Everyone is talking about startups these days and along the way, some truths and myths have emerged from the grapevine. Some traditional employees may even find the whole thing mysterious and come up with ridiculous conjectures about startup life.
While some hit the nail on the head, here are five misconceptions about how startups really work in the real world of entrepreneurship.
Passion is everything.
Let’s affirm it right away that passion is a good enough impetus for you to embark on a startup journey, but it isn’t enough. Entrepreneurs usually develop a business model from what they are most passionate about and in something they believe in. You should know that it takes more than just knowing your product and market to make your operations smooth sailing and that startup owners should develop ways to turn their passion into something that can be beneficial and sustainable for many. Technology also evolves on a daily basis and for startups that rely heavily on tech, constant learning can overpower mere passion. Sometimes you even have to adjust your old ways in order to keep up with the competition.
Startups are for the young.
Startups are often assumed to be a venture exclusive for 20-something freelancers with a penchant for tech. That is not really the case for many. Netflix CEO Reed Hastings was already 47 when he streamed for the first time. Wikipedia co-founder Jimmy Wales was 38 when he founded Wikia. The Silicon Valley models are just not true for anyone wanting to venture into startup companies, and great ideas are not really limited to age. Learning today’s technology is easy enough for anyone serious in creating a startup even if he or she has hit retirement.
A great idea equals success.
Without a proper business plan, even the best ideas can fail in business. The great idea is merely your jump-off point into your startup business but the real deal happens when you employ a strategic design to streamline your operations. Your entire venture entails a study of the latest technology and startup programs, the establishment of the right networks, and the acquisition of talents who can do the job. Great ideas are welcome but the resilience to keep your business afloat is what will really matter in the long term.
Money keeps startups going.
For most startups, ‘smooth sailing’ itself is a myth. While you learn how to go through the systems and processes once your business becomes financially steady, you should never stop looking for ways to keep ahead of your competitors. Innovation is the key to opening new opportunities and while having the money to keep things afloat, striving to grow and expand is your real success parameter.
Tech is weeding out employment opportunities.
Many are wondering if tech development will ever reach a point when human employment is no longer necessary but the idea is pretty much far-fetched. Startups are intended to help people not steal their jobs and there are laws and ethics that will ensure that tech will never overpower human capabilities.
Every startup introduces a new opportunity for the benefit of the majority. Knowing your facts about startups and not relying on random people’s views will help you understand how this modern entrepreneurial setup works. On the other hand, keeping yourself clueless might just confuse you on how today’s business works and keep you lagging behind the rest of the world.
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