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What are some common misunderstandings about startups?
Despite the popular portrayal of successful startups and their large funding amounts, high CEO salaries, etc., not all startups experience financial success, nor is their journey always smooth sailing. It's not just about having a good idea. This discussion aims to dispel any misconceptions about startups.
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@freddie_lee While having a great idea is certainly important, it's often not enough to achieve success.
@freddie_lee I tend to disagree, you can have the best idea/product in the world, but if nobody is aware of it or can see its value than it won't drive adoption.
Some people mistakenly believe that any of us actually know what we're doing.
I believe what makes a good startup is an idea/product that solves real world problems of today, not tomorrow. Parting from that is a mixture of marketing, trial and error, feedback, etc. It is my experience that you need to be quick to fail and see what works and what not. Also something that is usually not mentioned that much is message market fit (MMF). It does not matter how you perceive your product but rather how your user/customer perceives it. E.g. you may think your product does X but people think you do Y.
The idea that building a better (or more complete) product than your competitors is the key to success. It's not. Being the first in a category is. Hence, marketing is 99% of the time more important than what your product even does.
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