Have you told anyone about your potential business idea, or that you’re already an entrepreneur? If so, be prepared to get lots helpful and not-so-helpful business advice for entrepreneurs.
Here are six examples of entrepreneurship advice. First, we will look at three of the worst business tips. We will then share three of the best business tips that will help you succeed.
The Worst Advice Business Advice for Entrepreneurs
1. A successful business idea must be completely different.
It’s tempting to want to come up with a business idea and plan that’s unlike anything else already out in the marketplace. But being too unique can be too much of a good thing.
In fact, some of the most successful businesses in history were the second, third, or even further down the list of companies to provide a specific service or product.
Ask yourself, “Which one or two big problems are my customers dealing with now? How does my product or service solve the problem(s)? For example, an increasing number of people began searching for information on the Internet during the late 1990s and early 2000s. Ask Jeeves, which later became ask.com, was a popular search engine during this time.
Then a company named Google got into the search engine industry. Google quickly grew successful, mainly because the search engine became well known for providing more relevant information compared to other search engines.
2. Make a business plan and stick to it. Always.
Yes, you need a business plan. You also need to keep in mind that one of the few guarantees in business, and life, is change.
You will change as you continue going through school and eventually graduating. Your customers’ lives will probably also change in at least a few major ways. And because of these factors, your industry and the overall economy will probably continue to change.
A better strategy is to create a business plan that is adaptable and allows you to make changes over time.
Use our free business plan generator tool »
3. Trust no one.
Should you ever work with your friends? A common, misguided business tip is to avoid working with your current friends. Some people even advise to never mix business and friendship with newer friends, such as people you meet while managing your business.
But you can and should work with people who you actually like and respect. Just remember to select all of your business partners wisely.
For example, set clear expectations. Also, only refer people you have vetted thoroughly and are familiar with professionally.
The Best Business Advice for Entrepreneurs
- Start today.
The best way to get started as a young entrepreneur is to learn by doing. You simply can’t afford to sit and wait for the perfect wealthy investor, or some other “perfect” situation, to magically inspire you to start a new business or a new business-related project.
Launch and begin your business now, even if you don’t feel 100 percent ready to do so. You can quickly validate your business idea by starting with a small group of paying customers and adapting your service or product based on your customers’ needs.
You don’t always have to “go big or go home” when running your own business. Bigger or long-term dreams are great. But it takes smaller, shorter goals to make those dreams feel more realistic and doable.
Monthly, weekly, and even daily activities can all work together to help you become a successful entrepreneur.
- Build meaningful relationships.
Get to know at least some of your customers. It’s great, and even fun, to connect with people you like and provide a product or service that helps them. Also, consider looking at other people in your industry as potential partners and collaborators, instead of only viewing them as rivals or competitors.
Final Thoughts on Business Advice for Entrepreneurs
All business advice for entrepreneurs is not created equal. Some business advice is bad because it’s outdated, doesn’t allow for exceptions, or just doesn’t fit your specific business.
Be skeptical of business tips that:
- Suggest looking for a totally new idea.
- Encourage always sticking to the same plan.
- Advise trusting no one.
Fortunately for you, there’s plenty of great business advice for entrepreneurs that can spark your motivation and grow your business.
- Start a new business, or a related project, sooner rather than later.
- Set small, shorter business goals to reach your bigger, long-term dreams.
- Build meaningful relationships.
Knowing some of the best and worst business advice that’s out there can help you avoid some common business mistakes and grow as a successful young entreprenuer.
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