Busting 5 Myths About a Startup!
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There are many things that revolve around in circles when we talk about a startup. Many of those are thereby related to the challenges, notions, and facts involved behind running or setting up a startup. With such challenges, come myths as well. Myths are the reason, why brooding entrepreneurs hesitate in giving their thoughts and ideas a physical state.
Given below are some of the most common myths about startups which we have realized:
A startup needs a big funding to start-off
This myth is known to be the most vital of all. Entrepreneurs tend to believe in this thought, but in fact, recent researches and surveys show that investors and venture capital fund only one per cent of all the startups. In order to burst the myth, one should adapt to the practice of bootstrapping, which allows maintaining full control of the startup strategies, avoiding time delays and energy spent to attract investors and retaining maximum equity.
Startup potential is hampered when you work in a corporate setup
One should know the fact that early corporate training courses along with potential customer contracts and getting real-world marketing experiences are really important for a budding entrepreneur to steady his ship. In addition, regular paychecks and further benefits of working in a corporate setup help you in building useful resources between or before setting up a startup. This whole process also makes you learn how hiring and managing roles or people in big companies work.
Local incubators spring most successful startups
The myth of incubators springing in some of the most successful startups has left a lot of entrepreneurs rooting for their own cause. It is true, that an incubator gets you over hesitations made in the initial stages, by connecting you with advisors, peers and guiding you on how to set up your own business. On the contrary, most good founders of a startup proceed faster on their own, by not draining their time on peers and programs, and with no equity dilution.
PR activities are unaffordable
One of the most important things before setting up a startup is, having a PR strategy ready for your company. You simply cannot afford to miss on having a PR plan or strategy placed for the same. It creates a huge difference between being successful and adding into obscurity.
These days, startups are spreading all over the place, and so is the case with affordable and helpful startup PR tools and services. Not only do you have an option to buy such services, but you can also offer yours along with a product in return for a written review.
It’s difficult for your startup to compete against big companies
Instead of laying your focus on how much amount you want to allocate in your startup’s marketing budget, you should start from the basics – what can your startup achieve that your competition cannot? It would be quite obvious to fold under the impression that your startup needs to match the marketing expenses borne by the corporate giants in order to compete, at the first place. It is really necessary for you to understand the needs and niche of your business.
Being a startup, you’re less likely to experience the bureaucratic drama that is involved in the whole process. This makes you act in a creative way and helps you being agile in such a way that you can experiment with the personality of your brand.
Two of the ways through which you can market your company is, setting your startup for the audience that falls under the required niche, and build long-term relationships and increase the lifetime value of each consumer by building up brand loyalty. Being faster and more efficient is all you need to leave your competition behind. Keep track of other big organizations and fill the gaps, whenever necessary.
In the world of startups, actions speak louder than expensive ad campaigns and other fancy events. It is important to understand and know the difference between a bad and a good myth. One creates imaginary boundaries whereas the other one expands one’s imagination. Get behind such obstacles and make your way through such myths by being critical and creative with your thinking.