There are many mythologies around being a startup founder. Thousands of startup founders failed each year, and that might be because they fall for the common myths. Honestly, most of the myths isn’t true, and only rounding up popular misconceptions about starting a startup. Let’s look at these myths that are not entirely true!
Here they are:
1. A startup founder should work 80 hours/week
This might be true if you’re 20 and inexperience. Truth is, you still have time to do other things. Moreover, exercise, playtime, and socialisation are all important activities to maximize your brain power and imagination.
2. A startup founder won’t have a boss
If you think you will always be the boss, then think again. It’s your job to deal with boards of directors, customers, shareholders, and maybe investors. You also have to answer directly to regulators and bureaucrats at the federal, state, and local level. All of them can be pretty bossy.
3. Success = fundraising/investment
Once a startup is able to raise funds, or even got investment, you and people around you are considered successful. However, it’s only the beginning, since raising money is just a means to an end. You only get a shot at building a company.
4. All it takes is a good idea and a deck to attract investors
Just like Thomas Alva Edison said, “Vision without execution is hallucination!”. Many of us often tend to overvalue our idea. However, the hardest part is not the idea itself. It is, of course, the execution. Even now, shipping the right product at the right time to the right customers is not a piece of cake.
5. A startup idea should be unique
Some startups aims to create new markets. Turns out, it’s incredibly difficult and it takes a very long time. It’s a lot easier to find some segment that’s not being well-served. Many of the best startups are based on a meaningful tweak to how business as usual is conducted rather than on a unique idea.
6. Just build a great product
You and your co-founder have a brilliant idea, and believe that the startup is building something truly cool. Any competitor will fall into place. Wrong. You have to build it all simultaneously. You can build the most elegant, powerful product ever, but if no one ever uses it, does it really matter?
First thing first, you should focus on building a company that people want to work for. Your team is the one who are going to execute your (so-called) great idea.
7. A startup founder must be a happy man
What makes you happy is entirely up to you. Most people are actually happier without the headaches, risks, burdens, hurdles, and uncertainty of having their own company. So, if you think that a startup founder is one lucky guy, then you should think twice.
8. Being a startup founder and building a startup is the only way to get rich
The world’s top billionaires are entrepreneurs/startup founders. People assume that it is the only way to be super rich. Unfortunately, there’s no data or logic to support the premise that any given person will make more money running their own business. Did you know that Microsoft created some 10,000 millionaires?
Do you feel enlightened to continue the startup life without believing the myths?
Next read… A Guide on Hiring The Very First Employee
Article contributed by Startup Jobs Asia‘s Team.
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