April 07, 2014
The most important piece of counsel for an entrepreneur or small business owner is how to recognize when to ignore the advice you are being given. Though often well meaning, others can tell you exactly what you don’t need to hear.
Here are the top five pieces of business advice you should ignore:
1. It is not worth the headache – you should sell
Things will get tough when you are a small business owner. You will be stressed, hate your job, and be at the end of your rope only to hear these words from others, sometimes even from friends and family.
2. Get a business plan
What's important is to understand how you document your vision – for some, it takes putting pen to paper and creating a hard-copy, living document to keep them on track.
3. Keep 100% ownership
“Would you rather own 100% of a grape or 40% of a watermelon?” Never be afraid to ask for help – if it's the right partnership for you, then it will actually take you to the next level.
4. You need to set a rigid budget
This is somewhat true. Of course, you should have a budget of some sort, but keep in mind that a budget should be tailored specifically to you and your business.
5. You need to market and grow
It's important to think about growth from multiple perspectives. Growth, when considered in the conventional sense, should be fairly flexible.
Ultimately, trusting your instincts is the best advice you can follow. Only you and your trusted partners truly know the goals, means and situations of your small business.
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