5 Myths About the Indian Startup

It is often believed that Indians are hostile to risks. People are often cynical about Indian startups and think that they are the mimic models of Silicon Valley. We must understand that India is emerging in all domains we can think of. To help you overlook the fiction, some typical myths exist in India about startups that need to be ruined immediately.

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1. An exceptional idea is everything

Of course, the more unusual your startup idea is, the better your success rate. But ample booming startups began with one idea and shaped it into something else. Too many startups have died because of the age-old concept, “Build it, and they will come.” To be frank, a startup doesn’t succeed on a great idea alone.

“Successful people don’t do extraordinary things; they do the same things in a different manner”.

However, to develop and execute your idea, you must understand your target audience’s demands and how you will reach out to that audience to make them aware of your existence. It’s about the need to “stay liquid” by maintaining cash flow. Unfortunately, many hard-working and inspired entrepreneurs have been forced to close their businesses because they could not meet payroll or pay their taxes. 

But the Higher Education Magazine reviewed Unschool’s as one of the Top 10 Digital Learning Portals of 2019. The e-learning platform has also ranked 3rd on LinkedIn’s 2020 Top Startups List in India. Thereby, upskilling 60000+ students, 50+ mentors across the country with 100,000+ hours of course videos.

2. You need loads of money

Although having money is always helpful while you are all set to build an empire or during the journey, having loads of money isn’t a guarantee of success. No matter how little you start your journey with, the mantra of success is building the business to a sustainable level before you begin consuming your startup funds.

3. You Need A Traditional Office

The startup sounds trendy and classy, with a picture of a break room with couches and a ping pong table. Hold off on leasing a traditional office for as long as you can. The prime reason startup businesses fail is that they have too many overheads, renting a whole office is one of the significant overhead costs.

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There is no reason you can’t have a lovely or stylish workplace to satisfy a startup’s thirst for a creative office space that is not hard on the pocket, and coworking spaces have moved forward for help. These shared areas offer the same creative office space as a startup at pocket-friendly costs.

4. Entrepreneurs should be young

Besides Steve Jobs, Bill Gates and Mark Zuckerberg, many successful entrepreneurs are not young enough. One is motivated by Jobs, or Zuckerberg doesn’t mean that s/he can also do the same thing. Nothing can ever substitute experience and skills.

If you get determined and think about starting while young without any expertise, you are most likely to hit the wall. This myth is accountable for concerning college students on a wide scale. In today’s time, if you want to create something unique and impactful for the masses, your skills matter, not your age. 

Just like the youngest contestant to appear on Shark Tank India season one was 13-year-old Anoushka Jolly. After being mocked by a fellow student during a school function, Anoushka developed a social initiative against bullying. The class 8 student created an Anti Bullying Squad (ABS) digital platform where “specialists come together to organise one-on-one sessions in schools against bullying”. Anoushka not only won over the sharks with her impactful initiative but also got a funding offer of ₹ 50 lakh.

5. Startups come only from IITs and IIMs

This is the weirdest belief that we generally come across. I mean, how does it matter? Eventually, it is the idea and the skills that should be appreciated. If this was the case, how are dropouts making it so big?

Likewise, Ritesh Agarwal of Oyo rooms. An uncountable number of startups are hitting a home run, and none belong to IITs or IIMs. So, belonging to IIT or IIM doesn’t guarantee your startup a brand.

Final say

Hearing about stories is always fun, with drama behind the scenes. Learning about the successful journey of a startup is a lifetime opportunity. 

Yes, we heard it, and here we are with self-paced courses for startups delivered by the founder of Unschool, Rahul, on our own platform. As an entrepreneur, he has witnessed and survived the pandemic with the right set of decisions and hard-hitting realities. Unlock the Skill Courses to explore. Apply now!