success is not guaranteed beforehand. Thus, one’s financial status and current work role plays a decisive role in business decisions.?

Myth 2: Always aim to be an all-rounder

One of the biggest mistakes entrepreneurs commit is to think of themselves as a single entity. Thus, they often try to operate independently without any external help. It is a flawed idea to skip the wise counsel and carry tasks randomly.?

It is a poor idea to run a business by yourself only. What one requires is trustworthy and skilled advisors to discuss business ideas, plans, challenges, and progress. Counsel eventually leads to the multiplication of both wisdom and power simultaneously.?

Also, continuous feedback and suggestion provide small room for any mistake. It is ideal to hunt for people who excel in their respective fields. Even if you are not in a state to hire many employees, stick to the most important ones. One could also outsource the work to find top-notch quality at a minimal cost.?

Myth 3: Startups should never seek external funding

This is yet another piece of advice that depicts the overconfidence of budding entrepreneurs. A sheer amount of startups refrain from reaping the benefit of funding. But think once: Are you aware of any person who has established a world-class product on their own??

The answer would be hard to find since the idea seems unrelatable in today’s scenario. Funding eventually opens the doors for more opportunities and a better talent pool. Besides money, one can also benefit from the guidance of their business partners.?

After securing a decent investment, one becomes capable of attracting a wide range of employees. It is much ideal as compared to a small group of workers. Thus, the appeal to job-seekers can be boosted simultaneously by providing more value.?

Funding also assists in finding prospective customers and partners. After all, people are likely to do business with an established firm. They always look for board members they know along with the company’s capital.?

However, entrepreneurs firmly believe that they can get started with the least. The factors could be more intense than the previous notion. One could find a number of challenges and delays along the way.?

Even if you plan for the best-case scenario, that rarely happens. A successful startup leader should always have a backup plan for the monetary resources. Money is the fuel that can keep any idea going and become strengthened.?

Almost half of the startups fail due to a lack of money. Managing money incorrectly and having a casual approach with cash flow is a death sentence for startups. The biggest mistakes one can commit are unnecessary hiring and spending money to fill the top of the funnel.?

What lacks here is a well-defined plan to manage the bottom of the funnel. It is a foolish idea to invest good money to bad and irrelevant use. Moreover, one should restrain from buying unnecessary things in the process. Money management is the most essential skill which keeps a person going in the business.?

Way Forward

Do you notice businesses identical to you that have existed for more than five years? Research about their journey, and action plans. Identifying their strategy could give some helpful fuel to your startup on an individual level.?

According to Forbes, the criteria for any successful startup is having a product that fulfills everyone’s needs. They even grow at a rapid pace and recover from the complicated startup life. If you feel that any of these key points are missing from your startup, it is high time to seek change.

Fastgrip is a leading solution provider that has collaborated with a number of businesses and helped them to establish ground and grow. Some of the services offered by Fastgrip include funnel management, outsourcing services, marketing strategy, event management, and much more!?

Always remember that every single business was once only a thought. Keep learning and implementing ideas along your startup’s journey.??