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Top Most Common start-up misconceptions- What Makes A Good start-up Success
By Amarendra Bhushan for CEOWORLD Magazine Updated:December 16, 2009
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Market research is a waste of time. People only tell you what they think you want to hear
Market research is not only a waste of money, it is also a waste of time and human resources. It makes entire organizations tentative, indecisive, causes product launch dates to slip.
When I started my previous startup, we planned a whole lot of things. We planned and planned. We had everything planned out. Three months went by and we were ready to start developing. The only problem was, the motivation had been lost.
All because we planned on so many aspects. One thing is that motivation just starts sinking till it crosses the point where you don’t really wanna work a lot.
Frankly, I can’t think of any successful business (large or small) that hasn’t conducted some form of market research (market planning). Most unsuccessful ventures can include lack of controlling funds and lack of marketing strategy as the keys to failure.Market research is bullshit. Do you want to take that risk?
If I work hard, I’ll succeed, Luck has nothing to do with success.
One can achieve greatness and success only through an enormous amount of hard work over many years. Not just any hard work, but work of a particular type that’s demanding and painful. I believe that every successful person in the world is not afraid of challenging work. They all succeeded because of hard work and dedication to their goal.
Don’t waste your time with a business plan, just better odds of getting funded
Entrepreneurs who slave to craft a perfectly-articulated business plan expect the effort will pay off with better odds of getting funded. But they’re probably fooling themselves…A study found quality [of business plan] had zero impact on the amount of VC funding raised.” Another reason to forego writing a biz plan, a useless document that quickly becomes an artifact.
Most experts wouldn’t agree, but a business plan is of limited usefulness for a startup because entrepreneurs base so much of their plans on assumptions, ‘visions,’ and unknowns…Organizations are successful because of good implementation, not good business plans..
A cashflow forecast is something I need, only if my business is in Crunch
By operating a cash flow forecast you will be able to identify a problem almost as it occurs. If your expenses are unexpectedly high, you will be able to identify where in the business, or which category the money is being used excessively.
I’ll Run My Business & You Run Yours
If there’s anything that bugs me, it’s someone telling me how to run my business. It’s one thing to make a suggestion or a request, but to flat out tell me how to run my business is a sure way to get me to not want to have anything to do with you.
If I ask below the market rate for my product… even poison will sell if it’s cheap enough
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