Myths and Facts About startups

Startups are an important part of a growing economy. It’s the only which can convert a falling economy to a booming one. The only reason is innovation with skilled implementation. That’s why the startups are often called as the backbones of the economy. Although it takes a lot of effort for a startup to succeed in the initial stage and sustain in the ups and downs of the crisis situation of the market.

Around this tech world of growing startups, there have been plenty of misconceptions regarding this term in the market. Some of them are true, however, most of them are totally myths. We’ve covered most of the ones that are useful for the techies reading over this blog.

Recommended post: What is More Important for Startups: Product or Sales?

Here in this blog, we have prepared a list of some of the common myths about startups and their facts.

Myth#1: Startups need big funding to survive in the market.

Fact: This is a common misconception among startup kids. Funding plays an important role in the signature of success for startups, however, vice versa is not true. Not all startups need heavy funding to sustain in the market crisis.

Myth#2: Your idea should be unique.

Fact: This is one of the most common myths in the startup industry. Your idea is unique, but someday someone will definitely be taking over it. It’s close to impossible in today’s era that something is always unique.

Myth#3: 90% of startups fail within a year

Fact: This is a myth. Most of the startups which fail are due to improper analysis of the current market scenario and hence fail to sustain in front of big competitors backed by sufficient fund and planning.

Myth#4: Culture doesn’t matter in startups

Fact: Culture plays a major role at the beginning itself. To maintain equalization and policy planning, culturization of the members is a must. The startups which follow the principle may not sustain long in the market and ultimately collapse soon.

Myth#5: Startups need fancy rooms and cafes

Fact: That’s literally weird. All thanks go to movies and web series. Fancy rooms full of beers and ping pong tables look awesome, however, this doesn’t mean startup is successful. In fact, most of the startups do not consider such a scenario as an ethic of professional culture.

Myth#6: Ideas sell themselves

Fact: If the idea is cool and interesting, the product will sell itself. That’s totally wrong. An idea in order to make a product successful requires understanding the behavior of the market scenario, the sustainability of the product in long term, the crowd which depends on the product, and the implementation cost & procedure to build the product with proper marketing strategy.

Myth#7: Startups need at least 4 cofounders

Fact: Again, it is a misconception regarding startups. Usually, being 3-4 cofounders are ideal for a startup for effective procedure & planning. However, it is not compulsory. Even there are many startups in the market that have a single founder or maximum two cofounders and they’re successful in the economy.

These were the most common myths regarding startups which new entrepreneurs usually have in their minds before giving their plan or idea a platform to extract the product out of it.

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