If you’re searching for the easy route to a startup, you may have another thing coming. The rest of the myths are going to be debunked in this two part series.
Passion will keep your business alive.
Did you know that passion doesn’t actually run your business? It is extremely important to be passionate about your company and brand. You must care about your products and what you’re going to be giving back to the public, yes, but it is not what is going to keep your business thriving.
Passion is not going to sell or market your product. It isn’t going to spread the word through friends and family. Once your products have been sampled or used, the excitement in customers may sell your product to others, but it is not passion that will get it there.
Many startup founders get distracted with their passion because they believe that their product is good enough to sell itself. While it is vital to having faith in your own products, you must be able to see your products from the customer’s point of view.
Expectations: You have to allow yourself to see things from an outside perspective. Being able to accept criticism and make changes is what is going to help keep your business going. If you’re too passionate about your services or products, it may be detrimental to your company. The dreams you have of succeeding and selling an unbelievable product should not trump your intelligence or attention to details. Every product has flaws – don’t let your vision blind you from seeing them.
If you don’t know, get a cofounder who does.
It’s obvious you cannot do it all. While being the jack of all trades is ideal, it’s often unrealistic.
Getting a cofounder can help reduce some of your workload, but if you’re getting one for the wrong reasons, your startup may still fail. Because you aren’t familiar with the technical details of running a startup is not reason enough to find a cofounder to help your business.
You may be asking yourself why you need to know something if you have a cofounder who knows already.
Expectations: You should have some knowledge in every aspect of your startup. There will obviously be large holes in your knowledge because some business areas require a lot of education, such as software programming or the financials, but having some knowledge in each department is helpful. This can provide you with some insight as to what is going on in your business; this way, you aren’t completely oblivious if something happens. If your cofounder is busy or out of town, you must be able to step up to the plate and know who to call if something breaks or what the next step to take is to find a solution.
A good business plan is the key to success.
For some reason, people in general think having a plan is the best solution to avoiding chaos. Then, when something goes awry you can panic and have absolutely no idea what to do next.
Yes, a business plan can help lay things out and begin a startup successfully. Depending what kind of business you’re starting, a plan can help you maintain a guideline as to how things are supposed to be done or what your prediction may be for the future.
Expectations: Stay realistic and remember: a business plan is simply full of predictions. The future can never be known even if you do everything in your power to control it. Expect your business plan to be a guideline rather than something that is set in stone. Things can always go in different directions and creating a new business plan every time something changes is absurd.
Beginning a startup can be stressful. It can be discouraging and overwhelming, but if you allow yourself to see the realisms that follow a startup, you may have a better chance at becoming successful. If you need exclusive tips for startup founders and entrepreneurs, don’t forget to sign up for your free subscription to Successful Startup 101.
