Putting up a business can be very exciting. However, it can also be pretty scary especially when you hear horror stories from other people. Our friends at Lowe Guardians share the three most common myths about startups and the truth behind them.
In recent years, startup businesses basically generated a major buzz because of a few companies which are now big and successful enough that they ultimately became a benchmark of corporate success for young, bright and innovative entrepreneurs of this age.
Most startup businesses that are now enjoying immense success had their humble beginnings in a garage, a small office, or through cyberspace. Some great examples are Spotify, Pinterest, and Facebook which all started out with only a handful of people with limited company and marketing resources, but are now internationally well-known services.
These underdog stories fuel many aspiring business people to try their luck in the startup industry. One only needs to be armed with a brilliant, innovative idea, a stable Internet connection, and a laptop or PC to get started.
However, many people will also find that building, establishing, managing and growing a startup is not as easy and sleek enough as it seems – and in here, we’re going to clear up some of those common myths.
Myth 1: Startups are only headed by one founder.
Truth: In reality, it is rather rare to find a startup (or businesses that started as startups) with only one founder. A popular exception would be Oracle, but most startups would start with business partners or 3 to 5 people who consider themselves co-founders.
Having partners or co-founders is actually much preferred in the startup world because one man cannot simply do every business decision along the way. A partner can give insights and advice on how to go about every obstacle and challenges that might be faced along the way. It’s cooperation and teamwork that will eventually make the business.
Myth 2: Startups only have limited people and funds.
Truth: Although this is true for the most part, some startups actually manage to have a considerable amount of funds and have at least 10 to 20 people working as pioneers. This would actually depend on how much capital did the co-founders raised (and how they tolerate upfront, investment risks), and how much manpower it needs to meet its initial goals.
Myth 3: Marketing will be easy and success is quick.
Truth: Competition is already stiff for the startup industry in recent years, especially since more and more entrepreneurs are entering the game. This is also largely because of technology which makes it rather easier for startups to break into the market.
However, it does not mean that the journey would be easy. Introducing the business and sustaining it for the long-term is not an easy task, and many startups also experience boom and bust cycle because of fast-changing consumer needs and an inability or refusal to innovate or to keep up with the competition.
BONUS: Another famous myth about startups is the notion that most of these businesses are within the tech or IT-related field. Yes, many startups are in that field, but there are also a handful of startups that are in the marketing, events, and even in the food and health sectors.
What makes a startup is basically the innovative idea behind it, and the particular niche or problem it tries to solve in the ever-changing needs of modern society.
Author Bio: Joanne Davidson is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients in different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs helping property owners who encounter problems with the vacancy of their buildings.
Check out her company here: http://loweguardians.com/