It is often believed that Indians are hostile to risks. And since there are so many startups dying all over the world, the aversion becomes more eminent. People are often pessimistic about Indian startups and believe that they are the copycat models of Silicon Valley. We need to understand that India is emerging, emerging in all fields we can think of. Here are some common myths existent in India which need to be shattered immediately.
1. Skeptical reactions
The reactions that people give when entrepreneurs reveal their identity are quite astonishing. Questions are bombarded within seconds. If you know most that most startups fail, why are you risking everything? How are you going to take care of your responsibilities? Indian people have a bizarre stigma that entrepreneurs can’t settle down in their lives, cannot get a partner to marry. This thought has penetrated so much that Indian parents encourage their children to be job-seekers. I would like to revert through a question. If you believe in your children, don’t you think they can end up making the same company one day which you want them to work for?
2. Startups = Technology
Indian history unveils that until about 2005, service-based companies were more prominent than product-based ones. It was only after 2005 that technology became an integral part of almost all companies. But with the evolution of technology, several myths have also developed in parallel. Startups, nowadays, have become synonymous to technology. We need to remember that technology doesn’t define startups but the problem they are solving. Startups stand on the cause and technology is just helping them to get through. If there’s a company which may not be technologically sound enough but are successfully reaching out to the masses to solve their problems, we can’t simply deny its right to be called a company, right?
3. Unique business plan
Generally stigma exists that Indian startups are replicating the ideas of Silicon Valley entrepreneurs. We know that Ola is a clone of Uber and Flipkart of Amazon. The question- Aren’t they doing good? A very famous thought goes like this- “Successful people don’t do different things, they do the same things differently”. I agree to the fact that these startups are copied models but we also cannot deny that the innovation they are introducing is remarkable. They have been confident enough to hold an insight and are now solving problems of the masses effectively. At the end of the day, this is exactly what is expected from any startup and they have been successful enough to achieve milestones.
4. Entrepreneurs are born not made
As soon as a discussion starts on entrepreneurs, people tend to utter automatically that they are born with a business blood. Actually, they are demeaning themselves only in the process. They think they can’t get into business because they don’t come from such background. Your identity is not defined by your background but your knowledge and dedication. Habits and skills are developed over years. Successful people also have the same story and they are of course not born with all the talent in the womb.
Also Read: 007 Skills Every James “Entrepreneur” Bond Must Have
5. Investments
Myths often exist that a startup cannot proceed or cannot even start without investments. Have a look around you, and you will see most of the successful startups have bootstrapped for quite a long time. It’s just that you will have to make your investors believe in you and money will be the next immediate thing. Another myth says that a startup cannot get investments before completing the whole product. Investors are interested in the idea and your potential to market your product. They are there to back you up. You just need to work in a full-fledged way and make them believe that you can scale it up.
6. Entrepreneurs should be young
With the exception of Steve Jobs, Bill Gates and Mark Zukerberg, there are many successful entrepreneurs who are not young enough. You are motivated by Jobs or Zukerberg doesn’t mean that you can also do the same thing. Nothing can replace experience and skills. If you get stubborn and think to start while young without any expertise, you are most likely to hit the wall. This myth is responsible for affecting college students on a wide scale. In today’s era, if you want to create something unique and impactful, it is your skills that matter and not your age.
7. Entrepreneurs are working for profits
It is business that is defined by profits and not entrepreneurship. There are so many social startups working for a good cause. The sole motive is to bring a change and not money making. Yes, money is salient but entrepreneurs need to earn to keep going and carry on the good work. More often than not, it is not for profit. Flipkart, Snapdeal etc. are the biggest examples. They have made a good market presence over the years but none of them are into profit making.
8. Startups come only from IITs and IIMs
This is the most peculiar belief that I have ever come across. I mean how does it matter! Ultimately, it is your idea and your skills that are taken into account. If this was the case, then how are drop outs making it so big? Take the case of Ritesh Agarwal of OyoRooms. There are uncountable number of startups which are hitting a home run and none of them belong to IITs or IIMs. So, I don’t think belonging to IIT or IIM confers your startup a brand.
9. If you are a tech entrepreneur, you have to be in Bangalore
This thought is very prevalent in India as most of the tech startups are from Bangalore. Bangalore is called the “Silicon Valley of India”. But it is not the only important criteria to be a tech entrepreneur. You can start from anywhere across the country if you have the right idea and the right team. Bangalore provides with the startup environment and so do other metro cities like Delhi, Mumbai, Hyderabad, Chandigarh etc.
Also Read: Top 5 Cities in India to Start up!
10. Most startups fail
Statistics have reported that 10 startups are born every day in India. But among so many of them, only 10% succeed. The numbers are more than enough to give any initial startup a nightmare. What they need to understand is they cannot fail or succeed if they don’t start. Even if a startup fails, the experience can never fail. There are plenty of startups who made it big in their second or third launch. Also, you are more likely to succeed in your second attempt because you don’t commit the same mistakes again. So just break the stigmas, and go ahead with your dreams.
Also Read: 10 Reasons Why Most Startups Fail!
