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When starting a business, some things will come in handy if you know them in advance. As Alexander Graham Bell said, “Before anything else, preparation is the key to success”. So true.
From entrepreneur to entrepreneur, we know the struggle. You have probably heard more than one thousand tips each day, telling you what to do and what to avoid. The thing is, not all tips are suitable for your business. There are other factors. The industry you are in, location, target audience, and competition.
So instead of focusing on some business tips that you should follow, we will do the opposite this time. Let's name some overrated business tips you should ignore!
One of the first business tips you should ignore! Your idea doesn’t have to be new and unique. You don't have to drop out of an invention that no one has seen anywhere in the world. There is always competition. What you must know is your audience. The most innovative ideas demand customer education. It is not an easy thing. Research deeply the challenges your audience faces and provide them with value.
Well, this is a bit of dangerous advice for sure. It is never a good thing to get a loan since you risk losing everything. Unfortunately, sometimes you need to take loans to start, develop or maintain your business. Our advice here would be the following: try to start your business with your savings first. Every business needs preparation, as nothing happens over the night. Prepare yourself. Look for investors. A loan should be your last option.
If you enjoy this post, read our interesting article on How To Prepare For An SME Loan.
This one here is a tricky trap. It is not smart to lower your prices since you could be losing money with each sale you make. To be affordable is not always the best option. Focus on delivering value for your audience. If you provide value and quality products or services, you can place among the best on the market. Your prices won't make your reputation. Your audience needs to define and know you as a business that delivers.
One of the worst pieces of advice to get! Not true at all, as it might only bring you the opposite result. If your employees are working hard and doing a great job, why not let them know?! Reward them accordingly as well if you are willing to. Saying a nice word always helps to motivate them to work harder. The human nature of people is to want to be appreciated and respected for the work they do, it boosts performance.
Schools don’t teach entrepreneurship. Experience does! You can learn how to be an entrepreneur by doing it, by starting and running a business or at least attempting it. Everything is a life lesson. You have to start to know if you are suitable for that or not, as you can learn from your mistakes and improve. So, dive deep and start swimming.
Well, not so sure about this. No matter if you are starting your business or it is up and running, this is one of the business tips you should ignore. If you are always controlling the actions of your employees and not giving them the freedom to express their talent, you will kill their ability to solve problems. Let them use their natural talent and see how that works. All of us have different ways of doing things. If they achieve the goal, try to be flexible. The greatest idea can sometimes come from the person sitting next to you. Everyone should be able to share their opinion and brainstorm. That is the purpose of having a team around you. You can’t do all the work by yourself, right?!
There are a lot of tips on how to start, run and grow a business. It is up to you to decide which ones to follow and which business tips you should ignore. It can be difficult, so make time to define the pointers valuable for your business. Make your business count!
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We wish you luck and a lot of success in your business!