Myths about Startup Companies Resolved

 

Surely you've heard a bunch of myths about how a startup company works, but those with experience running a company should know that many of those myths are simply...not true.

1. Entrepreneurship is easy. Many people think of "entrepreneur" and automatically compare it to the free life of being in a spa while working on a computer, or driving a fancy sports car to work everyday. However, that junk is for a rare entrepreneur, who seemed to create a company so large and full of impact, that now he can spend money till he's blue in the face. For the rest of us...we're just normal people.
   
   What's sad is, entrepreneurship is far less glamorous that what people think, and if you don't take this advice then you're going to mislead yourself: don't get too excited about being an entrepreneur. It's hard work. It's physically, mentally, and emotionally draining to run a company.
   Most entrepreneurs run companies for 12-16 hours a day, have a shortened amount of time for family and friends, and rarely go on vacation. Once in a blue moon is what I heard one guy say about his vacation time. Is that sentimental or what?
   
   Most entrepreneurs with a large salary are those that have been able to get past the shoe-string budgetting process, that is best to do during your first 5-10 years of operating the company. These guys are ones that have so much equity and solidity in their company, that they can freely work with their salary on a bigger scale.
   
   The entrepreneur/business owner is solely responsible for the success/failure of their business. When you finally take all that in, you'll realize that being an entrepreneur is not all that glamorous. It's not being free from employment, either. In fact, being an entrepreneur is mostly a non-stop job!
2. You don't need a business plan. I'm sure some have said that they don't necessarily need a business plan. But, I disagree, as this is just another startup myth to debunk. The way that I see it is...building a business plan is saying "I have planned out my entire business, know who I'm marketing to, how I'm funding this thing, and who my leaders are." If you've got a good business plan, you're half-there to success. It's the people who know how to make a business plan work that get you the rest of the way to success. (Don't forget the exit strategy.)
3. Passion is all you need and you're set. Well, actually, passion is only 1/5th of the pie, to be honest. Yes, passion matters. No, it's not all you need, and in fact - if you only thrive on passion, you'll get nowhere. You must be driven to succeed your business plan. Let's face it, if you're too in love with your idea(s), you'll fail to find its weaknesses, and fail to see areas that can be improved.
4. A great product is all you need. This actually would only be another 1/5th of the pie. Having a great product is important, but without drive, passion, marketing, and skill - you won't get too far. That's why it's important to know that there is more to entrepreneurship than yachts and sexy cars.
5. If investors back you, you'll be just fine. That's not necessarily true. In fact, if you don't allocate the resources correctly, your business won't drive forward AND you'll have some mad investors. Most of the time, funding through loans is much better, if you're planning to work with small capital, especially if you have a good business plan.

 Don't be tricked to believe some of these myths, because if you're not in full control of your drive, passion, marketing, skills, and product(s) - your success ladder will get shorter and shorter. Stick to the truth and don't fail hard, so that in the future you can get back up. Success comes to those who don't ever give up, no matter how many times they fail, because they believe failure is the road to success.

Good luck. Got any comments/suggestions for others? Feel free below!