July 4, 2021 5 minutes readEntrepreneur contributors do not necessarily agree with the opinions expressed.Startups have become so popular that industry norms, stories, and media have obscured their essence. Each year, there are approximately 472 million entrepreneurs and around 305 million startups. One million of those startups are tech-related. Regardless of their industry, the majority of them fail. What is the reason that 90 percent of startups fail? These are the top three startups:Myth #1: To succeed in startups, you need to have a unique ideaMany people believe that a startup is a young company with a unique business idea that seeks to take over the market. This is a serious myth. This myth is believed by many because successful startup founders are often modeled after unicorn stars such as Larry Page, Elon Musk and Jack Ma.This fails to reveal the true reason for their success, which is in their business model and product positioning and customer experience and not the originality of their idea. Facebook wasn't the first social networking site. It was a cloned version of houseSYSTEM or Myspace. Google wasn't the first search engine. Overture invented search monetization. Google didn't invent it. Zynga didn't invent Farmville. Zynga took Farmtown's game and copied it. Farmtown was, in turn a copy from HappyFarm. Microsoft Windows wasn't the first GUI OS. Although it was technically inferior than its competitors, Microsoft Windows won the market share battle between Apple and IBM. Microsoft was able to understand what consumers wanted better than Apple and IBM.The takeaway: Customers want your offering unique and flawless execution. Your business idea is not the only thing that will make you successful.Related: 3 Pillars for Entrepreneurial SuccessMyth #2: They will come if you build themAnother mystery surrounding startups is that if you build them, there will be controversy. It is a myth that has slowed down my entrepreneurial journey. The statistics speak for themselves. According to research, 21.5 percent fail within the first year. This is followed by 30 percent in year two, 50 percent in year three, and 70 percent after the 10th year. Many people have worked hard to build startups over the years and believed that sponsors would notice and support them. People are most aware of the huge success of companies such as Yahoo, Google, and Facebook. These are simply free websites that people love to visit. Entrepreneurs who believe that building technology and putting it online is enough to get users are misled by this. They don't realize that Google was a failure for many years before it became popular. Facebook was not popular at Harvard University. It took many pivots to get the traction it gained. We only see the tip.Ninety percent is unknown about the hard work involved in building a startup. It is rarely discussed in the media. It is only when you read the autobiographies and memories of founders that you can see the real journey they took to create a successful startup. It is not the most popular product that wins in this world. Your time should be spent spreading your idea as an entrepreneur or startup founder. Talking to the people you want to help, getting to know their needs, hopes, and dreams. Learn why they won't accept your solution, and then address them.The takeaway: It is not the most well-known product that wins in this world.Related: They won't come if you build itMyth #3: Before you can start, you need to raise funds firstThis myth is responsible for millions of unique business models being destroyed each year. Millions of young entrepreneurs dream up great ideas such as TikTok, Facebook and Amazon. They are busy looking for investors to help them implement their ideas. Many aren't ready to invest in their business or personal growth. Yet, they dream of making millions with top-tier venture capital companies.People are the heart of business. Your startup will thrive if you are able to understand and solve people's problems in a meaningful manner. It doesn't matter if you have investors. You can start to implement your business model by investing your own time. Talking to others. Get feedback on your idea. Iterating on it. Iterating it. Be consistent and your ideas will gradually become the hottest. Manuj Aggarwal, a Strategic Advisory specialist, wanted to market his services to Fortune 500 executives in 2017. He didn't have the resources to create an international consulting firm worthy of these global leaders. He launched a podcast for $100 and now does business with some the most well-known names in the world.Takeaway: Your time and effort are the best investments you can make in your startup. Your time spent understanding your prospects is the second.Related: Should you pitch your startup to early-stage investors?
