Some entrepreneurs forget that they need an innovative business model along with an innovative solution to have a successful startup. Inventors alone, or business gurus alone, generally fail. It really takes a complementary pair of founders to improve the odds.
Here are the most common myths you should ignore to succeed in your startup business:
1. “A great technology will lead a successful business.”
In fact, both customers and investors often avoid the perceived high risk of innovative technology pitches. Customers don’t like new learning curves or dealing with unstable solutions. Early adopters love new technologies, but mass market customers want solutions, not technology.
2. “If we design a great product, investors will find us.”
Technologists forget that investors are buying a chunk of the business, not the product. Every solution needs a business team first who knows how to market, distribute and support the product. Investors want proof of a business model and real customer revenue, as well as a product.
3. “Business work should start only after the product is done.”
Business experts recommend that entrepreneurs start their marketing first to confirm that they have real customer interest and an appealing product concept. In addition, good marketing and support plans can take as long as product development. Do both in parallel to be timely.
4. “Marketing is a necessary evil to sell weak solutions.”
In today’s world of information overload, everyone relies on marketing and social media to find solutions to match their needs. Even the best technical solutions often fail due to lack of good marketing. For innovative solutions, marketing is the education consumers need in lieu of experience.