Business Tips That Are Overrated

11/21/2019

Business Tips That Are Overrated - Andrew Leigh - Medium

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Business Tips That Are Overrated Andrew Leigh Oct 23 · 2 min read

In the world of business, new business owners have to invest sufficient time to read as diverse information as possible relating to their investments. Numerous business publications, including blogs, websites, newsletters, and books, offer valuable tips on how to succeed as an entrepreneur. Unfortunately not every advice offered through unverified sources of information is accurate and should be practiced. There are certain pieces of entrepreneurial wisdom that are not safe to practice in this modern day. Here is an overview of some of them.

‘You need a lot of capital to start’

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11/21/2019

Business Tips That Are Overrated - Andrew Leigh - Medium

Whereas capital is highly essential when starting up a new business, the thought that an entrepreneur needs a lot of it is entirely false. As long as a business idea is scalable, an entrepreneur can begin with the least viable amount possible. For example, when investing in the restaurant business, one can start up with as little as a barbecue stand from where to sell hotdogs. Such a business can gradually grow as a result of the profits garnered from the investment.

‘You have to be unique in the market’ It is a universal proposition that to succeed in the industry, one has to be unique in the products or services rendered. Whereas it is important to be unique in the market, the uniqueness does not have to do with offering differentiated products or services. It has more to do with ensuring that a unique approach to the market is utilized in order to successfully weather competition.

‘Never say ‘NO’ to opportunities’ There is a misconception that new entrepreneurs should never refuse opportunities relating to their business. On the contrary, however, not every opportunity is viable and should be utilized for your business. Some opportunities may sound good but turn out to be sour for the business in the long term. Each opportunity should be scrutinized and turned down if it does not add value to your brand.

‘Keep friendship out of business’ It is a common thought that running businesses with a friend is a bad idea. This is not always true. The reason behind this wisdom is that friends often tend to dissuade a business owner from adhering to strict business ethics. However, friendship does not always lead you to make the wrong decisions. You can still base your business on friendship but stick to strict business ethics and discipline.

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