BUSTING THOSE START-UP MYTHS
You have seen it in the movies or your favourite novel, about how just one amazing idea can be turned into a successful business start-up. What you will hear less of is the hard work, dedication and even failures that are part and parcel of such a venture. This has caused many people to believe in a false narrative that can cost time and money. However, with the right people in your corner, the risks and potential failures can be minimised and even avoided altogether. But what other business start-up myths are holding plenty of entrepreneurs back?
Working all day and working all night!
There is a belief that for any business to be a success, working on your business and product day in and day out while ignoring normal work hours is the way to go. Running a start-up, the way that a regular company operates, not only will those employed appreciate being at home with their family, but everyone will be well rested. There is no real reason to burn yourself out in the first few months. However, that does not mean that there will be no instances where long hours and late nights at the office are required.
Passion will lead to success??
A start-up built around something you are passionate about is great, but you might be the only on in your team that feels this way. This is especially true if what you are passionate about is a good idea and can make a huge impact. If you lack the expertise to lead the project and are surrounded by talented people who are able to help plan and execute the project, then the project will be a bust.
The road to success is paved with money
Just because your start-up business has a boatload of money to work with thanks to initial investors, does not mean that everyone can now relax and watch as more money rolls in. Once the first investment comes in, this is when the challenging work continues. The business will now have to justify why it is worth the investment by succeeding. How you work with the money that is coming will determine how far the business goes. Blowing investments with nothing substantial to show is a failure.
Author: Marino Sussich