5 Wrong & 5 True Facts Usually Heard in the Startup Environment
5 TRUE Facts:
1. "Nobody is going to invest in something you haven't invested yourself first with whatever you possess: full-time dedication and/or money"
2. "You need to test your idea and start generating revenues as soon as possible"
3. "Be open to change: change & adaptation to market is best thing that can happen in a startup phase, where you are allowed to make mistakes"
4. "Team is king: hire the right honest hard working individuals as soon as possible"
5. "Motivation in a startup cannot be driven by money or tangible rewards. If a team member is asking for just money in order to deliver his / her tasks, get rid of him / her as soon as possible".
5 FALSE Facts:
1. "Solo founded startups cannot be funded"
2. "Your idea has to solve an existent problem"
3. "You need to have a physical office to run your business"
4. "Due diligence period lasts at least 6 months time"
5. "You need to have a perfectly functioning product built with the latest technology in order to get funded"
Do you agree and can you add more of true and false sentences (only if verified)? Thanks!