Business & Marketing

Avoid these business myths or advices

Business is not a fixed science. No matter how many theories you read and study, nothing will guarantee your success. But even then, you get to hear “no-fail” business tips. Some are even quite far from what they claim to be. As a matter of fact, they can even be the worst kind.

You might find it hard to differentiate what are the great from the bad tips, especially if the person marketing you the idea makes some great points. So, here are some common business tips that you may have likely heard and even considered, but in reality, they should be the advices you should listen to the least.

Never Consider Outside Funding

While your money should be the main source of funding for your business, you should never close your doors from other sources of financial support. This includes investors, venture capital, or even crowdfunding.

It may make sense that borrowing money for business means that there is a big risk. However, there is a much bigger risk if you are on the downside on budget. You are unable to perform effective marketing strategies, supply the product demand, and so on. 

In the end, you are extensively prolonging the progress of your business. Ultimately, most of your partial investments would barely contribute to any improvement and would go to waste.

Do This Because Everyone Else is Doing it 

The hardest business tips to resist are ones that are backed up by personal experience. However, it doesn’t mean that one thing worked for another, it is going to have the same results for you.

As this book by Davey M rightly says, don’t follow the herd. Give a thought and see if you can do things differently to the way that suits you.

There are a lot of factors that can affect the outcome of your business. It can be the type of industry you are in, your customer demographic, and even cultural differences. So, unless the person giving the tip has an identical business as yours, always take every tip with a grain of salt.

This is not to say that you should never listen to this kind of advice. Instead, approach it with caution and understand whether or not it applies to you. 

Always Worry About Things That Could Go Wrong

The right word would be “prepare” and not “worry”. It is in your great interest to be well-equipped when things do go wrong. You should have solutions in place so that you can immediately get back on your feet. However, worrying should never be a part of it. 

Instead, keep an eye on everything that could go right. This will keep you inline with what you want to achieve and allows you to make efforts that will contribute to your success, instead of just not failing. 

Go All Out in The Beginning

You might have heard that starting is the most crucial part with a business. So, you need to make your debut big and flashy. However, that couldn’t be farther from the truth. While it can make a difference, it is not worth the investment. You are better off having a tight grasp on your budget and only spending on taking one step at a time. 

The only thing you should concentrate on is beginning your business, because it can’t grow unless you get it started.

“Do What You Love and Money Will Follow”

The most overused statement when motivating people to start or keep on their business. However, it is only right at a certain degree, after that, it can be more detrimental than helpful.

Business is more than just doing what you love. While it can get you started and have a vision of your end goal, planning, strategizing, and organizing are what will take up most of your time. 

Concentrating too much on the love aspect alone can easily put you off track on the right path. You can end up overlooking what makes a business function such as generating revenue, effective production, client generation, and many more.

 

As a person, you are going to have bias. When you hear an advice and it sounds simple or something that you can do, it can be easy to get swayed and adhere to it. That’s what happens with these types of tips. You don’t end up looking at the bigger picture wherein they may not really be in your best interest. 

Now that you know not to easily get influenced by these attractive advices. You can concentrate more on things that matter that will propel your business further to success.

 

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ToH (Tastings on Hastings) Blog is a non-profit initiative to support and promote the beautiful coastal town Port Macquarie, its events, communities and local businesses. ToH also offers in-depth information pages on Port Macquarie, long-form feature stories, business blogs and community content in a unified and cohesive manner.

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