Many college students are either working part-time or think about opening their business. They delegate their home assignments, preferring to order essay online or ask their groupmates, «Can you do my homework for me?» and devote all their spare time to developing a business concept and reading numerous articles on this topic. There are many stories of success, interviews with famous entrepreneurs, and educational guides on how to start and run your business in school and after graduation. However, you never know when this smart tip can ruin everything you tried to build.
What tips you SHOULD NOT follow in business
Let`s imagine that you have performed all your assignments, asked your friend, «Please, write my English paper for me,» and concentrated on developing your business idea. You read through different articles and write down the most prominent, to your mind, advice that will definitely help your company prosper. When you are just starting to build your business, it seems that everyone is experienced in it and can give you their opinion. They offer to help you develop your business faster, attract your first clients, and just run things. Of course, good mentorship is useful, but you should differentiate good advice from tips that can ruin your business. Here is the top worst business advice you may get on the road to success:
Sometimes you may read that becoming a nonprofit organization is better and more valuable for the young business. There are definitely a number of benefits you can receive, but the main disadvantage becomes not being able to raise money from investors, and this is compared to death for a startup;
Your customer is always right
We bet you have heard it a lot of times, and there is some truth behind it: every business is based on the customers` loyalty. However, even though clients` opinions are important, they are not always 100% right. If you start making discounts or changing your proposals just because your customer wants, you risk ruining your business. This bad advice comes along with the rule of not turning down a paying customer. Remember – if the customer does harm to your business, don`t be afraid to let them go. In fact, more successful businesses focus just on several selected clients;
Rent a great office
When you are just starting a company, cash is everything, and you count every cent. It may be hard to decide what things are in priority and should be spent money on. Even if all your competitors have luxury offices, it means nothing. Remember how Steve Jobs developed his Mac in the garage? He was better off an office and more successful than his competitors could have dreamed about;
Funding before launch
Many startup owners are afraid to present their product to the market before they get enough funding and make it perfect. However, there is nothing more valuable than early users` feedback. If you present the first version of your product, you can get it evaluated and see all the benefits and flaws. You will have time to fix it and show your investors the project that has already proved the market need and is loved by users. Another reason may be just missing a chance: while you are polishing your products, other guys may come with the first draft and take all the money. This is life.