BUSTING THOSE START-UP MYTHS
You would have seen it in the movies and best-selling novels, how just one amazing idea can be turned into a successful business start-up. What you will hear less of is the hard work, dedication and even failures that are part of such a venture. This has caused many people to believe in a false narrative that can cost time and money. However, with the right people in your corner, the risks and potential failures can be minimised and avoided altogether. What other business start-up myths are holding entrepreneurs back?
Working all day and working all night!
There is a belief that for any business to be a success, working on your business and product day in and day out while ignoring normal work hours is the way to go. Running a start-up the way that a regular company operates means employees will appreciate being at home with their family in the evenings, and everyone will be well rested. There is no real reason to burn yourself out in the first few months. However, that does not mean that there will be no instances where long hours and late nights at the office are required.
Passion will lead to success
A start-up built around something you are passionate about is great, but you shouldn’t be the only one in your team that feels this way. This is especially true if the business idea you are passionate about is a good one that can make a huge impact. If you lack the expertise to lead the project, then even if you are surrounded by talented people who are able to help plan and execute the project, it will be a bust.
The road to success is paved with money
Just because your start-up business has a boatload of money to work with thanks to initial investors, does not mean that everyone can now relax and watch as more money rolls in. Once the first investment comes in, the challenging work begins. The business will now have to justify why it is worth the investment by succeeding. How you work with the money that is coming will determine how far the business goes. Blowing investments with nothing substantial to show will lead to failure.