The mystical life of an entrepreneur looks like one never-ending journey in a land of excitement and dreams-come-true. Sounds great, right? Well, the reality is a little bit different than that. The long hours, constant setbacks and failure, which are more common than the bright-sided stories, define better the entrepreneurial journey. There are many startup myths that circulate around, praising the startup life, but before you jump into it, make sure that you are aware of these eight annoying startup myths, which must be ignored.
“The startup life is spectacular!”
Many people idealize the startup lives of entrepreneurs, focusing on the awesome office spaces that they share, the ping-pong tables and the “bringing-a-keg-of-beer-to-the-office-on-a-Thursday-afternoon” stories that we constantly hear. The reality is a bit different. Actually, a lot different! Running a startup is a serious business and people, who concentrate only on the fun part of it, are going to have a bad time. The startup life not at all “sunshine and rainbows” and many learn it the hard way.
“Ideas are everything!”
Many entrepreneurs tend to overestimate their ideas. Good ideas mean nothing if you don’t have successful execution plan. We all have ideas, but not all of them can be turned into profitable businesses that solve important problems and bring a difference in the market.
“Investors will love my product, so they will definitely write me a check!”
Of course, it is awesome if the investors like your product, but will they love the business? Never forget that investors are here to help you and to make money. They will look at the business from many different perspectives and will analyze the potential before they write you a check. Good products, even great products, often are not big enough reason for an investor to put their money and time into your business.
“I can do it all!”
Marketing, product development, sales, HR – your company can’t be a one man show. At least not for long! You will need to hire skilled people, who will share the same vision with you, in order to get the business going. Forget about the two yuppies in their garage building the next gigantic company just by themselves! You need a great team – you know it, your co-founder knows it, and the investors know it.
“I don’t need a mentor.”
Mentors can do miracles for young entrepreneurs. They have the experience, the knowledge, the connections and many valuable advices to share. Finding the right mentor is tough, but once you do, you will be thrilled by the impact they can make in your business life.
“There is not enough time for networking.”
The busy schedules are something all entrepreneurs face, but many choose to ignore the importance of networking and avoid attending networking events with the excuse that they don’t have enough time. There is time for everything if you know how to organize better your work. Networking events bring countless opportunities to meet with new people and spread the word about your business, so embrace every chance that you have and just network!”
“I am my own boss.”
Many people say that they want to start a business just because they are sick and tired of their bosses. When you run a company, everyone else is more important than you are – your clients, the investors, even your team members, whom you strongly trust and need. If having no boss is your number one reason to start a business, it is time for you to rethink your motives.
“I must have the perfect business plan.”
If you are looking for seed funding, investors will not expect you to have the best business plan. At this point, the money you need will be put into product development and market research. Prepare according to the situation you are in and the investment stage of your business. Planning matters, but only when it is done right.