So, how can you separate the terrible advice from the helpful suggestions? The first strategy is to consider who you’re speaking to. If the person has achieved something similar to your goal or they know a lot about your industry, it’s likely that they’ll have valuable insights. If not, you might be better off ignoring their recommendations. Read on to discover nine of the worst pieces of advice entrepreneurs are often given.
The 9 Worst Pieces of Business Advice You’ll Be Told
1. You Are Too Young/Old to Start a Business
Many people have a picture in their head of what a businessperson looks like, and if you don’t fit that image, they don’t believe you can succeed. That’s why so many aspiring entrepreneurs are told that they are too young or old to start a company. But this is not true, and there are plenty of examples of people who didn’t stick to the traditional path and either started their company in their teens or early twenties or in their sixties and beyond.
For example, Fraser Doherty started his jam company SuperJam when he was only 14, and he has sold millions of jars in the UK, Europe, Japan, and Korea. On the other hand, Wally Blume founded his famous ice cream company, Denali Flavors, in his mid-50s, and the business went on to make an eight-figure annual profit. If you have a great idea, don’t hesitate to get started, and ignore the people who say you’re too young or old.
2. You Need Hundreds of Thousands to Get Started
People selling a product can start online before they have access to a physical store, and they can use social media to promote their items at a very low cost. You can also barter with other companies in your area. Remember, many businesses create a lot of waste, and they will be happy to give this to you or swap it for your product or service.
3. Just Keep Going, and You’ll Succeed
Instead, it’s important to analyze why you’re not as successful as you had hoped and then to make the necessary changes. Experiment with different marketing strategies, discuss your idea with people who will give you their honest idea, and fine-tune your business plan. That way, you can avoid being stuck in a loop of failure, and you’ll get closer to your goal, one step at a time.
4. Give Up and Get a Proper Job Instead
5. Just Build It, and They Will Come
Do thorough market research before you launch your product. Iron out any small flaws so you can present something as close to perfect as possible. Once you’ve launched your company, employ consistent marketing strategies that engage your followers and make it easy for them to remember you.
6. Buy Assets to Reduce Your Taxes
Once you start to make a profit with your business, you’ll have to pay taxes. Some people are told to buy business assets to stay in a lower tax bracket, but this isn’t usually a good idea. It’s not worth purchasing something for tax reasons unless you need the piece of equipment anyway.
This is because, even if you’re in one of the highest brackets, you’ll receive less than half of the asset’s value back from the IRS. Buying unnecessary equipment is never a good strategy.
7. The Old Way Is the Best Way
8. Do It All On Your Own and Save Money
9. Just Follow Your Passion
Unfortunately, bad business advice is shockingly common. Your friends, family members, and coworkers might not understand what you’re trying to do, or they might be repeating something they heard from a successful businessperson but didn’t fully understand. Reach out to us at David vs Goliath Podcast to connect with other entrepreneurs. We are a community of like-minded people who understand the challenges and rewards of setting up a small business.