Startup Success Myths
Rahul Varshenya makes a cogent argument in the Huffington Post on Why You Shouldn’t Emulate Silicon Valley for Startup Success:
Don’t make the mistake of imbibing what you hear coming from the mouths of the Silicon Valley behemoths for there are many, many more who have proven otherwise.
Here are some of those ideologies to be wary of:
#1 – The success of your startup depends on having a co-founder
#2 – Build an MVP. Always build an MVP
#3 – A services business is a shameful one to start. Build a product.
#4 – Outsourcing product development is a bad thing.
The write-up offers interesting insights and data points for any startup to consider. If you were planning to just wing-it, it would sure help to learn about how the world works, and about the various lessons in success and failure. But, we agree with Varshneya when he writes, “You don’t need any Silicon Valley pundit directing you what or how you should build or run your business.”
Here’s our addition to the list of ideologies to be wary of:
#5 – Growth is more important than Revenue
#6 – You need substantial capital (read: funding) to scale your venture
#7 – A well-defined Business Plan is the key to startup success
#8 – Scaling up exponentially is the only viable business strategy
None of these points ought to be dismissed outright or accepted as gospel truths.
The fact is that every entrepreneur is on his own journey, and if he succeeds, will impact the world in his own unique way. We believe there is ample room for “the misfits and the rebels” to show the world what they can do, when they combine purpose with determination and drive. Don’t you think?