The culture of startups is a well-known one all over the world, and it comes with its fair share of myths. If you are considering starting a business in Singapore, you might encounter scepticism or negativity from those around you or from your community.
Despite being passionate about your startup, you may find yourself seeking validation from others to truly feel accomplished. Self-doubt is a common feeling among entrepreneurs. It’s natural to question whether you should continue on the path of starting a business.
However, it’s crucial to recognize that the decision to embark on entrepreneurship is a significant milestone in itself. Having a clear idea of the service or product you want to offer will add even more value as you start off on your journey.
Once you have a plan, you should acknowledge that you’ve already completed a significant part of the startup process.
However, many aspiring entrepreneurs get stuck at this stage due to misconceptions about incorporating their companies. In this blog, we aim to debunk these myths and empower entrepreneurs like you to move forward confidently.
7 Myths About Startups
Myth #1 Only Tech Geniuses Can Incorporate A Company
There’s a common misconception that founders of startups are all tech geniuses. This could be due to startup owners later developing skills related to technology for the betterment of the business. However, this myth has caused a lot of entrepreneurs with great ideas to remain at the stage of ideation without taking the next step.
However, what you need to understand is that to become an entrepreneur, you don’t need to be a tech wizard. If you have the skills to identify a problem, find a solution for it, and then turn it into a service or product, you are good to go.
While it can be challenging to establish yourself as a founder and to incorporate your company, it’s not something that should be halted just because you aren’t tech-savvy. So it’s time you accept that startup founders aren’t always tech geniuses.
Myth #2 It’s Important To Wait For The Perfect Idea
The myth that startups should start with a groundbreaking idea is something that paralyzes many potential entrepreneurs. The reality is not every startup can begin with a killer idea; most startups begin with just some workable idea and then build on it as they gain more knowledge.
Many entrepreneurs will initially begin their business with a concept or solution concerning a problem. They then upgrade the idea as they see market changes and gather customer feedback.
However, the best way to think through this myth is to understand that you’re only trying to find a solution to a problem that you believe could be sorted out. People with entrepreneurial mindsets can see pain points and identify what people need.
You don’t have to perfect the idea before you begin; all you have to do is just start, and then everything will work out since you can learn as you go along.
Myth #3 You Need A Huge Capital To Kickstart Your Company
Of course, you need capital, but the myth about it being huge isn’t true. If you have a huge capital, it will be great because you can utilize it to fuel your company’s growth. But not every startup owner has a huge capital, which makes them wonder whether they can actually start.
But the truth is, you don’t need massive capital to get started. You can start small to just establish your idea first. Many startups have started off with very little investment. Understand more about the cost of starting a business in Singapore to get an idea of how small an investment you need.
You can find various funding options, such as angel investors or crowdfunding, in the current business landscape. But you have to plan your finances smartly and allocate it wisely if you want to go a long way.
Myth #4 Startups Can Succeed In No Time
Success is never overnight. You’ll see a lot of hype around companies growing instantly or in 3 months after first establishing their idea. But all that’s only a myth because building successful startups is far from being an overnight endeavour.
It demands unwavering dedication, perseverance, and a willingness to navigate through multiple obstacles along the way.
Airbnb is one of the best examples that overnight success stories don’t happen in the business world. They have been rejected multiple times, and the founders had to sell cereal to keep their boats afloat. However, they learned something from every rejection to come back stronger and become a billion-dollar company.
Myth #5 Startups Are for Young Entrepreneurs
The fact that startups are exclusively for young entrepreneurs is a limiting myth. It easily overlooks the experience and expertise of older entrepreneurs. The truth is entrepreneurship has no age limit, even though these days, we see many teenagers becoming company owners by using their skills and entrepreneurial mindsets.
However, one of the greater benefits for older entrepreneurs is that they have more years of hands-on experience in relevant fields. Their knowledge can be a valuable asset for the company.
Older entrepreneurs might have the resilience that young entrepreneurs are still trying to develop.
One of the best examples is Sara Blakely, the founder of Spanx. She was in her late 20s when she started the company, but her story of success wasn’t known to the world at the time. But now, she is one of the iconic figures in the business world. So, we can’t necessarily put youth and entrepreneurship together in the same sentence.
Myth #6 You Have To Give Up On Finding Work-Life Balance
The stereotypical idea of an overworked and sleep-deprived founder of startups is a myth. This not only makes the overall idea of entrepreneurship exhausting but also discourages potential entrepreneurs.
It’s true that startups need a lot of hard work and immense dedication, but not to the level of giving up work-life balance.
You should never overwork yourself, only to end up exhausted both physically and mentally. This type of exhaustion might hinder your creativity and also the growth of your startup. An excellent example of a startup founder who emphasizes work-life balance is Arianna Huffington, the co-founder of The Huffington Post and Thrive Global.
Myth #7 Incorporation Is Too Complex and Expensive
The myth that incorporation is an overly complicated process and can cost you an arm and leg might dissuade many aspiring entrepreneurs from taking the necessary steps to incorporate their businesses.
The truth is, these procedures were challenging back in the day, but not anymore. The process of incorporation has become more accessible and streamlined. Thanks to the availability of online resources and professional services, you can learn how to incorporate your startup in the comfort of your home.
You can find online platforms and government websites to access step-by-step guidance for incorporating a company. These guidelines have everything you need, such as legal requirements, fees, paperwork, and other procedures. They would also advise you on as well as help you meet your statutory requirements like appointing a nominee director or company secretary after your company has been incorporated.
Don’t let mere myths hold you back from pursuing your entrepreneurial dreams. Starting a company is a journey filled with uncertainties, but debunking these misconceptions will help you approach your startup with a clear perspective.
Keep in mind; it’s you against the whole world. If you want to achieve what you started out for, you have got to keep moving. Take the leap, challenge these myths, and embrace the experience of building your own company. Engage a corporate service provider to ensure the whole process is seamless and convenient.