The wonderful thing about start-ups is that they have immense potential to unlock the creativity and energy in budding entrepreneurs.
Human beings have progressed throughout history using the sheer power of curiosity, intelligence and innovation, and business start-ups can open gateways to more innovation and improvement in every-day lifestyle.
The greatest power of mankind – intelligent thought and the immense desire to continuously work towards the betterment of the society in general – can be harnessed in numerous ways through newer, often improved ideas. It takes immense courage, passion, hard work and vision to create a start-up venture and a good start-up can mark the start of an incredible journey into the future.
In order to harness the immense potential for further development in millions of human beings, it is necessary to have in-depth guidance on start-ups, for there are several mistakes and misunderstandings that can cause roadblocks and unfortunately put an end to what could become great strides of progress.
Several myths exist about the idea of a start-up venture, and it is imperative that they be cleared up in order to make way for more development; both economical and social.
Myth 1: The Idea is the Be-All-End-All
We tend to believe that the idea is everything; that it has the absolute power to either create or destroy a business. However, this is absolutely untrue. While a fine idea is certainly necessary, thoughts cannot materialize into tangible/intangible products/services unless there is a certain realistic and consistent amount of quality effort involved. Ultimately, it turns out that the execution is just as, if not more, important than the idea itself. Unless one can work out everything that the idea entails in the material world, the start-up fails in its first step. It is essential to have at least a well-analysed, practical and feasible plan of execution immediately after the idea is conceived; only then can there be progress.
Myth 2: The Plan has to be Foolproof
It is indeed heartening to think that perhaps there exists such a plan, which is foolproof in its execution. But the truth of the matter is that there is none. What makes a plan truly great is rather its ability to adapt to the needs of the customer. Ultimately, the customer has the last word, and hence the start-up team and its plan must have the ability to change according to the requirements of those they intend to serve on the go.
Myth 3: The Team is Supreme
This is a fallacy. The team in itself, even if brilliant, cannot succeed without a proper business model to follow. A successful start-up requires, without question, a carefully thought out way to generate revenues from its end customers. Business is, after all, about profit, and a business that fails to generate any revenues will crash and burn. Hence, while the team is indeed extremely important, it must know how to generate the revenues it needs to not only survive, but thrive.
Myth 4: Businesses Cannot Run Without Intensive Funding
This may seem ridiculous, but in reality it turns out that a start-up with good potential can garner funding even after it begins its journey. Intensive funding in itself cannot make a business run well; the execution overshadows funding in importance. The business model and ideas that you nurtured begin to fall slave to the investor and you in turn begin working for the investor, losing your identity.
Myth 5: It Does Not Matter When One Starts a Business; If It is Good, It Will Flourish
As it turns out, timing is more important than most people give it credit for. It all depends on the state of the market, the demands and requirements of the public, and the presence or absence of competitors. An idea might be a gem in itself, but it will not succeed unless it blossoms at the right time. There is a sweet spot in time between demand and supply, and the start-up that can harness that correct moment would be the one that will succeed.
If you want your start-up business to be successful, you have to shed the aforementioned myths and give yourself a reality check. A great idea needs apt execution too; a plan needs to be flexible in order to meet the client’s specific needs; the customer is the king; intensive funding is not necessarily required in the beginning and starting the right business at the right time is half the battle won.