Don’t let these startup myths give you the jitters.
When you dive into the world of startups you soon realize that there are quite a few myths out there that span geography, industries and products. These myths are widely believed and are often disguised as loose ‘facts’, causing entrepreneurs to hesitate on building their dream.
Below we debunk three common startup myths:
Your Startup Needs Deep Pockets
While you do indeed need some funding to get your startup off the ground, it is most commonly done through bootstrapping. Funding your startup yourself means that you retain control and all equity in the business.
The idea of being able to get out there and meet with Venture Capitalists during the seed stage of development and secure funding is just not very realistic. “Venture capitalists tend not to invest at the seed stage because it’s a little too, well, adventurous for them. (Remember, despite their title, venture capitalists do not enjoy taking risks.) That being said, only about 7% of venture capitalist investments do come in at this stage. (Fundable)”
Unless you have an Angel Investor, the funding you need to get your startup off the ground will require bootstrapping. This can be done on your own, with friends and family investors, crowdfunding or personal loans.
It’s Hard to Compete Against Big Business
Your product might be going into a crowded market with some big names in the space, but this isn’t a reason to quit before you even get started. Instead of focusing on your competition, focus on building the best product you can.
Often, big businesses can get in their own way and are not necessarily as in touch with the market as they could be. This gives your agile startup the ability to hone in on what customers in this space actually want, and then deliver it. Building brand loyalty should be the goal with your niche audience. In the world of startups, actions speak louder than words.
You Need to Solely Focus on Your Startup
You don’t need to quit your job to launch your startup. Working at your regular job while developing your product is feasible. In fact, if you do bootstrap your startup, collecting your normal paycheck is going to be beneficial. Also, at your job you can focus in on the hiring process, what does and doesn’t work for employees etc. so that you are ready with this knowledge when it comes time to grow your own business.
Hopefully, by debunking these common myths, you are now encouraged to go after your startup dreams.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.