Starting a business can be overwhelming, but it’s a little less overwhelming once you ditch these five myths. Plus, find out which giants overcame the odds to prove these myths wrong!
Myth #1: You need a groundbreaking new idea.
If every successful business was a brand new idea, we would never see progress in any industry. Most new business ideas aren’t completely transformative, but rather they improve and innovate parts of an existing business model.
1–800-GOT-JUNK? took the painful process of ditching junk, made adjustments including the added convenience of scheduled pickups and great customer service to build a business. Now, the company is operating in three countries with 160 franchises and generating $182,500,000 in revenue last year. Picking up junk isn’t groundbreaking. But the way they treated their customers was.
Myth #2: You need to be passionate about the product.
Most startup fairytales stem from an ah-ha moment when the founder was doing something they’re passionate about. While this ‘spark’ is one beginning to a story, it’s not the only way to start a new business.
Wayfair was founded by two friends and college roommates, Niraj Shah and Steve Conine, who has a passion for starting businesses and cracking the code to success. They had to work 24–7, answering customer service calls, coding and building the business, but it didn’t stem from a passion for home goods. It came from a passion for innovation and building cool things.
Myth #3: You need investor validation to prove your business model.
Most founders are familiar with the gauntlet that is investor pitching. Hundreds of no’s in hopes of the one yes that makes your future. Not only for the financial backing, but for the industry validation of an idea.
FUBU approached business scaling a little differently. The founder, Daymond John, financed his clothing company by taking out a loan against his home to get his company off the ground. From there, he brought together a small team to put in the leg work of cutting, sewing and delivering orders. Product validation was a achieved through smart marketing and the customers themselves, not outside investors. It wasn’t until he got an offer from Samsung to support with manufacturing while fulfilling on a $300,000 worth of orders did they take outside investment.