Some people are born entrepreneurs, while others follow their passion for navigating the road to entrepreneurship. But one thing they have in common is the commitment to their goals. When you begin your startup journey, you may come across some myths about entrepreneurs. Things may not sound as great as you imagine, and you may even feel like giving up on your dream. But the truth is different- entrepreneurship is exciting and rewarding, and you must dive when you are ready. Here are some myths and facts that you must know before starting the journey.
Myth #1- Entrepreneurs take risks
Fact- They take only calculated risks
Setting up a new business always involves risks because you start from scratch without much knowledge of the product, market, or competition. But you need not take risks without thinking. Establishing a successful startup is more about taking calculated risks that are least likely to land you in trouble. Research sets you on the right path because it gives you a clear view of the road ahead. Further, you can learn from your mistakes and steer clear of the same risks in the future.
Myth #2- You cannot start without a venture capitalist
Fact- Several funding alternatives are available
With the angel investing trend making it big in the startup domain, it is easy to believe that you cannot start without a venture capitalist to support your business. It is only a myth, so don’t let it stop you from exploring your dream. If you are apprehensive about how to get startup money, several funding options are available. Consider bootstrapping at the initial stage if you have limited needs and ample funds to start on your own. It will give you more control over your business and curb the stress of debt burden. Conversely, you can move towards external investment from a VC, bank, or private lender a bit later. Once you have a start, it becomes easy to attract investors and get the best deals.
Myth #3- Startups are built on a unique idea
Fact- You need not always reinvent the wheel
If you think you need to have an outside-the-box idea to start a successful venture, you are mistaken. Many potential entrepreneurs fail to start because they do not have a unique business idea. The truth is that you need not reinvent the wheel to build a startup. You can take up an existing idea and model as long as you are not infringing on someone’s patent and trademark. Tweak it a bit with your creativity and imagination, and you are all set with a solid foundation for your new business. Moreover, customer service is as valuable as a unique product or idea for selling and brand building. A startup entrepreneur has a long and daunting road to traverse. But it can be a tad less challenging if you take the right mindset and approach right from the start. Steer clear of these myths and follow the truth to have a great start with your new venture.