Introduction
The nation is going through a startup boom. According to Mark Roemer Oakland, while startups are great for innovation, job creation, and other things, all entrepreneurs don’t necessarily succeed. The myth that surrounds startups has often held back success from aspirational and capable entrepreneurs. To not end up on that list here are some of the insane myths about startup business you need to break free from:
The Myths
- Success follows your passion – Following your passion is awesome and may work out in your favor. However, it also depends on the number of people your passion benefits. If the size and purchase power of your niche isn’t enough to support and grow your business, you won’t be able to survive in a competitive market. Instead, when you focus on solving problems that bother a lot of people, you have paved your path to gold. If solving a problem, you are passionate about helps a lot of people, it’s a solid idea. Otherwise, it’s wise to take the pragmatic route.
- Innovation brings success – While innovation is king, you may not get success if you think of an idea first. On the other hand, following other footsteps and improving on it works better. The list of businesses that were built on a brand-new idea is very short. A contrasting view is provided by today’s tech giants.
Google wasn’t the first search engine, Facebook wasn’t the first social media platform, and Tesla wasn’t the first electric car maker. However, today these companies lead at what they do. Innovative and never before seen products are novel and stand alone as prized products in a collection. Successful businesses take existing ideas and come up with a superior solution that gets rid of previous flaws and makes a product or service more accessible and better.
- Your startup needs all your time – This is a myth that has done a lot more damage than others. When you invest more time in a project it doesn’t need to churn out better results. Don’t underestimate entrepreneur burnout since it doesn’t just affect your health, but also your mental state and well-being. It creates rifts in your team and that isn’t good for business or innovation.
Instead, try to recognize how you work best and how you can raise your productivity within a short period. Come up with decision-making and communication styles that help you squeeze more out of the hours dedicated to work. It’s important to take a breather and allow your brain to rest to keep it effective.
- A detailed business plan is necessary – A plan is always important. You need to be clear about your goals and how you want to achieve it. However, if it’s too detailed, your small company with limited manpower would lose their focus and get lost in the petty details instead of having a forward outlook.
Conclusion
Mark Roemer Oakland believes that you shouldn’t be shackled by the chain of myths and instead get real and practical about your startup business.
