As a budding entrepreneur, there are a few mistakes that you are likely to make when setting up your business. Your inexperience exposes you to a myriad of complications that are waiting to take place. This situation is made worse by the variety of destructive and dangerous advice that you readily take up in an attempt to help your business succeed. Here are further details on a few bad pieces of advice that you, as an entrepreneur, should strive to avoid.
You Need to Be Active on All Social Networks at All Times
Though the power of social media as a marketing tool should never be underestimated, you should not spend countless hours posting, chatting or running live feeds. In all sincerity, you would not be able to get any work effectively done if you spend all your productive time on social media. The “so-called experts” that offer this unrealistic advice are often inconsiderate of your business model. They may also fail to mention other essential business aspects such as maintenance of cash flow and how to measure return on investment.
You Need to Fake It Till You Make It
Being obsessive over one’s image has been deeply ingrained in the minds of young entrepreneurs. It is a misguided concept that is mainly vanity and does not impress anyone that matters. You may, for instance, choose to rent an exorbitantly priced office space, yet you lack the financial stability to maintain it. Your prospective investors may question and conclude that you have poor and wasteful judgment and pull out. Consider concentrating more on developing and delivering quality commodities. Let your work speak for itself.
You Have to Think Outside the Box
Entrepreneurs often have the erroneous notion that to achieve success can one have to come up with an original and fresh concept. There is no need to reinvent the wheel. “Never seen before” ideas do not necessarily have the revolutionizing impact you may expect them to have. Some clients are even skeptics of foreign concepts, which may be quite disappointing considering the time, money and effort spent in coming up with it. By choosing to deal with a real commodity, you are at least assured that it has an existing market. The trick would now lie in having a unique and enticing value proposition to potential clients.
Advice like being continuously active on all social networks, faking your success and thinking outside the box are a few of the misconceptions that entrepreneurs should try not to take to heart.