The startup world has seen many people with humble beginnings propel themselves to a life of luxury and power. This has understandably attracted many young (and old) people to the life of an entrepreneur so that they too can make a name for themselves.
If you are wondering how to build a startup, you can find thousands of articles on the web that speak on the topic. However, there are so many aspects of the startup life that most people get wrong. It's not always rainbows and butterflies, and the road to success can be challenging. If you wish to build a startup, make sure you rid yourself of these misconceptions, so you completely understand what you are in for.
1. You will be your own boss and won’t answer to anyone
Undoubtedly one of the biggest myths about the startup world is that you will be your own boss. You think you can do whatever you want without having anyone to answer to, which makes building your own startup even more appealing. However, this isn’t true. Rather, once you own and lead your company, you will find that you work for everyone – the customers and clients, your employees, business partners, and stakeholders. You have to work to keep everyone happy so your business can grow.
2. You will get rich in no time
Another reason why many want to start their own company is that they think it’s a way to get rick quickly. The truth is that to get rich, it will take time. You need to have patience so that you can get the necessary funding for your startup, so you can build your clientele and eventually expand your business. Only then will you start seeing a real profit.
3. Most start-ups are likely to fail
While you may have read that most startups fail within a year, this isn't entirely true. Most businesses don't completely shut down even if they are labelled as "failing." Besides, as long as you get the required funding, know how to market your startup properly, and have the patience to steadily grow your clientele, chances are you won’t close down within a year.
4. All you need is a great idea
Another misconception is that all you need to build your own startup is have a great idea and customers will come to you and bring you the success you have always wanted. It takes more than just a great idea to become a successful entrepreneur, and you need to know how to market your startup the right way.