Author: PACKQUEEN   Date Posted:16 July 2020 

Veteran and first-time business owners never run out of advice from colleagues, friends, and even family. Some will be good, but others will just be bad business advice for a first-time entrepreneur. If you’re looking to know which ones are which, you’ve come to the right place. We made a list of the worst business advice that entrepreneurs should absolutely ignore.

  • “You don’t need to work too hard.”

Every now and then, we come across fellow entrepreneurs who tell us to take it easy. They say small business owners don’t need to work too hard. Well, that’s completely false. As a start-up founder, long hours are often needed to make sure the business is heading in the right direction.

  • “Don’t take out a loan.”

A small business loan can be beneficial for start-ups looking to expand their operations. Of course, everything will depend on your finances. But there will be times when taking out a loan is a smarter move than using up the balance in your account.

  • “Copy your competitors.”

You can monitor the competition's strategies, but you should never outright copy them. Instead of imitating their approaches, look for ways to outdo theirs. This way, you can gain a competitive advantage.

  • “You can do it all.”

As much as you would like to believe this, as a business owner, you’re only as good as your team. There are simply some things that are done better when done by a group of people who support your business. You can play off of each other’s strengths and grow your business from there. Brainstorming sessions with your team can take your business a long way. You just never know what innovative and creative ideas may be lying silently in someone’s mind, just waiting to be tapped.

People will always convey their opinion, whether you asked for it or not, and not all of it will be bad business advice. Nevertheless, you have to remember that you run your business. Evaluate their opinions based on your own experiences with the company and your personal value system.

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