Let’s be realistic with ourselves. There’s nothing like the best business advice for entrepreneurs out there. No one cap fits all. The business advice that is working for your friend might not work for you. Also, the business idea that is working for you might not work for me.
That’s just how it is.
To put this in perspective, answer this question sincerely: what are the best business advice you’ve ever heard that turned out to be the worst business advice for you?
I’ve got many. Not because they were bad advice but because of several other factors that were unique to my situation. Over time, I’ve learnt to filter out these ideas so as to perform well in my business.
When starting a new business or venture, most entrepreneurs would rather take advice from another entrepreneur who has achieved great success in their new business. This is to learn from their mistakes and tap into their experience.
Sometimes, these advice are helpful. And other times, these advice just work against us. This can lead to frustrations and disappointments. You can even conclude that these advice are not right. But it’s not always true.
This is because the steps to being a successful entrepreneur are not laid in stones. Every entrepreneur has tried several things in their lifetime. Some have failed and others have gone on to achieve great success.
14 Best business advice for entrepreneurs you shouldn’t listen to every time
In my journey as an entrepreneur, I’ve heard it all –the good, the bad, and the ugly. And I’m still learning every day.
I believe that no business advice is bad. However, I also believe that not all business advice can be applied to every business situation. Here are the best business advice you shouldn’t listen to every time.
#1. Be careful of competition
This advice is not applicable to every business. We all know that their is a lot lot of competition out there but that shouldn’t stop you from starting your business.
#2. It’s risky to start a business
I can’t agree less with this advice. However, is there anything that is not risky? Working for someone is risky and somehow predictable. Starting a business is risky but the outcome is not always predictable. Don’t take this advice every time. Use your discretion.
#3. Have a five-year plan
Planning is good. Having a plan before you start a business is a good idea. It can save you from a lot of stress and headaches.
What about having a five-year plan? This can be time consuming and unrealistic. It’s good to think ahead into the future but be realistic with your plans. Start with what you can work with. It doesn’t matter if your plan is for a day or a week.
#4. Save up to three years salary before starting your business
This is 2017.Things have changed from what they used to be back in the old days. You can start a business without saving up to three years salary.
You can start a business by saving up to three years depending on your business model. It doesn’t always have to be the case. You can even start a business without using your savings.
#5. Pass out flyers
This business advice is great for some business but bad for other businesses. You don’t have to do this every time. You should only follow this advice if it works well for your business.
#6. Undercut the competition
This is also known as predatory pricing. It can work for or against you. It’s a risky and dubious pricing strategy that is intended to drive competitors out of the market. Its aim can also be to create barrier to entry for potential competitors.
I’m not sure if I should categorize this as a good advice or a bad one. Just be careful when using this strategy as it can backfire.
#7. Work hard and retire with a pension
From the surface, this is a good advice. But, take this advice cautiously. Work hard for the right reasons. Don’t play it too safe. Plan well for your pension and retirement.
#8. Build it and they will come
No one will come to you if they don’t know you. Validate your business ideas and always think about the different ways to get your products out there. But, don’t overthink it.
#9. Wait till next year
Why do you have to wait till next year? Do what you’ve got to do. Take actions. Shake things up. Stop waiting and just do it.
#10. Do what you love and the money will follow
This is true but you need to have a strategic plan to build a viable business model. When you build a market around what you love doing, the money will definitely follow.
This advice will only work well when what you love doing has a market value. Don’t go on believing that any hobby or passion or interest will automatically create revenue for you. It doesn’t work that way.
#11. Everyone is doing it. Don’t bother. That ship has sailed
Do you know that there were social network sites before Facebook? Mark Zuckerberg never bothered about them. Do you also know that there are companies manufacturing electric vehicles before Tesla came on board? Elon Musk never bothered himself about them.
It doesn’t matter if all your country men are doing it. Do what you are convinced that you can do well. Don’t be discouraged by anyone.
#12. Get a job. They have good benefits
Not all jobs have good benefits. Don’t get a job because of the benefits. That mindset will not make you grow in your job. If you must get a job, get one that you really want to do.
#13. You need a college degree to start a business
I love formal education. It trains your mind to be disciplined. However, you don’t necessarily need a college degree to start a business. No one will ask for your qualifications before they do business with you or where you went to college. It’s as simple as that.
#14. The customer is always right
Be careful how you use this advice in your business. Don’t take this literally so that you won’t be manipulated. This is just an attempt to make your customer feel special. Some customers can be outrightly wrong and annoying.