Beware of These 6 Assumptions in Your Startup

10 Business Elements Required to Rise Above the Crowd

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It is easier to dream than to do, and out of necessity, entrepreneurs are among the most daring dreamers.

Related: 5 Strategies I Used To Start And Build A Successful Business With Just $ 200

However, they must also be the “makers” to make these dreams come true. And to get there, every entrepreneur must understand this part of “doing.” Even when you are sure that your industry boils down to a science, you will find obstacles in the way of success.

However, by keeping an open mind and listening to the advice of experts in your field, you will succeed – especially if you avoid the following assumptions when you move your startup to launch.

1. That you can do it all by yourself

While many entrepreneurs think that they can manage the tasks by themselves and prefer not to share the spotlight, at some point they realize that sometimes keeping this title of “founder” for themselves does not worth the headache that this job entails.

So, don’t miss any opportunity to have another pair of trusted eyes to watch your project. Share the huge responsibilities of starting a business. And try to find a founder with expertise different from yours (usually one founder knows how to make the product; the other knows how to sell it).

You may be more likely to find funding from two founders than one. For more information on why two founders are better than one, read what Paul Graham has to say.

2. That your startup is a business

A business is an established entity, with a formula for achieving growth, attracting capital and achieving a return on investment. A business must have a reliable business plan, with a schedule for launch dates. Unfortunately, it’s not really a startup.

Startups operate by guesswork, a tentative plan, very little capital, almost no employees (for the first few months) and, often, no known model to rely on. Building a startup is a process of experimenting and figuring out what works – and when things don’t work, the founder is often the one who pays the bill.

Compensating for these disadvantages is the excitement of starting something that is yoursand the courageous hope of success. This is why you should not confuse “startup” and “business” as the same thing; you’re just trying to get to the stage of turning your startup in a business.

Now is not the time to be safe; it’s time to become a thug, find out what’s working and see if you can make it bigger. After all, most of the heroes in Silicon Valley started out in a garage.

Related: Smart Startups Learn to Create and Manage Hype

3. That your launch will be everything and that your launch date is rock solid

The words “start early” have been such a start-up watch that most people forget what they mean when planning dates in their web calendars.

After all, it’s hard not to get carried away with ambitious plans. You have spent months trying to collect your ideas and devote even more time to these ideas in a nice, elegant prototype. Now you want all your friends and family to see it! And then, once you get started, you know you can aggressively pursue funding. Have your eyes turned into dollar signs yet?

Anyone who has gone through this process (even once) knows that this picture of how it will almost happen never materializes. There will always be some kind of blockage – somewhere.

So, rather than putting all your hopes (or eggs) in one basket, with a Facebook event page and hopes to grab the attention of an investor, get started. In the best of cases, take your working prototype, adjust it to the needs of your users, launch it again, refine it and launch it again again. Then repeat this process until you are fully satisfied with the product and have a larger customer base. It is when you start launching investors.

4. That your product and your team will look exactly like you imagined

Do you think computers are exactly what their creators imagined they would be? Twenty years ago, would you have thought that phones would be touchscreen and connect to a global database at the touch of a button?

We live in a culture full of tools that constantly change and challenge our initial expectations as to their destination. So, is it not obvious that our companies or our products have evolved?

There is a reason why much of the startup process is trial. In the best of cases, you will have pivoted or refined your path to a much better product than you could ever have hoped to build yourself. (In the worst case, your home team runs out of steam or buys from the home court, but not the process.)

5. Raising funds makes you successful

Fundraising is certainly a reassuring green light to keep doing what you are doing. However, this is just the first step towards liquidity: that’s why it’s the A series. You may have a working product and a nice user base, and you may not be eating -Be more oatmeal for each meal, but there is a long way to go.

Only about one in 10 companies in which a company invests succeeds; and typical portfolio company failure rates across all technologies are around 40-50%. The problem with viewing venture capital funding as the ultimate goal is for companies to devote too much attention to raising capital rather than building a good product.

This can cause your capital to swell excessively or increase also a lot of money (which raises expectations and comes with its own amount of legal baggage). Instead, think about milestones and try to collect enough money, and a little more, to cover yourself until your next milestone.

That you know who your customers are

No matter how many branding workshops entrepreneurs offer their business, or how accurately they imagine their ideal customer, it is inevitable that they will go under (you hope) or, more likely , more thanestimates in terms of user growth, market suitability and value.

The key to getting a consistent view of your customer is to talk about your product with members of your target demographic and adjust it if necessary. Always deliver the best user experience possible: user loyalty can be lost in seconds and customers are unlikely to return after a negative experience.

Above all, it’s important to let yourself dream, but don’t stress that reality should be the way you dreamed it. After all, startups are first about experimentation, then pivot and tweak as they go.

Related: 7 Ways Founders Show They Can Run a Startup

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