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Myths Entrepreneurs should understand before starting
Every individual wants to be boss of his own and run his own business whether it’s management graduate from top school or a illiterate from a village. The industry and segment of customers and the area of market may be different but the bottom line remains the same. The thought process of certain myths, which makes every one to look at entrepreneurship.
Myth with regard to Idea : Every entrepreneur feels his idea is going to be the next revolution and will make him millionaire. Yes the attitude is right but working and implementing will have its own due course.
Myth with regard to Market segment : For example is planning to start a online or offline ladies bag then calculating starts with India’s population has 48% of women and even having 0.01% of the market as my sales will make so much profits for the company.
Myths with regard to Business plan : Thinking of getting a professional business plan with beautiful presentation and having spent good amount of money will not get funding. It takes lot of dedicated effort & networking for raising of funds.
Myths with regard to advertising budget : Every entrepreneur has thought process that by advertising huge will help in getting customers, as they see the online e commerce companies who advertise heavily. But one thing should be understood that when these companies where startups before becoming big they did maximization with minimum marketing funds.
Myths I should not share my Idea : Every entrepreneur feels I should not share my idea to some extent its right and well appreciated but beyond a particular point its all about who starts first and who reaches by implementing, as rightly said idea’s are not monopoly, its all about reaching market and being acceptable.
Myths about comparing with competition : A startup entrepreneur in online will say my competition is with leading e commerce companies, just as you are in same industry apple cannot be compared to orange. When giving details of who are your competitors bench marking with leaders is not the right way to look at.