The entrepreneur’s journey can be a bumpy one, with thrilling peaks and stressful valleys. It doesn’t help that the startup world is aswarm with hype and misconceptions, which can worm their way into rookies’ heads and lead them down a wrong road or two. Take, for example, the misperception that scaling is imperative in the early stages, which leads 70% of startups to fail.
We decided it was high time to do some startup myth busting, so we asked founders and leaders this one question:
MYTH: Most people relate success to fundraising.
Many think that once a startup is able to raise funds, it’s considered successful. It’s definitely not true. Raising money is just a means to an end. It simply gives the startup a shot at building a company. Period.
MYTH: Being a founder means you don’t have a boss, and you’re only accountable to yourself.
Part of being a founder is being accountable to everyone, from your newest hires to your partners and investors. I haven’t found a greater responsibility than convincing someone to leave their stable job to join your early venture, and needing to make sure you pay them (and give them opportunities that justify the risk) every month.