Tall Tales
Don't believe everything you hear about starting a business.
Folklore can be a fun diversion. but there is nothing fun about
basing your business on commonly held--yet incorrect--beliefs.
Kevin Schehrer, author of Startup! Beyond the Myths to the Reality of
Starting a Company debunks start-up myths.
Myth 1: People who survive
the brink of business disaster are guides on how to run a business.
"Most successful entrepreneurs don't go to that
extent," says Schehrer. "And unfortunately, a lot of
people end up in serious financial trouble [after] being goaded on
[by these stories]." Plan in advance--don't aim for the
thrilling story; aim for a steady rise to success.
Myth 2: Start-up success
happens quickly. "There's a tendency to underestimate the
time and money it's going to take to get something
rolling," says Schehrer. "It [can] take years."
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Myth 3: If you have a good
product or service, customers will automatically come running.
"It doesn't matter how great your product or service
is," Schehrer says. "It takes marketing to get people to
realize your [company] even exists."
Myth 4: Anybody with a good
idea can get money. "[Some people] suggest it's easy to
get money if you follow [a certain] formula," Schehrer notes.
"Even if you have a fantastic business model, that doesn't
mean you're going to get funded." If you go searching for
funds, be prepared for lots of work, time and research.