Most people think that “startup” is a fancy world to describe an innovative tech company. that is on the cutting edge of technology. While this could be true, the truest definition of a startup is a new business. But if you didn’t get the answer correct, don’t feel bad. Lot’s of people though the same thing—even a few startup CEOs and analysts. So you’re not alone. But since the time of the real “startup boom” there has been a middling few that have stood the test of time.
If you’re thinking of going into business, don’t think like a startup or even use that model. How about going with the old fashion idea of a simple business. Create a real business model and sell real products. Many startups bellied up or sold out, because their business models were unsustainable and their products were useless. The tech companies that created edible socks and wearables with mood-based color change, were highly overvalued and over-invested by investors and analysts. These same companies are no where to be found.
Real business owners and entrepreneurs know that getting VC (Venture Capitalist) funding is specious at best, yet alone a bank loan for some populations. So it’s very important to think of your “startup” venture much differently. Think long term and think in terms of real profits, loss and reinvestment. Look for angel investors in your communities and find ways to serve the community within which you actually live. And if necessary, look abroad to new oceans of opportunity—but don’t be confused by the Startup Myth. It really is only a myth.