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some overrated business advice from a business owner
“Your idea has to be totally new.”
You don’t have to come up with a unique idea. Innovative ideas commonly demand customer education, not easy.
“Ask for a loan to start your business.”
This is dangerous advice. Never use a loan to start a business! The odds are very high that you will lose everything.
“You’ve got to be cheaper than everyone else.”
I’ve fallen into the pricing trap several times. Drop your prices too low and you’ll be losing money with every sale. The more you sell, the more you lose! Always focus on delivering more value to your customers, rather than giving them the lowest price.
“Be tough on your employees and they will work harder.”
This is probably the worst advice that I’ve ever received! When employees are doing a great job, it’s important to let them know and reward them accordingly.
“You need an MBA to achieve success in your business.”
Schools don’t teach entrepreneurship. The only way to learn entrepreneurship is by doing. Dive into the pool and start swimming. Work hard doing and don’t rely on theories to teach everything that you need to know.
“Always keep an eye on your employees”
When I started my business, I wanted to know exactly what each employee was doing at all times! I micromanaged everyone and didn’t give them freedom to use their talents. As a result I was killing their natural talents and abilities.