A Few Common Startup Myths We Need to Dispel

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The startup world, to outsiders, looks weird. Entrepreneurs, generally, aren’t your everyday people.

As a result of this disconnect, myths arise. Unfortunately, these myths can damage the startup world.

As part of a report titled “Are Startups Right for You?” social paltform Yconic takes some time to dispel a few of the more common, lasting startup myths. Below we highlight a few of the ones they list.

Myth: All entrepreneurs are 20.

Truth: “The average age of a founder or co-founder’s first startup success is mid 30’s; 31 in New York City (NYC); and late 20’s in Silicon Valley. The age of first success has been rising over the last 10 years.”

Myth: Startups are for lone heroes—Steve Jobs was the only employee at Apple.

Truth: “Even in the very beginning, startups involve a team—somewhere between two and four people. And they tend to be people who know each other from university or college, or they have worked together before.”

Myth: Startups are not that hard.

Truth: “Most startups fail. In Canada, almost half die within the first five years. In fact, survival rates of new businesses operate on this sliding scale for years one to five: 87%, 74%, 65%, 58% and 51%.”

Myth: Founders and co-founders are dropouts.

Truth: “Almost all founders and co-founders have university or college degrees and 42% of NYC founders also have a Masters degree.”

 

 

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