4 Startup Myths That Hold Companies Back From Massive Success
Plenty of startups are making a go of it these days, which is a good thing; continued entrepreneurship means the economy is still moving forward. But the more new outfits there are, the more certain myths about startups tend to persist.
Below are four popular beliefs that might hold your firm back, so try to avoid them as you proceed with your launch. And keep in mind that you might be smart to outsource your software development to an experienced IT firm so you can focus on expanding your operation.
Do What You Love and Success Will Come
Don’t get us wrong: Following your dreams and passions can lead to greatness. But trying to solve a problem that few others have is another road to terrific results.
Passion can be an amazing innovator, but it’s self-driven. You may find other people who share your passions, but it can be more productive to identify a problem with which people are currently wrestling but which still need a solution.
Quite a few successful companies got where they are today because they realized: “I needed this product or service, so I made it myself.”
The world always has plenty of problems. Feeling a passion for what you do is fantastic, but devising solutions to common problems may be an easier way to build your company.
Everything Should be Focused on Your Startup
The assumption here is the more time you put into your business, the more successful it will be. But this is not the case.
The world is littered with former entrepreneurs sitting in cubicles who burned out trying to make their little firm big. And it’s not just your health on the line. Driving your workers so hard that they crash and burn too is terrible for your operation and will kill innovation.
The truth is: Most startups only get busy when they become businesses. When you run a startup, you have to keep your head down and be patient.
You can only write code for so long until your brain melts. Also, raising money requires considerable patience.
Everyone is different, so we can’t swear you have to do one thing to make your company succeed. Everyone has different strengths and weaknesses. Figuring out what is most effective for you will increase your productivity and your value to the firm.
Also, you’re more likely to avoid burnout by giving yourself a chance to slow down and enjoy life along the way. Take a little time to reflect on what you’ve done, and allow yourself to step back for a bit and relax.
Getting exercise, sleep, and reading are good ways to avoid startup burnout.
Investors Will Come Running
You usually have to spend money to make money, but how much you need to put out is the big question. The history of startups is littered with shuttered businesses that started with millions and more in seed money yet had nothing to show for it a year or two later.
A great example is the smartphone app Color. Never heard of it? There’s a reason for that!
The photo-sharing app began with a pile of cash — $41 million — and 40 workers. A year later, the company had paddled through that capital and closed its doors.
On the other hand, Instagram started with two workers and eventually was acquired by Facebook for a billion dollars. It’s not how much money you have at the starting line. It’s about how well you manage the funds you possess.
Experts declare that if you study most of the great Silicon Valley startups, in the beginning, they were all highly frugal. Whether you look at Google or Cisco or Microsoft, these firms were tightwads until they got things well underway.
So try to do more with less and don’t take on investors until it clearly makes sense. This will ensure your company will grow but won’t burn out by spending too much for no gain.
Massive Social Media Reach Is Necessary
It doesn’t really matter how many Twitter followers you have. What’s crucial is how many followers buy your product.
Don’t put all your energy into attracting a million Facebook followers. Honestly, who’s gonna care if none of them buys anything?
Instead, focus your attention on your product or service and tell your prospects all about it. An excellent way to reach prospective customers on social media is to get to them with micro-influencers.
These folks don’t have a celebrity following, but they have contact and credibility with people in your niche. So if you can win over the influencers, you’ll get access to multiple prospects.
Keep these four myths in mind and avoid putting too much stock in them, if you wish to maximize your startup success.
