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5 Startup Misconception

startup misconception

Startup misconception

Starting a business is hard I know that, but perhaps we’ve been   lead astray and taken to seriously all the socially acceptable ways of starting a business. You can start a business however you like as long as it’s yours and you intend on making a profit.   Of all the deluded misconceptions of starting a business, below are the most popular:

1. You Need A Ton Of Money

Funding is one of the prominent steps of staring a business, but it’s important to know that you can start small. When you encounter an ill-fated attempt to raise capital, don’t give up; your idea can still flourish with the little you have. The key to success while starting small is to keep building.

2. You won’t make it far without a Venture Capitalist

As the startup scene continues to grow, many small businesses rely on venture capitalist for funds and experience. If you can find a VC to fund your startup and steer you in the right path by all means go for it, but don’t base the success of your business on a VC or the lack thereof. As long as you set goals and remain focused, you will go far.

3. It Must be Web-based

Today many startups seem to be taking their product or service on the web; don’t let that discourage you. If you feel your startup will be better of offline, then keep it offline but it’s important to have some kind of web presence. A strictly informative website should be up to help get more customers.

4. You have to be an expert in your field

When you decide   to start a business it doesn’t have to be in an industry you are already familiar with, you can venture out into any industry or niche as long as you are interested in it and positive you will be happy doing it. Everything you need to know you will learn as you go.

5. You Need Employees

According to pop-culture most startups have elaborate payrolls, but these startups are now established business and are no longer startups. A business can not be a startup forever and it’s important you minimize all your startup cost, you do not need any employees at the startup stage. All you need is hard work and determination.

Image by bigevil600.

About the Author: Jimi is an up and coming young entrepreneur, he grew up with a family of entrepreneur's and caught the bug early. He acquired most of, if not all his business skills working with both parents. He is the co-owner of T&J enterprise a supplier company based in New Jersey. He runs BagAWriter.
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  • http://www.noobpreneur.com/ Ivan Widjaya

    Andrew,

    Exactly! I’ve also made the same mistake with my previous businesses, resulting in a gaping black hole that sucks in cash in many ways – employee taxes, salaries, etc.

  • Andrew Gale

    Great article and completely true

    Instagram only had 13employees, sold for 1 billion. How many companies make the mistake of hiring too many and don’t even know it?

  • Harry Lewis

    Thanks for that. It helped me throw away some misconceptions.

    Harry Lewis
    Website: http://www.laughoutblog.com
    E-mail: admin@laughoutblog.com