1. Needs huge fund to start- off
Entrepreneurs believe that all they need to start- off their business is a huge amount of funds. In fact, many recent surveys state that investors and venture capital fund only one percent 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.
2. PR activities are unaffordable
These days, startups are spreading all over the place, and have made it possible to afford and access startup PR tools and services. Not only there is an option to buy such services, but you can also offer yours along with a product in return for a written review.
3. Corporate setup can shackle Startup potential
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/ her ship. In addition, regular paychecks and further benefits of working in a corporate setup help in building useful resources between or before setting up a startup.
4. Local incubators spring most successful startups
An incubator helps to get over hesitations in the initial stages, by connecting with advisors, peers and guiding 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.
5. Success stands on the pillars of great technology
Early adopters love to indulge in new technologies, but mass market customers desire for solutions, not technology. Startups can taste the success without having high-tech sources.
6. Make the product your priority and then proceed with business work
Business experts recommend starting marketing first to confirm that they have real customer interest and an appealing product concept. In addition, good marketing and support plans can take as long as product development. In fact, both should be done parallel to each other.
7. Difficult to compete against big companies
It is mandatory to understand the needs and niche of your business. 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. 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.
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.
8. Investors are in search of great design
Technologists forget that investors are buying a chunk of the business, not the product. Every solution needs a business team first who knows how to market, distribute and support the product.
9. Marketing is a necessary evil to sell weak solutions
Nowadays everyone relies on marketing and social media to find solutions to match their needs. Even the best technical solutions often fail due to lack of good marketing. For innovative solutions, marketing is the education consumers need in lieu of experience.
10. Paradigm-shift solutions lacks competition
The real competition to a new paradigm is the old paradigm. If there is no competition, investors see no market, meaning no customers, slow growth and big marketing costs. Mention paradigm shift only with other technologists.
Wonderful blog👍 these are the myths hindering many potential startups!