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3 Myths about successful start-ups REVEALED

3 Myths about successful start-ups REVEALED

Britain's start-up scene has been growing exponentially in the last few years and if you're curious about the various statistics on UK business, allow me to show you this.

Here are the top three start-up myths revealed:

Myth #1: Start-ups need to be a unique idea

Many assume that a start-up is a new company with a unique business idea that aims to take over the market. Many believe this misconception because start-up successes are generally modelled after unicorn legends like Mark Zuckerburg and Elon Musk.

However, this fails to uncover the main reason behind their success which lies in their business model, product positioning, and customer experience, and not actually the uniqueness of their idea. Facebook was not the first social network. Google was not the first search engine. Microsoft Windows was not the first GUI operating system. In fact, it was technically inferior to its competitors but won the market share war between IBM and Apple. This was simply because Microsoft understood what their customers really wanted.

Truth: Customers want your offering to be unique and your service to be impeccable. Success has nothing to do with your business idea.

 

Myth #2: If you build it, they will come

90% of the work that goes into building a start-up is not known to the public. It is not talked about in the media. Only when you read memories and autobiographies of the founders years later — you find out the actual journey they had to take to build a successful business.

In the real world, it is not necessarily the best product that wins — it is the best-known product.

As an entrepreneur and start-up founder, most of your time needs to be invested in spreading the word about your idea. Talking to people whom you intend to serve, understanding their problems, their hopes, and dreams. Find out why they will say no to your solution and address those objections.

Truth: In this world, it is not the best product that wins — it is the best-known product.

 

Myth #3: You need to raise loads of money to start

Millions of entrepreneurs have amazing ideas like the next Adecco, Impellam or Hays cooking in their heads. Unfortunately, they are out there hustling for investors as the first thing to start implementing. Most are not even ready to invest a penny in their own business or their own personal growth, yet they dream of millions from top-tier venture capital firms.

Business is all about people. If you can understand people’s problems and solve them in a meaningful way — then your start-up will flourish.

Whether you have investors or not. The good news is you can start your business by investing your time, talking to people.

Truth: The best investment you need for your start-up is in yourself.

Running your own business can be daunting, how will you have the time to do everything? When you work with SSG we take the hassle out of being a business owner, your focus will be on your clients and billing and we’ll take care of the rest. 

Why not schedule a call today with a member of our team to see how we can help you achieve your goals of running and operating your own recruitment business.

 

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