If you want to grow hope, these 4 Myths will help you. You don’t need to be a new venture counsellor like me to learn all the reasons why you shouldn’t launch your own company. I’m sure you all have people that are unhappy in their jobs and aren’t afraid to complain, but they rarely seem to get around to making changes.
They may cite all the urban legends about having no business degree, being too senior to change, or not having the money.
They disregard the facts that Steve Jobs founded Apple in his basement when he was 62, Colonel Sanders franchised KFC when he was 62, Michael Dell dropped out of education to launch multi-billion-dollar companies, and many others did the same.
Unfortunately, it has never been easy to separate facts from justifications in the world of new ventures, and the information explosion of today has only made it tougher.
Start-Ups Require Investors to Get Started
Less than 1% of all businesses are really backed by venture money and angel investors, according to data by Fundable.
By bootstrapping, you may keep complete control over your company plan, maximize your equity, and save time and effort by not needing to find outside investors. The strongest advocates of this strategy are the successful businesses I know who used bootstrapping.
Young and Irrational Entrepreneurs Are Most Successful
The Kauffman Organization and other researchers have found that the typical entrepreneur is really 39 years old and that entrepreneurs over forty have a success rate that is five times greater than those under thirty.
The age group of 55 to 64 is now experiencing the fastest growth in the proportion of businesses founded by entrepreneurs. This age group, in my experience, is also more receptive to admitting their ignorance and seeking assistance.
To Succeed, You Must Have Eccentric and More Unusual Ideas
It is just untrue to assume that unique items with little utility to consumers would somehow spark a new trend. Market research, dealing with customers, and tackling a genuine issue is indispensable. Market disruptions have the greatest failure rates and require more time and resources.
Most Prosperous Start-Ups from Local Incubators, Spring
By linking you with colleagues and consultants and assisting you with the establishment of a firm, an incubator may help you overcome your early reservations.
According to my observations, the list of successful entrepreneurs goes forward more quickly on their own, with no equity dilution and less time being taken up by peers and programs.
