By PedalStart

Myths & Facts of Entrepreneurship/Startups

We analyzed more than 200 entrepreneurs and got to know some information in detail trying to articulate in some word.

Starting with Myths or Misconception about Entrepreneurship/Startups:
{Some questions generally, we own as an entrepreneur}

1. Funds:
   - How can we raise funds?
   - From where we can tap the investors?
   - What investors need?
   - What type of Pitch deck investor likes?
   - How many and what slide should we add in the Pitch deck?- How much equity should we dilute?
2. Lacking with Team or Technical cofounder:
   - When we should add another co-founder?
   - How much equity should we dilute?
   - From where we should hire/onboard the co-founder?
   - How to retain the team initially?
   - How much idea we should share with our core team?
3. Marketing:
   - How we should market our product or services?
   - Unable to tap the targeted audience
   - What channels should we use initially?
   - How much should we invest in paid marketing?
4. Retention & Growth:
   - How to retain existing customers and users?
   - How can we increase our customer/user base?
   - How do we match the frequency with customers/users?
   (Customer/user Expectations V/s company offerings)
   - Will lessor costing add some portion of new acquisition or retention of existing customers/users?
   And a lot more…!

Actual Myths or Misconception:
When we check and start working around the solutions we found that 95% of them are not even completed their ideation stage.
Ideation is the foundation of any startup we should first check all the basic things before hurrying:

• Funds are the main ingredient of a successful startup, agreed. But before funding, as an entrepreneur, we should clear with what type of problem statement we’re trying to solve in detail from
  A. Actual Issue
  B. Generation Point
  C. Validation of Problem statement with end-users.
• Co-founder/Core Team are the people who actually build your pen-paper plans on the ground you should be very selective and clear with:
  A. Type of Requirement
  B. Kind of Resource Required
  C. Cultural Fit
  But before this as a founder, we should be clear and confident about our Idea done with strong market research, surveys and ground knowledge. As a founder, you should be first committed towards your idea only after that you can expect similar actions from the opposite side.
• Marketing/Targeted Audience your clear ideation, market researches and surveys play a very important role here to identify the right targeted audience as before hitting the online or offline channels of marketing we should know our targeted audience even the small activities like:
  A. Platforms where you can tap
  B. Area, Age, and Gender
  C. Triggers according to the problem statement
  Before this, you should be very clear with your solution and value propositions.
  Value proposition will only be the key around that you will strategize the marketing activities.
• Growth & Retention just takes constant feedback from your end-user and tries to implement your product or services accordingly on the basis of overall feedback.
  Be clear and on time on your deliverables especially the ones which used to attract the customer/user. In this phase, the activity of identification of the right problem statement will give you exact pain points and levers for the movement of growth or retention.

Will Discuss about Facts of Entrepreneurship/Startups in the next blog………