It was about six years ago when my friends and I started our first start-up business. Instead of a great success, our first entrepreneurial experience was a pretty big failure. Eventually, my business partners and I took the seed capital, quarreled among one another, and realized that the business was actually built on some foolish propositions. Besides this startup-crash, I received some of the very worst recommendations that I thought were brilliant, but, as it turns out, they weren’t.
Even now, over half a decade since my first business venture, I listen to many people share and, unfortunately, many new entrepreneurs follow through on such “statements of entrepreneurial wisdom.” If you are aiming to begin or have started a business, then be aware of these four cheap pieces of entrepreneurial advice.
1. Quit your job and commit to your new business full-time
Remember, having more time to put your efforts and energies into your project is not going to enable you to become more successful. In fact, you value your time more when it is restricted. You are typically focused as the time constraints force you to be more productive and efficient. Consequently, instead of immediately quitting your job, losing your primary source of earning, and increasing financial stress in your life, learn to get more accomplished in less time. Thus, rather than following this piece of entrepreneurial advice, reinforce your productivity with task-automation that require repetitive efforts, outsource the activities that you cannot automate with the help of a virtual assistant, and make the most of your extra time in networking and building a customer base for your new venture.
Stop thinking that it’s all or nothing. Remember that many of the most successful businesses in their inception were a part-time gig long before the owners made it their full-time attention.
2. As Entrepreneurship is all about risks
Although starting your own venture or side business is never without risk, every entrepreneur is not a bold risk-taker. In fact, most successful corporate owners do everything to minimize their risks. The founders of Warby Parker continued working their old jobs for a long time, even when their company was already a huge success. They waited until they were confident with the net functional safety and effectiveness of the business in generating revenue before taking major risks. Consequently, as a startup enthusiast, you must weigh the benefits and advantages of growth against the time, efforts, and costs needed. As bookkeeping is essential for preparing financial statements, idea evaluation is necessary for entrepreneurship.
3. Never share your business idea or someone will steal it
You may have heard stories of people who had their unique business idea stolen from them. Although, I have never known an entrepreneur who has experienced this. Is it possible? Certainly! However, the tough reality is that most of the business ideas we think are brilliant are actually terrible in one or more ways.
Although you may not prefer telling everyone you meet your business idea, you must obtain genuine feedback and entrepreneurial advice from experts. Your friends will hesitate to give negative comments about your ideas, as they think you might feel disappointed and see them as your enemies.
If you are deeply concerned about your idea being stolen, there are many NDA agreements available online you can benefit from. However, you will hardly find an investor willing to sign it as the same idea may have been pitched by ten other people, thus they cannot afford to lock themselves into an NDA. Also, your idea implementation is more necessary to them than the idea itself. Following this entrepreneurial advice could lead you to spend years pursuing an insane idea.
4. You get only one chance at making an impression
When you share your idea to someone renowned in the industry, they will probably not remember you. In fact, they meet so many individuals on a daily basis that each face becomes part of another crowd. Although it is certainly a big deal for you, it may be one of the hundreds of interactions they have every day, not to burst your bubble.
Consequently, avoid worrying so much about whether you did or said the right thing. Rather, visit different organizations, make new professional friends, and show courage.
While there’s nothing wrong with accepting guidance and help from professionals that have been in the industry longer than you, proceed with caution when someone suggests the 4 pieces of entrepreneurial advice discussed above. Listening and following them could significantly harm your career as well as your start-up business success. As with any big life decision, it’s most important to listen to your intuition and allow that to guide your way.
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