If you are starting a small business, you have probably heard a great deal of suggestions. Some guidance is so fantastically incorrect however that you should just walk away if you hear it. Here are 13 of the worst offenders.
• “That idea will never work.” Instead of getting approval from other business owners, gain validation through your customers.
• “Follow your degree.” What you have studied doesn’t define you; rather, your skills and talents do.
• “Get rid of the team.” Communicate to solve problems instead of simply firing everyone and starting from scratch.
• “Create a business plan.” It’s impossible to accurately predict the future of an enterprise that doesn’t exist yet.
• “Always hide your age.” Youth can be taken seriously; you just need to have great ideas to back you up.
• “Business is never personal.” Business always involves people so you should consider their psyche, feelings and goals.
• “Offer the lowest prices.” Success comes from value and satisfaction which cannot be gained from affordability alone.
• “Work hard for success.” The trick here is to work smart instead of hard. Strategy is more important than effort.
• “That method won’t succeed.” Just because you work differently to the rest of your industry doesn’t mean you will fail.
• “Fear is better than love.” Build better connections by being friendly and genuine with clients, staff and partners.
• “Build it and they will come.” Once you create a product, people won’t just flock to it automatically.
• “Never say no.” Don’t just take on all work that comes in. Instead, be honest and you will build credibility.
• “Keep 90% of your idea.” Splitting equity equally amongst your co-founders creates motivation to help your business succeed.
Now that you know these fallacies, you should be able to weed out any irrelevant bits of fluff and find the real gems of wisdom offered during these start-up phases.