BUSTING 5 MYTHS ABOUT STARTUPS
Have you also seen a lot of new startups emerging around you? Doesn’t it feel as if someone has opened Pandora’s Box for start-ups? Needless to say we are in a startup boom. The pandemic struck down the economy, paralyzing almost all economic activities but in the meantime it opened a plethora of opportunities for self-employment. The economy saw more business registrations than it had in previous years.
Economists believe this is a good sign as more startups represent more innovation and job growth for a resilient economy. Startup fraternity is definitely growing with new entries in the economy.
Many of the registrations done will be rendered useless, because of the myths that follow startups and their enthusiasts. But as a startup for startups and a platform for all startup enthusiasts, investors and mentors, Bolstart is here to bust some of these myths.
Startups have always been a controversial topic having both positive and negative opinions about it. People admire the growth of a startup and the hard work that goes behind it but they also fear taking the plunge for themselves. The misconceptions that follow startups discourage them from believing in themselves and their ideas.
DETAILING
You do not always need a perfectly detailed business plan already. You can always cross the bridge when it comes. Having a detailed business plan written down not only overwhelms a person with ideas but also makes business rigid overtime.
Uncertainties are everywhere and the future is the most uncertain. So having a short term vision and giving your all in it, might take you further than having a detailed business plan and not working with your all on it.
We do not discourage you from having details written down after all having clarity makes you better prepared but that does not necessarily mean that if you do not have it all clear you’ll fail because that is not how it works. You can always figure out things on the way and that might give you more edge in innovation. Even Meta’s founder Mark Zuckerberg didn’t expect his small networking idea to make him one of the richest persons in the world. So just go ahead and trust yourself even when you haven’t decided it all. Details are of lesser importance compared to your determination and resilience.
INNOVATION
Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, founders of Myntra busted this myth for all of us. When Myntra was launched, India already had an online retail startup called Flipkart. Even though they were not the first one to provide online retailing, they grew to success nonetheless. Having a unique idea is amazing but not everyone can go down that road. It is not a necessity for starting a startup. A business is not all about the product it offers but a number of other things like hard work, customer service, marketing and finances as well. These factors determine the success of your ideas more than you think.
BIG RISKS
It feels so admirable when we hear struggle stories of successful entrepreneurs and the risks they’ve taken to get there but it’s all cool only when you face it vicariously. Reading about struggles of inspiring personalities is one thing but actually facing it is another. You do not necessarily have to go down that road.
Taking risks is important and you’ll have to leave something behind to reach somewhere else. But there’s a difference between gambling and calculated risks. When we start a new job we take the risk of leaving a comfortable one for a better pay, when we change cities we risk our comfort and familiarity for new experiences and this goes on.
We do not discourage you from taking risks, rather we encourage you to take calculated risks for a better desirable future for yourself but we do not recommend you to gamble. Research, think and then take a decision after being informed of all the risky factors and the ways they can affect you.
BIG COMPANIES ARE OUT OF LEAGUE
It is wrong to assume that startups are restricted in their ideology and that they can not compete against big companies. Even though these big corporations outweigh startups in finances and penetration, startup founders are mostly relentless when it comes to surviving. One thing that differentiates startups from multi billion corporations is their different ways to look at things.
By being fast, resilient and relentless startups can have an edge.
MONEY IS ALL THAT MATTERS
Most believe that startups are started by a money making mindset. The myth that leads people to believe that the only motive why anyone would go for self-employment is money is misleading in its own ways. Money or profits are one factor among many.
Startups stir enthusiasm because of the unlimited opportunities they bring for new experiences and freedom. Most are encouraged by the idea of working for themselves instead of others. Many feel the need to do something different or contribute to the society and hence they find their way to the entrepreneurial journey. Many do not like their existing jobs and look for changes. Money is not everyone’s number one priority.
Most startups do not even make money in their initial stages because they focus towards growing and establishing their business rather than profits.
Just like these the term startup is linked with many misconceptions that hold potential entrepreneurs from their success journey.
Bolstart aims at making startups a more familiar concept. It is a platform that is visioned towards bringing investors, mentors, freelancers and start up enthusiasts so that they can collectively grow this fraternity. If you’re a startup, or an investor, mentor or even startup enthusiast, Bolstart is the place for you. We provide you with the necessary toolkit for your entrepreneurial journey.
