6 Overrated Business Tips You Should Ignore
When you are starting a business, there are some things that will come in handy if you know them in advance. As the saying goes, “Preparation is the key to success”, right?! 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. Those include: 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 tips that you should avoid.
1. You have to come up with a new idea
Your idea doesn’t have to be totally new and unique. You don’t have to drop out of an invention that no one has seen anywhere in the world. Usually, there is always competition. You just have to know your audience. The most innovative ideas usually demand very good customer education. This is not an easy thing for sure because you need deep research on the challenges your audience is facing and provide them with value.
2. You need a loan to start your business
Well, this is a bit of dangerous advice for sure. The thing is, it is never a good thing to get a loan since you are at risk of losing everything. But unfortunately, sometimes you need to take loans so that you can 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, nothing happens over the night. Make time to prepare yourself. Then look for investors. Taking a loan should be your last option.
If you are enjoying this post, you will definitely enjoy this interesting article about How To Prepare For An SME Loan.
3. You need to be cheaper than your competition
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. Being affordable is not always the best option. Instead, you should be focusing 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 reputation won’t only be based on your prices, people will define and know you as a business that delivers.
4. If you want your employees to work hard, you have to be tough on them
This is one of the worst pieces of advice that you could ever get! This is not true, it might only bring you the opposite result. If your employees are working hard and doing a great job, why not let them know?! You may reward them accordingly as well if you are willing to. A nice word always helps to motivate them to work even harder. It is human nature for people to want to be appreciated and respected for the work they do, it boosts performance.
5. You need a Master degree for achieving a successful business
They couldn’t be more wrong here! 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 lesson in life. You have to start at some point to know if you are suitable for that or not, you can learn from your mistakes and improve. So dive deep and start swimming.
6. Micromanage your employees
Well, not so sure about this. If you are starting your business or you are already developed and running, this is not a good idea. 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 talents and see how that works. We all have different ways of doing things. Yet, if they achieve the goal, try to be flexible. Sometimes, the greatest idea can come from the person sitting next to you. Everyone should be able to share their opinion and brainstorm together. That is the purpose of having a team around you. You can’t do all the work by yourself, right?
To sum things up, you will be given tips on how to start, run and grow a business. It is up to you to decide which ones to follow and which to ignore. Although it can be really difficult, make time to define the pointers that are valuable for your business. Make your business count!
We wish you luck and a lot of success in your business!
You can also reach us for further business talks, so feel free to contact us and schedule a meeting.