Getting advice from peers and mentors can be very challenging, as it can be hard to predict what will work and what won’t. Most businesses are built on their owners’ ability, but some people also pass on the advice they have no personal experience with. This can be very detrimental to a budding entrepreneur’s chances of succeeding.
However, not all advice is equal. Some advice may change how you look at the world – for the better. Other advice, if followed, is sure to cause your company to crash and burn. Here are some of the most overrated and harmful pieces of advice a business owner can get.
If You Build It, They Will Come
Business owners should consider the potential customers they can attract. However, this doesn’t mean that they will immediately become customers. To attract potential customers, you need to research the market for your product or service.
“The Customer is Always Right”
“The Customer is Always Right” is a popular saying that encourages employees and business owners to work hard to accommodate their customers. However, while customers need to support a company’s success, they’re not always right. If a business owner continues to give discounts or change their offerings whenever a customer demands, they could be hurting their company’s bottom line.
Never Turn Down a Paying Customer
Our next piece of advice ties directly into the last one. One should never assume that every client will help their company. For instance, if you have a consulting business that can provide long-term services, you might be better off limiting your offerings to a few clients.
Only Hire People with Experience
Although experience is significant when building a team, it shouldn’t be the only quality you’re looking for when hiring people. Besides having the necessary skills and experience, you also need to find people who are passionate about your business and are willing to share their talents with you.
Hard Work = Success
Despite the importance of hard work, it’s also important to remember that Success doesn’t come automatically. There are times when it’s more important to “work smart.” The results will determine whether or not your business will be successful.