Start-ups are already quite prone to various things, tough market competition, financial crisis, and now myths also? No way! For a start-up owner, myths can work as a slow poison, finally suffocating the newborn business to death.
You are a new business owner and, of course, want to grow and expand it at any cost. In the process, if you waste your concentration on the myths prevailing in the marketplace, then it will only harm your growing chances.
On the other hand, if you overlook those myths, you can have a better chance of showing your skills and taking your business on the path to success.
Going according to the myths means you are wasting your efforts that made to have your own business. It hurts more if you have opened a company by taking external funding help like emergency loans with bad credit or unemployed situation.
Certain Myths on Start-up Businesses that may halt your success
There are many types of myths or misconceptions related to start-ups that you should know to play safe if you are also a new business owner.
· Start-ups are easy to start and do not need much hard work
Seriously? It is a big joke if someone really thinks so. The most common reason for such type of perception can spoil your efforts in the middle of the journey. However, it is not always a difficult thing to start a business, but at the same time, it is also not something that you can take for granted.
- Normally such perception develops due to the small size of the start-up businesses.
- Some businesses start with a very small investment, and people think that efforts are also less.
- Start-ups sometimes are started as part of experiments making people underestimate them.
Hard work is required in anything you do in life. It does not depend on the size of a business. The actual point is how determined you are to get success.
|General challenges that make a start-owner work hard
|Everyday struggle with money management for working capital and other commercial things
|Fear of reaching the wrong type of group of customers, which may result in misuse of resources
|Spending sleepless nights in making the business strategy to launch the product/service in the market
|Collection of customer data through extensive market research, including fieldwork
· Start-up businesses are usually the alternative to unemployment
Again, a myth that can break the start-up business industry’s backbone kills the countless minds that generate innovative ideas. A start-up business is never an option for joblessness. In fact, it is a complete choice that an employed and unemployed person can make.
However, there are start-up loans available for business aspirants, but that does not mean they are for the jobless only.
- Start-up businesses do provide security to those who do the job. A salaried person can prevent the extreme financial crisis with an additional income from a start-up. In case they get unemployed in the future, at least there is support to fight the tough times.
- A start-up business is an individual initiative by a person that needs no special financial or employment status. Those who think it is only when you lose or leave a job can never grow as an owner.
- Start-ups are basically the creative forms of innovative ideas of creative people who take the initiative to give something new to the world. It is, in fact, a small but vital way to support the economy.
· You do not need employees for a start-up
This misconception makes many start-up owners act over-confident and try to be the one-man army and do everything independently. But when they actually meet reality, the haphazardness starts rising, making daily tasks difficult.
- A start-up can be small in scale, but it has multiple tasks to perform, which one person cannot perform every day. There has to be a team to handle various activities. Besides, the work that needs expertise in a specific field cannot be done by you.
You may be able to set up a new coffee maker in your office, but you might not know how to fix the technical issues. A person from an engineering world needs to do that. Hire one, or take support from a friend, or whatever it is, the basic idea is that you cannot work on everything on your own.
Example – Just imagine at 9 o’clock in the morning you have to meet an important person for the business purpose to another location. At the same time, you will have to receive the delivery of a machine scheduled to be installed in your workstation. Will you be able to ensure your presence at both places at the same time? Certainly not. If someone is there to get the machine installation done, you can make a convenient visit to that person. Isn’t it?
- Usually, start-up owners hesitate to trust other people and hand over their responsibilities. But at some point, you have to accept the fact of dependability on others and leave things to others. To balance all the activities perfectly, you have to let others work for you.
· It is very easy to close a start-up business if things do not work
Not all business ideas work; sometimes, people think they will close the business if they feel the same. After all, it is so small, and it is their own, and they can do anything to it whenever they want. That is all.
- You may be the only owner of a start-up, but your business may have several liabilities to others for varied commercial activities. Not only liabilities but also some pending things. You may forget that an order for new furniture can be on the way coming to you. If you cancel it, you may have to pay the penalty.
- There is a legal procedure to close things, and if you fail to do so, things can get complicated for you. Anyone from suppliers to dealers needs to be informed. They may need to complete some formalities with you.
- You need to pay off all related debts. Whether you have taken emergency cash immediately with no credit check or a mid-term machine loan, it needs to be paid off on or before time. If you are paying off early, you need to inform the lender while submitting some related documents.
You know what…
Start-up owners should always make sure that they are away from all types of fake things that make them take a wrong turn. In fact, knowing about the actual facts of the start-up industry is the first thing that one should do as the prime precondition of opening a business.
If you have a new business, stay informed, and then only you can stay strong as a start-up. Myths are only misconceptions that one should not focus on too much.
Your business success is in your hands only. You may have the skills to open a start-up business, and the lender or government is ready to help you. Still, if you walk to on to the wrong way, then no one would be able to protect you.
Therefore, you should see myths. Instead, concentrate on your possibilities and business opportunities.