We’ve all heard our share of bad business advice.
The problem is when we believe in entrepreneurial myths and run with them. We end up doing more harm than good, and that means a ton of lost time and money.
Out of all the bad pieces of small business advice…
…these are probably the worst.
Believing in the “it’s so easy…” grift
You know what we’re talking about.
Those sales pitches that say the whole, “it’s so easy that anyone can do this!”
Yes, starting a business is easier than ever thanks to the Internet and all the many resources you can find through it. But, starting a business takes some really serious work.
- Most are still putting in full-time hours to make passive income.
- Most are doing a working vacation even though they’re “taking time off”
- Most are glued to their screens, trying to stay on top of every little thing
Thousands of businesses will launch, fizzle, and fail every year. So, yeah, in a way it is “easy” to start but that doesn’t guarantee an inkling of success.
You’ve got to go into all this with real commitment.
What you don’t need is to know everything when starting. As long as you’re open to challenges then you’re on track to do something great.
Getting stuck in the “grindset” mentality
There’s a whole industry centered around the hustle (aka ‘Grindset’) mentality.
You’ll know it when you see it because it’s often packaged with inspirational quotes on hustling, touts the gig economy, and probably the most dangerous part… sacrificing sleep.
There are times where crunch makes sense such as a final push for a product launch…
… but every other waking moment, at your business, doesn’t need to be one where you’re burning the candle on both ends.
You need downtime.
You need proper sleep unless you intend to grind through the day feeling tired out, un-motivated, discombobulated, and moody.
How about this…
Why not stay focused on the big picture things instead of trying to do it all?
Outsource all those tedious time-wasting activities. Or, hire someone talented to cover those areas that you’re not particularly good at (and that take up a lot of time).
Work toward building a sustainable business versus one that needs constant attention just for the sake that you can post a “grindset” lifestyle video on Insta.
Striving for (impossible) perfection
Others have said it before and it’s worth saying again…
Don’t wait for perfection.
There’s a lot of bad business advice out there that says that you really need to go above and beyond with your launch. That you need to take whatever the competition is doing and 10X and perfect it to the point that it disrupts the industry.
That’s not how the business world works.
Sure, there are a few rare businesses that have come out of the gate with a revolutionary product. But, most successful businesses today got that way through incremental changes.
Successful businesses, today, aren’t being held back by this quest for perfection. They get 80 or 90% of it right and then get it out there. The rest? Well, that gap is filled through feedback, revisions, support, and data-driven decisions.
Have a plan…
…but make sure it isn’t so rigid that you’re stunting your potential.
Getting too ahead of yourself
Many entrepreneurs won’t attempt to launch because they’re compelled to have some revolutionary, disruptive idea no one has thought of.
These often don’t work because they’re too ahead of the curve…
…the market doesn’t truly ‘get’ it (at least not yet).
It happens all the time.
Truly smart individuals will have an amazing idea. Some will even create prototypes or fleshed-out products! But, they’re too soon. They don’t know how to get it into the hands of people because people don’t know they need it.
Then some years later someone reintroduces the idea and it’s the hottest thing on the markets!
The point is this:
Keep those far-out ideas in mind and explore them when appropriate. But, don’t let your launch become hindered because you can’t introduce a minimum viable product.
Get something out there. Anything.
The market will catch up eventually, and you’ll have established your business long before the market is ready to go wild over what you’ll eventually introduce.
Needing deep pockets
One of the most troubling pieces of bad business advice is the thought that you need a ton of money to get started. This mindset prevents countless individuals from exploring their ideas, creativity, and entrepreneurial potential.
You don’t need a ton of money to start.
Obviously, it doesn’t hurt to have some capital backing your ideas. But, you’d be amazed at what you can build with a simple website, business cards, and making some calls.
Hell, you don’t even need a website these days either.
A strong social media account on Instagram, TikTok, YouTube, and many others let you transform your personal brand into a business opportunity.
Don’t get discouraged if you’re having trouble finding business funding.
You’ll great creative.
You’ll maximize those resources you do have.
So there you go…
…insights into some of the bad business advice floating out there.
Hopefully, these insights will help you call out and avoid the BS before it manipulates your entrepreneurial endeavors and goals.
Need a little extra guidance through it all?
Drop by our weekly office hours or connect with the TeachToScale team to discover the best ways to grow a more predictable, sustainable, and profitable business.