Mumbai, December 7: No doubt, starting a company is not an easy task, but with the right strategy, the correct focus, good funding, one stands a chance to succeed. There is a lot of glamour associated with startup and many have the notion that it is all about young, bubbly, and vibrant talent.
There are certain myths about startups and we try to bust them for you.
You need huge funding to start a startup: This another big myth. According to experts, in order to burst the myth, one should adapt to the practice of bootstrapping, which allows maintaining full control of the startup strategies, avoiding time delays and energy spent to attract investors and retaining maximum equity.
It is extremely difficult for startups to compete with big established companies: You need to identify the advantage which you have as compared to a biggie in the market. For e.g. Being a startup, you’re less likely to experience the bureaucratic drama that is involved in the whole process. This not only allows you to be more flexible but gives you a lot of creative freedom.
Yes, a startup can't compete with a corporate big shot in terms of the budget, but you can identify your niche and focus only on that. Your spending will be more focussed.
Ideas Make a Startup: Yes, a good idea will help you to stand out. But, it is no the only guarantee for a good startup. There are numerous e.g.s like Facebook, Google who didn't come into the market with an innovative idea. These ideas were tested before as well. However, the reason why they became successful was because they built a great product.