90% of businesses fail because they can't get anyone to buy it, not because they can't build it. Here are 3 misconceptions of entrepreneurship:
The Hero Myth - We all hear the same set of qualities: passion, determination and vision. But these same qualities that are regarded as traits for success may lead your startup to major setbacks. Overdriven entrepreneurs can madly fall in love with their product, as a result, ignore negative feedback from consumers and waste years developing a product based on a vision that no one else shares.
The Process myth - "build it and then sell it" process doesn't work because entrepreneurs start out with guesses/assumptions. Entrepreneurs must seek the right problem and the right solution.
The Money Myth - More money isn't always better. Investment gradually eliminates the constraint of entrepreneurs requiring to focus obsessively on customer's wants.
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Simplifying boosts customer adoption and reduces costs. Consumers are drawn by simplicity and confused by complexity. Simplifying the product doesn’t imply that you are neglecting the customer’s choice. Rather it conveys that you precisely know the customers well enough to deliver the exact solution they are searching for.
Moreover, by developing something simple instead of something complex, a startup saves time and money. Oftentimes an engineering-focused organisation believes they have to deliver every feature to every customer, whereas on the contrary, a market-driven business focuses on determining its primary customer and developing the right product that nails the customer’s problem.
3 other things to remember,
1. Too much funding may not help you survive :
Deep within, we all know that money alone will not fulfil all the necessities to build a flourishing business. Overflow of money may even lead to complacency, damaging your entrepreneurial spirit, whereas a startup with frugal funding might know better what’s necessary and gets it done.
2. Customer’s needs come first :
A significant misconception of entrepreneurs is of solely relying on "the perfect idea" and their passion for it. Without understanding what your customers want, there’s a small chance it will ride the market. The knowledge you gain about what your customers want will build the base for your success.
3. Use of a tested business model to scale adequately :
Aim for a solid business model that is supported by paying customers. Scaling without a reliable customer foundation is rash. Remember, at some point, you will require external help to scale it.
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Uplevel your career. Understand how to navigate business challenges.
Journey of Zero to One is challenging. Take some sherpas along.
Supplement theory with practice. Stand out during interviews .
E.g. - Pricing, Driving growth, Branding, Product Management, Competing Vs Partnering
E.g. - Building teams, Designing culture, Coaching young managers, Recruiting as a superpower
E.g. - Career paths, Relaunching my career, Designing a development plan, Managing Reviews