New entrepreneurs often find themselves drowning in an endless sea of startup-related resources, startup advice, and expert opinions.
While having access to this rich variety of information is great, it can be overwhelming and new founders won’t really know what to believe.
To make things simpler for everyone, let’s talk about the accuracy of the most common pieces of advice found on the internet, and debunk some of the widespread misconceptions:
> They say when starting your own business, you should put your personal life on hold. This is true to a certain extent as you might invest time and money to get your business on the right track. But you won’t always have to make major sacrifices to make it work, and you surely don’t have to work 24/7 to be successful.
> Growing as fast as possible is tricky but possible with the right structure. If you set up a solid structure for your business from the beginning, you can grow fast and attract all kinds of good attention towards your company.
> Assuming that there’s a market is straight-up silly. Before launching a service or a product, you’ve got to make sure that someone will actually buy it. If there’s no need nor demand for what you’re selling, your company will go down in flames before it even starts.
> Unless you’re selling a service, never let your new company be a one-man show. If you’re selling a product, you have to have good people on board to help you manufacture, advertise, and sell. No, you can’t do it all by yourself and yes, you get what you pay for.
> When it comes to legal, it’s essential when you’re starting a business but you should know when and how much to spend. The key is not to overspend nor underspend to make sure that your company has the right legal structure and support it needs.
> Don’t go around telling everyone you know about your business idea. However, it’s good to consult the right people about it. Why? Those people can give your insightful information on what to expect and they might even shed some light on matters you haven’t really thought about.
> Wake up at 4 a.m to make your business successful is one of the worst pieces of advice I’ve ever heard. Micromanaging and burning yourself out won’t do you or your company any good. Manage your time wisely and take breaks when you need them instead.
> Getting as much funding as possible early on is not always a bad thing. It can actually be super beneficial to your business’s growth depending on your idea and industry. But to avoid getting carried away, you have to identify your business’s capabilities and set up a clear plan and solid strategy.
> Don’t be afraid of taking risks. If it’s a calculated one, take it and you might be surprised by the outcome. But don’t go putting all your money out there without a clear plan. That’s like free-falling without a parachute.
> Reinvent the wheel and don’t keep your creativity on a leash. Whether you’re improving an already existing product or creating a new one, don’t be afraid to go all out.
Now that this has been established, you can start your journey as a new business owner on the right foot, knowing what to believe and what to expect. And remember that every business experience is unique and that there’s really no one-size-fits-all way to do things.