#238 What Is SMU? How will it help startups and entrepreneurs?

<p><strong>Shownotes</strong></p><br><p>Every year, around<strong> 472 million</strong> entrepreneurs and <strong>305 million</strong> enterprises are formed.</p><p><strong>1.3 million</strong> of those startups are in the technology sector. Regardless of the industry, the majority of them fail.</p><br><p>The continuous rise in entrepreneurship is a sign that economies are thriving.</p><p>However, as the number of new businesses grows, so do old, often incorrect notions about startups.</p><br><p>Myths can be found in every aspect of startup culture, from lifestyle and invention to fame and money.</p><br><p>Getting a new company off the ground is difficult enough. Staying grounded when navigating the hurdles of establishing a new business can be as simple as staying honest and differentiating fact from fantasy.</p><br><p><strong>Here are the 3startup myths uncovered</strong></p><p><br></p><h2><strong>Myth #1: Startups need a unique idea to succeed</strong></h2><p><br></p><p>Many people believe that a startup is a new company that has come up with a novel business idea, intends to make an immediate effect, and eventually takes over the market.&nbsp;</p><br><p>This is a dangerous misconception. Many people believe this myth since startup success is often modeled after unicorn celebrities like Mark Zuckerberg, Larry Page, Elon Musk, Jack Ma, and others.</p><br><p>This, however, misses the key reason for their success, which is due to their business strategy, product positioning, and customer experience, rather than the novelty of their concept.</p><br><p>Facebook was far from the first social media platform. It was a rip-off of Myspace and houseSYSTEM. The first search engine was not Google. Overture invented search monetization, not Google.</p><br><p>Farmville was not created by Zynga; it was a copy of Farmtown. Farmtown was, in turn, a rip-off of HappyFarm, a Chinese game. Microsoft Windows was not the first graphical user interface operating system.&nbsp;</p><br><p>Despite being technically inferior to its competi