Starting a business with an innovative idea is a great deal of work. After completing lots of preparations and paperwork, an entrepreneur can pull off his/her business model. However, there will be always people to give advice that might not work for the startup to grow. Following them blindly, as those pieces of advice worked for others, can prove to be a disaster for your business.
Here are a few tips which an entrepreneur shouldn't follow:
1) Customer is Always Right:
Many times an entrepreneur hears this line. The main issue behind the advice is customer pays and for that, an enterprise needs to listen to his/her every demand. However, it is a proven fact that no one can be an expert on everything. When conflicts arise, the best way is to clear the misunderstanding with proper communication. This will not only bring the client back but also s/he will trust you more for being truthful.
2) Raise Money and Grow as Fast as Possible:
Of course, speed is something that is needed to sustain in a competitive market. But the biggest mistake an entrepreneur makes is earning more money in a shorter period and then burning it with the same speed without even waiting for their products to fit in the market. The result -- the sooner they rise, the sooner they fall. Best way to deal with this issue is to make a plan to expend the money in the right direction and identify product-market fit.
3) Choose Between Business And Family:
This is one misconception that most of the female entrepreneurs have. Instead of believing in this misconception, one should create a seamless work-life integration, where passion intersects with your personal life. The first and foremost part starts believing in yourself, and the second being surrounded yourself with people who believe in you.
4) Following Best Practices:
Walking on the path shown by others sometimes may help an entrepreneur, but not always. A path derived and designed by others, how is that going to fulfil the dreams and aspiration of a budding entrepreneur? To lead from the front, getting inspiration from someone is awesome, but one should not strict to best practices. S/he always be on a lookout to derive new ways to solve issue and progress.
5) Fake It to For Success:
Last but not least. This tip might help an entrepreneur in the initial phase but will end in a disaster. No investor, client or customer like dishonesty. This not only dampens their reputation in the market but also eradicates the trust that people have on them. Ask yourself, do you want to be called as a 'cheater'? Think wisely before you proceed with this 'faking' people tip.