A startup company is essentially a unique business venture that aims to fulfill a significant market demand. It can come in all forms and sizes and will have different aspects it focuses on at the launch.
Whether it be at a social gathering or a meetup, you will certainly find a number of aspiring entrepreneurs that have some great ideas. Irrespective of the weight or the strength of the idea, it will go down the drain if the person envisioning it is not zeroed in enough. With the boom in the digital arena, more and more people of this generation are aware of the things around them in the near and far ends of the world. This expansive outlook speaks in detail the vast scopes that may await them.
The world’s a very competitive space today, as more and more people and businesses are trying harder to be better than others. Having this sense of competition is absolutely fine. But it crosses the line when it becomes unhealthy and bothers or impacts other people. In this mad rush to be singled out uniquely in the crowd, people make use of odd techniques. Some of them can be outlandish and some turn out to be simply fakes.
Not everyone who wants to sail a boat can sail it. Some might just be bluffing while others could just be confident while not being capable of carrying out the act.
I’m sure you get my point here. Whether he or she is a fake or an overtly confident yet lower-qualified person claiming to be a startup owner, they should be discouraged. Facing reality in times like these is very important for growth.
Call it over-confidence or just plain naivety; most of them assume they are equipped to fill in the gaps of the market they’re interested in. But this is not a true depiction of the real world. Not everyone is qualified to come out successful out of these risky yet promising endeavors. It takes many skills and disciplines to be able to launch a startup initiative successfully, or one is just plain lucky.
Here are some ways you can differentiate between a poser and a credible startup owner.
1. Business Plan
An authentic startup owner might sound crazy to people and investors but they are highly focused and believe in their ideas. They are usually adamant about their demands and goals and do not deviate from their missions. They devise very effective strategies to get what they want and plan these in advance.
On the other hand, a fake startup owner doesn’t have a concrete business plan or ways to achieve his or her goals. This indecisiveness will lead to further confusion as more and more people get invested in the idea. They may create a plan to impress or seduce investors or people giving them attention.
2. Return on Investment
Be it a product or a service, an authentic startup owner focuses on the bigger picture. He or she is interested in the quality of the product or service and its utility to them. The cost of the product comes only after the quality it serves to them.
The scenario is the opposite in regards to the fake startup owner. Finances play a vital role in every startup but not the most important role to begin with. He/she will focus on the cost first and then decide how to actualize this product or service. Prioritizing lower costs will potentially lead to a cheaper product and a failed business in the future, and quite a bit of stress down the line.
3. Business Idea Contingency
Authentic startup owners are in the game for the long run. They are very passionate about their ideas and plan for the future as well. These kinds of startups thrive through hard times and stay strong for a longer time period.
With fake startup owners, the business idea is comparable to a fling. Their business ideas revolve around recent trends that are hot in the market. These business ventures fade away as the season changes, taking away the trends with it.
4. Team Hiring
Authentic startup owners are a very motivated and highly positive people. They are open to learning and usually look forward to meeting people that share similar ideals. They try to learn from people around them. This is the reason why they hire people that share complimentary viewpoints. They do this with the intention to get help from equally talented people who can capably take on some of the burden of managing a business.
Fake startup owners tend to be very boastful and not open to new ideas. They believe they are accomplished at every task in their venture and hire people that do not interfere. They do not appreciate the exchange of ideas and dislike being questioned at all. This is why they hire people who will work without questioning or making contributions.
5. Ownership of Actions
Authentic startup owners are highly accountable people who have a clear idea of their actions and their consequences. There can find themselves in situations where things get out of control and do not go as planned. These owners take full responsibility of their actions. They learn lessons from their mistakes and teach their teams to function accordingly to avoid mishaps in the future.
Fake startup owners are selfish and pretty self-centered. They blame others, people or circumstances instead of taking the blame themselves.
6. Credit Is Given
Authentic startup owners are a very grateful lot. They appreciate and remember all the help they received from people in times of need. They credit people for the effort they have put in the venture. This is primarily because they understand that the combined efforts from multiple people is what makes a success story. Appreciation plays a big role in motivating people to feel loyal towards an organization.
The situation is entirely the opposite for fake startup owners. They don’t like sharing the limelight with people. They strongly believe that they run the venture alone and are worthy of all the accolades.
7. Reason for Creating the Business
Authentic startup owners strongly believe in giving back to society and making it a better place to live in. They create their business ideas with the intention to make a permanent impact on the world. Their business ideas fill in gaps and resolve issues in the long run.
Fake startup owners start businesses with the intention of generating money and gaining attention. It is a vain approach to becoming an entrepreneur. The idea of the venture may or may not contribute to society but will surely benefit the owner.
These points can be very useful when deciding whom to work with and whom to avoid in the business world. There are many nuances that differentiate human beings and they often cross over the line to either side. Whether due to their lifestyles, how they treat subordinates, or how they carry themselves day to day, take note of these factors before working with someone. You can get a truer sense of the character of the individual.
The post How to Distinguish Between a Fake Startup and a Real Startup appeared first on Home Business Magazine.
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