Misconceptions are the cobweb trapping businessmen. Some entrepreneurs claim that a start-up is a way to gain financial independence. Most want flexible working hours and build a cool working atmosphere according to their philosophy. It’s also very popular for entrepreneurs to launch a dream and take advantage of the first quarter itself.
Most entrepreneurs have misunderstood ideas and are looking for co-founders and partners on the basis of what they hear and read in news and magazines.
Visions are a positive thing-reality is very different! My first-hand experience has degraded some of my misunderstandings. The most fundamental myths are around the compliance which includes company and LLP registration where both have its own set of boons and banes. It is best to break down those legal theories that allow them to be called an entrepreneur. However, that is just the first legal step. It needs more than that to start up! The start of a new company offers a roller coaster ride involving mental, physical and even spiritual tiredness. Begin by breaking the myths one by one that requires bravery, courage and trust in oneself.
It all begins with taking the first step towards towards the entrepreneurship that tends to eliminate the noticeable misconceptions around starting a new business.
#1. You have to know all as an Entrepreneur
The only constant in the life of a businessman is the process of learning. They thrive on moving their borders to continue to change and to develop. But does this mean that founders must learn and all know? Should they be a jack in all businesses? Learning is all-encompassing, but do entrepreneurs need to learn from coding to marketing?
The reply is – no! You don’t have to know all of it, but you should still be able to learn. “Will to learn” is more critical than the part of “information.” Even if the founders are under-qualified, they are able to rapidly learn and understand new concepts by adjusting their attitude. Consider how new and relatively naive can be a constantly evolving asset in the world!
A successful entrepreneur needs creativity from openness to learning. You don’t have to know everything first – because it isn’t what you know matters, but how quickly you can adjust, learn and improvise.
#2. Nothing goes right without huge equity
Wrong! Perhaps one of the biggest myth to be debunked, because the startup perquisite is not a million dollar or venture capital. As co-founder of Hootsuite, Ryan Holmes, chose bootstrap which should resolve any doubts you have for the business capital. One way to start a company is by the use of personal capital. Set yourself a business as you start to invest in the concept, rather than convincing investors about it. In addition to bootstrapping, there are a number of possibilities.
Incubators and accelerator programmes make room for start-up funding. They are designed specifically to support young companies. Company start-ups do not need to go big and prefer crowdfunding sites such as Indiegogo, Kickstarter, etc.
Bootstrap entrepreneurs can use crowdfunding platforms to raise money via the social network via their families, their friends and private investors. And other solutions, including loans and grants, are available for short-term finances. A clever contractor is quickly persuaded that the startup is not a billion dollar enterprise.
#3. Startup is the route to your freedom!
Let go of the notion of the right to choose and use your time. This is far from probable when you go for a new business. Maybe during the first years of start-up companies may find themselves working more to the point of overtime. You should be able to determine when and where to work. But that too decreases as company needs them to remain available and function in harmony with the team.
In reality, start-ups would need more hours than a typical day’s work. To inspire the workers, the founders must be present and demonstrate the same degree of dedication.
Financial independence is still a distant dream, as entrepreneurs depend on the success of a business to make a difference. Instead, all overheads, including payments and operating costs, are the responsibility. Chances of having the money for oneself will seem boring during the first days of a business startup. Therefore, being an entrepreneur today will expose you to startup expectations vs reality and you shall the get better with the experience.
#4. Social Media is Enough to Reach Audiences
No way will good old marketing be replaced by easy social media thoroughly. Remember how everybody, including rivals, is on social media. Now that everyone talks on social media, it might be a challenge to find a unique voice for yourself.
And that’s why start-ups need to advertise themselves well to get people’s attention. And this marketing should go beyond the walls and schedules of social media to meet the right public. Activities in PR, digital ads and signage and influential marketing are required. Test it all well to figure out the best way to connect with your potential customers. But as a startup, never try to substitute social media for core ads to suit the trends.
#5. Its all about the personality your representation of the brand
Think of Groupon and remember if the personality of Andrew Mason mattered to the brand. Or even imagine the issues that American Apparel, Abercrombie & Fitch and Lululemon avoided by not moving the CEOs forward. Let’s face it; the CEO, who stays calm, does not affect customers especially by avoiding the conflicting thoughts that can otherwise hamper the brand.
Moreover, investors too tend to lose sight of a CEO who is clever enough to run company and rest. It is not the role of CEO to be a media honeymoon. This isn’t about pushing profits and increasing revenues. Most start-up founders think of getting the attention on the business. This can help gain some small traction, but it will not take long if the product / services do not meet the standards of the customers.
Although I have tried my best to present the facts, some business people may have their versions of the truth. However, the best way to get started and set the right goals is to burst the misconceptions surrounding start-ups.