There are a lot of myths people believe about business success, a lot of which are far from the truth. We’ve listed some of them for you, so you don’t fall prey to myths that falsely promise overnight success.
Myth: I need investors funding if my startup is going to be successful
The truth is, you don’t necessarily need them. For a new business, you have to focus on the needs of your loyal customers, but with investors around, you will have to answer to their demands. Investors only care about their ROI, so when you take investments from them, you’re likely to be pursuing their goals instead of that of your business.
Bootstrapping, is the way to go for new businesses. It give you freedom to run your business the way you feel is best. You’re able to focus solely on doing what you love , making a products with value that improves your customers’ lives.
Myth: Following my passion is the only way to be successful
Following your passion is good, but it doesn’t guarantee success. You can pursue a problem instead. When you create a solution people are desperately seeking for, it’s harder to fail.
It’s not possible to build a successful startup overnight. You can only build a successful startup over time when you listen to people’s needs and solve their problems. Passion alone, cannot guarantee you success in business.
Myth: I have to focus 100 percent on my startup from the day it’s founded
You can go on with your day job, and view your business as a side project. Plenty of successful startups have began as side projects that individuals developed to solve their day-to-day struggles.
When you view your startup or business as a side project, you are not under any form of pressure which makes it easier to scale. You can quit your day job, and focus fully on the business, when you realize it is sustainable.
Myth: To be successful, I have to reach millions of users quickly
Truth be told, profit is the only metric that actually matter. Metrics like daily users, site visits and downloads can only tell you if a product is popular. They can’t tell you much about the product value. This kind of metrics are only necessary when you are trying to impress investors.
But when you aren’t under pressure to grow these surface-level metrics, you’ll have enough time to monitor the progress of your business and discover areas where you can inject more values. Starting small and building your clients base over time, will guarantee you success and sustainability.
Success does not happen overnight. It requires hardwork, patience and consistency. If you’re committed to making life of the people who use what you build better, you will not think of overnight success story.