What’s some advice new founders often get that you don’t think should be heeded, and why?photo credit: Karolina Grabowska / Pexels
These answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization made up of the world’s most successful young entrepreneurs. YEC members represent almost every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. Learn more at yec.co.
1. ‘Set Reasonable Goals and Goals’
I think the advice to set reasonable goals or goals is a bit misplaced. While I believe that some goals should be reasonable and achievable, you should also have some “comprehensive” goals that are currently out of your reach. This is human nature; if we always achieve our goals, it prevents us from growing and achieving more and better things.
– Kyle Michaud, Experience Expositions
2. ‘Find high-profile investors early on’
Some “experts” tell new founders that the best thing they can do is get high-profile investors on board before their product goes big. I think this is terrible advice, because if you spend all your time looking for investors, you take the focus away from your company. What’s worse is that if you partner up too much in the beginning, you could lose control of your business.
– Chris Christoff, MonsterInsights
3. ‘Follow best practices’
Founders should ignore the advice to follow best practices. The fact is that the best practices of companies of the 90s are different from those of today. If you’re paving a path, how can you follow that advice? What are the best practices of podcasting or social media influencing? Note that this point only applies to creative aspects, not to financial or legal matters.
– Tyler Bray, TK Trailer Parts
4. ‘Cancel your full-time job’
Some people will tell you to quit your full time job to start a business. I think that’s a recipe for disaster. My advice is to start and grow your business while you still have a job. It’s time to leave when the company starts to make a profit.
– Kristin Kimberly Marquet, Marquet Media, LLC
5. ‘Strive for growth at all costs’
New founders are often told to pursue growth at all costs and “not to worry about cash flow or profit.” That is often misinterpreted to mean that a company does not have to make money. Instead, new founders need to understand how to make money based on units and how much investment it takes to get enough units to be profitable. Then you can come up with a capital structure to get you there.
– JT Allen, myFootpath LLC
6. ‘Keep your team slim’
Some harmful advice I’ve heard over the years is “keep your team lean and mean.” While it’s important to hire strong team members, hiring lean isn’t always the right choice. You don’t want to end up in a position where your small team is overworked. Instead of following this advice, I recommend hiring new people when you need them. This makes it easier to scale up over time.
-John Brackett, Smash Balloon LLC
7. ‘Stick to your idea no matter what’
New founders are often told to stick to it no matter what. This can be terrible advice, especially if their idea is bad. Good founders will have countless ideas during their lifetime, but not all of them are worth pursuing. If the idea hasn’t been vetted or gained traction after being introduced to numerous potential clients and industry experts, it might be better to move on to another idea.
– Cooper Harris, Klickly
8. ‘Sacrifice everything to chase your dreams’
A common idea is that you have to be willing to sacrifice everything to follow your dreams. However, “success” is a very vague concept. It’s surprisingly hard to know when you’re achieving “success.” I’ve found that success has shifting goalposts and is more of a process. You can be successful in several ways without throwing everything out the window.
– Shu Saito, Fact Retrieverphoto credit: Proxyclick Visitor Management System / Unsplash
9. ‘Start big right away’
Many people will tell you to start big right away. You are being asked to rent a fancy office, hire a lot of employees, and spend more than you can. But the truth is that it will only drain your budget without having to focus on aspects that really need your attention.
– Josh Kohlbach, Wholesale Suite
10. ‘Hire for the lowest possible salary’
I’ve come across new founders who were told to hire people for the lowest possible salary. This seems to me to be a very short-sighted case related to the possibility that things may backfire. If you can’t hire someone qualified and pay well, you should ask yourself if you are ready to run a business. You cannot compromise on quality personnel and expect to succeed.
– Syed Balkhi, WP Beginner
11. ‘Avoid taking risks’
A common piece of advice is not to take any chances, and while this is usually solid, sometimes it’s too safe. In business, there is no way to avoid risk to some degree. Whether it’s your marketing plan, investors, new hires, or anything else, you need to think strategically about what’s worth the risk and what’s not.
– Stephanie Wells, formidable shapes
This post 11 tips you shouldn’t listen to was original published at “https://www.noobpreneur.com/2022/03/09/founders-11-pieces-of-advice-you-shouldnt-listen-to/”