What is the worst business advice that you have ever heard?
Of course, if you’ve been online for some time now that would be much. Only thing is, you didn’t just know that most of the business tips and advice that are out there have killed a whole lot of businesses, even before they got the chance of getting off the ground!
Yes, starting a business is an exhilarating journey filled with possibilities. But, it can also be a treacherous path riddled with challenges. To navigate this complex terrain, we most times seek guidance and advice from various sources.
But most pieces of business advice should be taken with a pinch of salt because they are detrimental to your dream of success.
In this article, we’ll dive into the realm of business advice and shine a light on three common, yet hazardous, pieces of guidance that have the potential to sabotage your business before it even takes flight. By identifying and debunking these wrong pieces of business advice, we aim to equip you with the knowledge needed to steer clear of these pitfalls and forge a path towards sustainable growth and prosperity.
So, buckle up and get ready to uncover the truth behind some of the most misleading business advice out there. Brace yourself because we are about to challenge conventional wisdom and provide you with insights that will empower you to make informed decisions and set your business up for success.
Alright. Let's now dive in and unveil the 3 worst business advice that can spell disaster for your entrepreneurial aspirations!
3 Worst Business Advice You Must Ignore If You Want Success
1. Do What You Love
You've probably come across this advice countless times, haven't you?
Indeed, it ranks high on the list of startup advice found everywhere online. Whether you read a blog post on starting an online business or simply search on Google, you'll encounter this mantra being repeated over and over again!
Regrettably, due to its ubiquitous presence, many believe it to be the ultimate truth in achieving online prosperity. However, as appealing as it may sound, it's crucial to understand that pursuing your passion or doing what you love is not the key to succeeding in any business venture.
The truth is, your business or product isn't about you but about your potential customers. It is about what pains they have and how you can heal or alleviate those pains.
So, starting a business based SOLELY on what you love is simply laying a shaky foundation for that business. This is because, the success of any business depends on what sells and how effectively it sells.
Instead of investing your time and resources into discovering your passions and building a business solely around them, redirect your focus towards identifying the problems people are seeking to solve. Then, utilize your skills and knowledge to offer valuable solutions to those problems while maintaining a genuine passion for what you do.
You must not forget that…
“There are millions of starving artists, writers, actors, etc. in the world who spend their entire lives doing what they love for a pittance. The better thing to do therefore is to choose a business that has good potential for profitability and then position yourself as a loving solution provider.”
In other words, prioritize providing solutions that you genuinely care about instead of trying to provide solutions solely based on your own interests!
Perhaps you would appreciate another perspective on this matter, wouldn't you? No worries. Consider reading this article on Forbes.com or watch the video below:
If those sources don't satisfy your curiosity and you still want to monetize your passion, then I suggest you read this book:
However, take a moment to consider a review from one of those who bought the book:
All right, enough said… let’s move on to the second worst business advice I have ever heard!
2. Look for an Untapped Niche
This is another common business advice that you will find on most business blogs. But wait a minute, is there really any untapped niche out there right now?
Well, I’m sorry to disappoint you but there’s really any “untapped niche” anywhere right now. Perhaps a decade or two ago, that would be but in today's highly digitalized world, it is simply impossible to find a profitable niche that is “untapped”.
In fact, if you will do a simple search on Google right now you will discover that for every niche that is worth starting a business in, there are a million webpages already targeting that niche!
So, why are many “online business gurus” still peddling this business advice?
The answer is simple, many of these so-called gurus are unaware of the current state of the internet.
Truth is, starting a business in an “untapped” niche was a business startup advice from the formative ages of the internet. However, today competition is a good indicator of the profitability of a market niche. If you find any niche today with very low competition you might probably be looking at a market with no potential for profitability!
So, if you are looking to start a business in an “untapped niche” chances are you will never start or, even if you stumble upon one, you may not generate substantial revenue from it!
Instead of running away from competition, let the competition point you in the direction where others are already making it.
Let’s move on the third worst business advice that could sabotage your business success.
3. You Don’t Need Money to Make Money Online!
Ok, I admit it.
I fell for this one big time when I got started online!
In fact, my first website was dedicated to teaching newbie internet marketers how to make money online without spending a dime!
Yes, make money without any form of investment. But the irony of it all was the fact that on that same website I was promoting affiliate products, which I expected the target audience to purchase!
Foolish approach to running a business, you would say!
But the fact is, back then you could really make money without spending a dime! And, that was how I actually started. I had no website, I had no list; and of course, I never invested in any form of paid adverts.
My business model back then was simply built around…
(a) A free account with Ezinearticles.com; and
(b) A few affiliate programs that were free to join!
The strategy involved writing informative and SEO optimized articles and submitting them to ezinearticles.com. Within each article, there’s a link or two to the affiliate products I was promoting. Of course, those were the days when ezinearticles.com allowed affiliate links in the articles published on their directory.
Back then this technique was affectionately referred to as “Bum Marketing.”
But truth be told, those days are long gone!
If you want to build a business online today you will definitely need a website or blog of your own. And for these, you need a domain name, a webhost and some other things like an autoresponder to build a list.
Now, all of these require some form of money investment.
And so, if you are still listening to such business advice that you don't need to invest a cent to make money online you are actually setting yourself up for failure.
Over the years, I’ve encountered numerous individuals who deluded themselves with such business advice. Today, many of them have now become mere statistics in the vast wasteland of forgotten online enterprises!
Of course, you can start on a shoestring budget but if you truly desire a business that is worthwhile, monetary investment is indispensable. Besides, you should know that time is money. Thus, whether you realize it or not, you are inevitably investing money in one form or another!
Worst Business Advice Key Takeaways
There you have it, the 3 worst business advice I have ever heard as a digital entrepreneur. But why should you care about this? You should care because the advice you listen to will ultimately influence your mindset.
As you might know already, your mindset is critical to your success. And, since what you hear and read determine to a great extent your beliefs and expectations, it is important that you guard jealously what you hear and read and the advice that you listen to.
In the vast online landscape, you will come across a myriad of advice, opinions, and success stories. Some of these may be valuable and inspiring, others may be misleading or downright deceptive. It behooves you to evaluate the credibility and relevance of the sources from which you obtain information.
Avoid blindly accepting every piece of business advice. Instead, adopt a discerning approach by considering the credibility, expertise, and track record of the sources. Seek out reputable and trustworthy individuals, platforms, and communities that provide reliable and well-founded guidance.
By doing so, you will navigate the online business landscape with clarity, purpose, and resilience, ultimately unlocking the doors to your online success.
I hope you find this article useful in your quest to build an enduring and sustainable online business. If so, why not help us spread the word by sharing it with your online contacts?
Besides, I will love to hear from you on any other business advice that you’ve heard that has negatively affected your business progress thus far, if any. Feel free to share with us in your comments below.