A quick search on Google reveals a wealth of results on start-ups; there is no doubt that it has become one of the most fashionable “career paths” around.
However, with so much information existing, it probably won’t come as a surprise to find out that a lot of this information isn’t actually accurate. In truth, unless you have turned to earn your MBA online, you should question most of the things you read on the internet.
Bearing this in mind, we have picked four of our favourite myths. Let’s now run through these, and identify just why they need to be debunked as a matter of urgency.
Myth #1: “As soon as you release your product, customers will come flocking in”
This is perhaps one of the most dangerous myths that you buy into. Unfortunately, a lot of young entrepreneurs do so very easily.
It is easy to become caught in the moment with your idea; you can develop tunnel vision. You solely focus on developing your product or service, and forget that people need to know about it.
Unfortunately, the building stage is only the tip of the iceberg. Once this is complete, you need to instigate a full marketing plan to bring your product to the eyes of your market and try and make it a reality. It’s not going to happen on its own.
Myth #2: “It’s all about a business plan”
There are all sorts of resources out there which tell you how to write a business plan and in truth, there are some instances that you will need one. For example, if you are looking to secure a loan for your business, some banks will demand them.
However, for everyone else, they are not a necessity. In fact, they can be a very easy way for you to waste time. Unless you are the type of person who needs to follow a structured plan, they will eat into your time and won’t really serve a purpose during the early days of your business.
Myth #3: “If you price your product lower than the competition you will win all of the business”
Unfortunately, it’s not quite as easy as this. Firstly, if you are asking users to spend less on your product or service, they are less invested in you as a company. This means that they are probably not going to be loyal to you in the long-term.
As well as the above, there’s every chance you’ll start a price war. You’ll start battling with competitors to have the lowest prices and unless you are a huge brand with exceptionally deep pockets, you will reach a point where you can’t go further. If you were to instead choose your USP based on something different, you don’t have such barriers in place.
Myth #4: “You can do everything yourself”
Granted, during the early days you will have to do everything yourself. Beyond this, and the DIY approach isn’t that successful though.
Once your business grows to a certain size, you will need an extra pair of hands. It just isn’t physically possible to do it all alone and let’s not forget, as soon as you do make that first hire, your output will more or less double. This can make a monumental difference.