Common Misconceptions about Startups
There are many misconceptions in India related to startups. Yes, It is true that starting a startup is not an easy task but what is the definition of easy in the 21st century? Sometimes the worth of easy things is not realized and the worth of difficult can’t be measured. Startups carry a bag of misconceptions with them, so if you’re looking for a startup the common myths you’re going to hear are:
- Must have a unique idea: People always think that for a startup you must always have an idea that must be out of the world or most of the people, in general, think that they have got the most brilliant idea which no one will ever think of, both of which is not Yes the idea is important but having a unique idea is not important. All you need is an idea with a different or better approach to work on it.
- A lot of money is needed: Having money for a startup is important but if you think that your success only depends on money then let me correct you here that a startup needs much more than just money. Yes for a fact let me tell you that according to toa survey money is the second most common reason for startup failure but you just don’t need money you need smart money and a balance before you start using your startup funds.
- Entrepreneurs must be young: People generally think that you should be young for a startup but does age really matter because according toa saying “With age comes experience”. So what is important having experience or not doing something just because of age? Rand Smith, Jim Butenschoen, Michael Grottola, Sam Taylor are all examples of They started their startups after 50 and proved that age is just a number.
- Bank doesn’t support startups: If you’re worried that you won’t get any financial help from banks then all you need to do is some research. India today is home to more than 39000 startups and a lot among them have availed some or other kind of financial help from the government or private institution.
- High risk of failure: There’s a failure in everything you do but is failure really failing you or is it teaching you some important experience and life lessons and is showing you indirectly the mistakes you made knowingly or unknowingly. There is a lot of reasons why a startup fails but not starting one just because you’re worried about failures is just an excuse to not learn something new