Seven common myths about launching your startup

A lot has been said about the process of launching a startup, but not everything you’ve heard is true. From loneliness to funding, look below for a list of 7 common myths about starting a company.

Myth #1. Launching a startup is a lonely business

Today there’s a large community of people who share your startup passion. Co-working spaces like WeWork give you a dedicated workspace for bouncing ideas of other entrepreneurs at 3:00 in the morning.

Myth #2. You need to be a tech wizard

Truth be told, all you need is a solid idea. If the market is there (and you’re able to differentiate yourself from others) you’ll gain traction. You can always hire freelancers to tackle the programming.

Myth #3. A killer idea is critical

No matter what you startup idea is, you’ll probably “pivot” a few times anyway. Just make sure your “killer” idea meets a market need, and gradually mold it into a successful business.

Myth #4: If someone is already doing it, you’re toast

You don’t have to be first to market to win. You simply have to offer a product or service that’s more enticing to customers. If the market is ripe for disruption, make a better mousetrap and you’ll succeed.

Myth #4. Detailed business plan is job #1

In the early stages it’s OK to have an informal business plan, one that simply explains to others your mission and keeps you on track. When you need to raise funding, come back and refine it as needed.

Myth #6. Angel with deep pockets required

Raising money is much easier than it once was. Start by asking friends and relatives (they know you potential best), then explore crowdsourcing opportunities like Kickstarter. Other investors will follow.

Myth #7. Full-time staff is a must

Regardless of your strengths, you’ll eventually need experts in other areas to grow the business. But rather than allocating precious resources for staff, consider online freelancers with specialized skills. They give you more bang for the buck and let you move further down the road before making key full-time hiring decisions.

Bottom line, starting your company is not as daunting as many think. All it takes is passion, a little hard work and some creativity in getting things done. Go forth and conquer.

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