The startup culture has become an infamous trend, not just in the UK but the whole world. Entrepreneurs are finally able to give wings to their business ideas due to this uprising. While people were earlier forced to suppress their business ideas and thoughts at their workplace, they now have the liberty to get started on their own.
But even though launching a startup is a brilliant idea for many, unfortunately, it not for everyone to pull off.
Research studies and experiences of other CEOs might give you an insight into the journey ahead of you, but you cannot know every detail before being practically involved in it.
Every road has bumps, and so does the journey of making your business idea a success. You might read everywhere how excellent it is to be on your own and be the reason behind your success. However, like every coin in the world, this part also has two sides.
Many misconceptions are revolving in the world about heading into a start-up business. Some of these have to be cleared before you make a decision based on just the rough estimates of your expedition ahead.
#1- Funding sources are in abundance.
You might be reading every day in the news about various startups that raised millions in their rounds of funding. That would be a motivation for you when you think about your business. But the reality is much different. There is a new start-up coming in the market every day, and not all of them receive high-level funding.
Your sources and contacts are essential in getting your sponsorship from significant level investors. You would have to work very hard to pitch your idea to them and convince them why your business will be a successful, profit-making venture. An abundance of funding sources would only exist if your concept is mesmerizing, and you have outstanding convincing abilities.
#2- Money starts flowing in quickly.
No. It does not. It would first take you an ample amount of time to hire employees and then to set up your business place. There are a thousand things that would need to be established before you start making a profit. Development of your work product, marketing strategies, advertising, and reaching the customer is a long process, and you would be working all through this.
You would be using your funding to get through the expenses of this time. But for times when you run out, loans with no guarantor are your go-to funds. These are readily available online with direct lenders. The independent application process takes just a few minutes, and you get the funds in your bank account on the same day. You can make use of these loans to cover small expenses that arise on your road to a profitable startup.
#3- There is an age ceiling for launching a start-up business.
There is no limit as to when you can be an entrepreneur. Motivation can strike at any age. The later you decide about giving wings to your ideas, the more experienced you would be to handle the bumps along the road maturely. As an added advantage to your age, you would prove to be an expert having many more networks and extensive knowledge about the functioning of a business.
Do not hold back just because you think you are too old for doing something. You can become a billionaire even during your 50s.
#4- Your product will get popular right from your launch.
Just google the name of some start-ups that recently become popular in the UK market. You would be utterly surprised to see how long they have existed for behind the curtains. It takes years for a new business to get recognized in the market today.
Therefore, no. Customers are not going to want your product or services right from day one. You would have to keep working rigorously for years to make a mark in your field. Success does not come overnight (unless you are an actor, of course).
#5- It is a 24-hour business.
While taking your business idea to the plinth is a long and tiring journey, it would not demand your sweat and blood. One of the perks of being self-employed is the freedom to work on your terms and set your deadlines. You can retain your work-life balance and still be able to dedicate yourself to your start-up.
It would only be around the clock business if you want it to be. And as has been repeatedly said, a fresh mind works better and more efficiently.
#6- Your original idea is the successful one.
The core of the idea in your mind might be scoring, though a different approach could give you better results. Do not be stubborn about what your original path was. You might find another more successful way of establishing your cause. Avoid sticking to the primary thought and be flexible about alterations.
Do not be rigid about your perceptions. As you move forward with your business, you might find better alternatives and methods to reach your goal. Practical life is always different from books and words.
Not every experience can be jotted down in a diary. You learn about a plethora of new things when you are doing something n reality. Just try avoiding setting foot before making sure that you do not have any misconceptions in your mind.