Startup falsehoods that might hurt new businesses
Research shows that cognitive conflicts – debates about what to do and why – have helped some young companies flourish. Yet, many entrepreneurs fall into the trap of thinking that conflicts will weaken their new business.
Entrepreneurs who are thinking about business formation might be all-too familiar with some of the myths that lurk the start-up world; experts at Gigaom have identified some of the most-common misconceptions about starting a new business and offered insights on how to get a new business started correctly.
In addition to the myth about all conflict being bad, they describe the fable that all smart people will be better-able when it comes to managing a company. In reality, emotional and social intelligence more closely correlate with success than book smarts.
The source points out that scholar Thomas Stanley’s studies suggest the most highly correlated characteristic to wealth is integrity.
Another misconception is that entrepreneurs shouldn’t start a business until they have their proverbial great ideas. Gigaom says timing is much more important than originality when it comes to launching a startup.
They advise entrepreneurs to shift their focus from ideas to customers; concentrating on consumer needs will bring an idea that meets the market.
For entrepreneurs who want to incorporate their businesses before they miss the market, it might be wise to focus on success stories rather than listen to rants about strategies for failure.