Wherever you go, people offer different tips on how to start, run and grow your own business. Some of these recommendations prove to be really valuable and should be put into service. Others, however, are either outdated, misinterpreted, or simply not working for your business.
Owning your own company can be difficult to filter out good advice from bad. To help you highlight the best-known recommendations that are likely to be of little use to you, a group of successful entrepreneurs share their own experiences. Businessmen call unnecessary advice that they received at some point in their career.
Based on their experience, these common entrepreneurial “wisdom” can be ignored.
Your product or service must be unique.
“Entrepreneurs are often advised to determine what distinguishes them from others. However, you don’t need to come up with a completely unique approach to business success, ”says Solomon Timothy, president of OneIMS.
“Sometimes one small change to an existing product or service can result in significant profits,” adds Timothy. “Instead of trying to figure out how to create something new, see what you can do to improve what you already have.”
The customer is always right
Do you have to ensure that your customers are satisfied? Of course yes! But think, should you jeopardize your business in order to satisfy the irrational requirements of someone who does not understand anything in the design of your entire business system? Nicole Munoz, founder and CEO of Nicole Munoz Consulting Inc., does not think so.
“Sometimes you need to be prepared to lose a client or partner and give it to competitors,” Munoz says. - Too many customers with specific requirements will take up too many resources. It’s better to focus on things that will bring you real profit in the long run, and not on those who spend your time and energy. ”
Do not build a business with a friend
Ismael Vriksen, CEO of FE International, has repeatedly heard that starting a business with a friend is a bad idea. But his own experience refutes this claim.
“I built a successful business with an old friend and saw countless companies built by friends whose skills complement each other,” Vriksen explains. “Creating a business can lead to tensions, but the benefits of working with someone you trust are huge.”
Advertising on VKontakte
Vriksen agreed that paid advertising is the only way to truly increase your fame on VKontakte, Instagram and other leading social networks in our country. However, this is not always the best place to spend your budget on advertising.
Although advertising on VKontakte may be useful for certain companies, the social media advertising market is very saturated, and the price of fame has skyrocketed. On platforms such as Instagram, there are more effective ways to enter your market for a much lower fee.
Focus on your website to create your own brand
Alexia Vernon, president of Alexia Vernon Empowerment, LLC, notes that it is important to have a brand that resonates with ideal customers. However, by investing time and energy in a “perfect” website, you cannot create it.
“I spent more time trying to prove that I have a brand, constantly remaking my site than applying it in my main business,” says Vernon. “It is easy to create a visually attractive website, a strong presentation of the company, when you have many happy customers whose reviews you can post on your site.”
Never give up the opportunity
In the early days of your business, you will be tempted to do everything at once and use every opportunity that comes across your path. However, the reality is that such an approach can be a big waste of your time. This view is shared by Adrien Schmidt, co-founder and CEO of Aristotle, Bouquet.ai.
“Saying yes to every opportunity that you meet along the way, you will spend too much of your time and drain your brand, because your business interests will be too fragmented,” says Schmidt.
Save as much money as possible
Every business needs money to run and grow, but not every company needs to seek these finances through investors. Despite the fact that financing can help some enterprises grow significantly, Andy Karuza, founder of FenSens, says that there are many other areas that are developing harmoniously, without any restrictions.
“You do not have a ceiling over your head that would prevent you from achieving the results you want. You have complete autonomy to manage the company as you see fit, ”explains Karuza. “First try to achieve your goals yourself without the help of investors.”
These common tips do not work for many businesses.