10 Startup Myths Debunked

Spending just a few hours on LinkedIn or YouTube is enough to be bombarded with countless entrepreneurship myths presented as gospel truth.  
At Underdog, our mission was clear from the start: to challenge these myths and democratise entrepreneurship.  We believe that these myths often act as barriers, deterring many potential entrepreneurs from launching their businesses.

Here are just 10 (among many) entrepreneurship myths that we debunk at Underdog.

It's not just about having a killer idea. Success in the startup world hinges on how well you execute your plan, fit into the market, and adapt when needed. Our 'Spark: Zero to One' programme is all about taking that initial idea and giving it legs to stand on, proving that a great idea is just the beginning.

Many of the most successful startups began on a shoestring budget. Our 'Prove: One to 1K' programme shows you how to make a splash with minimal resources, proving that it's not the size of your wallet, but the strength of your idea and strategy that counts.

Far from it! Entrepreneurs come from all walks of life, and diverse experiences often lead to the most innovative ideas. We're big believers in inclusivity here at Underdog, and we know that a great business mind doesn't always come with a business degree.

If only it were that simple! Creating a fantastic product is just one piece of the puzzle. Our 'Launch: Investor Readiness' programme emphasises the importance of aligning your product with effective sales strategies and truly understanding what your customers are looking for.

While scaling up is a goal for many, steady and sustainable growth often beats rapid expansion. Focusing on solid foundations, customer satisfaction, and really honing in on 1 or 2 core problems within an MVP solution can lead to a more sustainable and successful business in the long run.

We encourage and celebrate failure at Underdog as setbacks are stepping stones to success. Every failure is a lesson learned, helping you grow and come back stronger and our programmes are designed for founders to go back, re-visit and revive what may feel like a dead end.

Ignore the "cofounder needed" noise! Solo founders can be just as successful as teams, and our programmes are specially tailored to give solopreneurs the support, resources and knowledge they need to go it alone should they choose to do so.

Not in our book! We're all about the 'build in public' ethos here at Underdog, encouraging you to share your journey, gather feedback, and build a community around your startup. You'll find that transparency can open doors and create opportunities that secrecy never could. We see this ethos proven constantly with current Underdog founders

Time to rethink that. Our 'sell before you build' approach is all about testing the waters and gauging interest before pouring time and resources into product development. This approach can lead to invaluable insights and ensure that when you do build, you're on the right track. 

While venture capital can be a great option, it's not the only path to success. Our 'Refuel: Fundraising Strategy to Close' programme is all about establishing the right fit for your startup when you’re ready, whether that's venture capital, angel investors, or grants. Plus, we're proud to have many bootstrapped entrepreneurs in our programmes, proving that this route is not only viable but can lead to incredible success.