For those who have spent their careers working for companies in traditional 9 to 5 roles, startups are shrouded in mystery. This often leads to the general public painting their own (and at times misinformed) pictures of what startup life must be like. While some of these common ideals may be accurate, a few couldn’t be further from the truth. Here, we’ve listed out 5 of the most common misconceptions about startups, and why they’re not true.
- As long as an entrepreneur is passionate about their idea, everything will work out.
While it’s true most entrepreneurs do have a passion for their business, it takes so much more than passion to build a successful operation. For starters, the entrepreneur has to be excited about a business venture that is actually sustainable and beneficial to society. Even then, passion for a great idea isn’t enough for a successful business, which brings us to our next startup myth …
- A great idea guarantees a successful business.
The best idea in the world can fail if the proper business plan isn’t in place. The initial idea is merely a springboard for creating a successful business, not the determining factor in the success or failure of the entire venture.
- Most startup owners are 24-year-olds who wear hoodies to work.
The Silicon Valley stereotype has become the image that pops into most people’s heads with they think of startups, but the hoodie-wearing college dropout represents a small fraction of entrepreneurs. The startup community is a group of diverse, dynamic dreamers with a wide variety of backgrounds … and wardrobe choices.
- Once a startup has money from an investor, it’s all smooth sailing.
First off, let’s debunk the myth that startups ever reach a phase of “smooth sailing.” While the necessary time commitment will definitely lessen as the business becomes more stable, a truly great company must constantly be innovating, learning and improving its services or product. Secondly, startups with ample investment capital flop everyday. While funding is nice, it merely provides startup entrepreneurs the means to keep growing and bettering their businesses, not assurance that the company will thrive.