When you start a business, suddenly everyone has advice -- your mom, your old boss, your investors and more than a few strangers at networking events. The thing is, not all advice is worth following, and some is downright bad. We asked 15 young entrepreneurs to share some of their favorite worst business advice -- and how they proved their unhelpful advisors wrong.
Their best (or is it worst?) answers are below:
1. Give Up!
There were definitely a few people along the way who thought simply quitting was the best advice they had for me. I knew that wasn't an option and it only drove me more to prove them wrong.
- Jared O'Toole, Under30Media
2. Hire Solely Based on Experience
We were in college when we started our business in a very conservative industry: healthcare. We were advised to add “gray hair” to our team, “veterans of name-brand experiences,” in order to prove our credibility to stakeholders. They were smart and successful, but they didn’t have the same appetite for risk we did, relying on experience over innovation. Now, every person is hired for culture fit.
- Shradha Agarwal, ContextMedia
3. Take Funding
Funding is not always the right choice. In the entrepreneurial community, you'll often hear people say, "Is your idea fundable?" To me, that's the wrong question. The right question is, "What's the cheapest, fastest way to make this into a real business?" I've started businesses with and without funding. Both worked, but I'd always choose the latter option, when possible.
4. "DVDs are where it's at!"
In a previous business I had while as college student, a professor tried to convince me instead of focusing on web-based video content, I should, "Put the video on DVD, because people will pay for DVDs." And this was in 2009. I should have known it was bad advice when he gave me his beeper number in case I wanted to discuss further.
- Adam Stillman, Ditto Holdings
5. Go Slow
For some entrepreneurs it makes sense to move slowly, but that isn't the best for everyone. Moving slowly means you second guess yourself and have more time to doubt your vision and plan. Sometimes the risk of jumping in quickly is worth it.
- Susan Strayer LaMotte, exaqueo
6. Mind Your Ps and Qs
Being a woman entrepreneur I was told once to, "Behave properly and don't discuss unsavory subjects." In business, the financials and negotiating are a time for facts and not a time to down-play or be demure! Being open brings out the best ideas and discussions regardless of who is in the room. I highly doubt Mark Cuban's conference room looks like a scene from Downtown Abbey with cookies and tea!
7. Our Investments Were Wasteful
Dozens of people challenged the technology investments we made. I was told we were a simple service business, and the investments we were making in a scalable technology platform were wasteful. Fast-forward six years, and that system is how we attract, screen, and credential tutors more efficiently and accurately than the competition, and ensure clients are having outstanding experiences.
8. Quit Your Day Job
Many successful businesses started by the founders working nights and weekends around their day job. Focus is important but with the plethora of free and inexpensive tools available, entrepreneurs can reduce risk and quickly test new ideas while keeping their day job.
9. Focus on Infrastructure, Not Sales
When starting our business, I had a more traditional business mentor tell me that I needed to search for VC-funding, hire a CFO, and start networking with others to get things off the ground. Instead, I started taking my time and limited resources into advertising and testing. Two years later, I still retain 100% of the equity of my business. My focus on getting sales has driven my business upward.
- Brian Moran, Get 10,000 Fans
10. Don't Do It
Possibly the most heart-crushing, tear-jerking thing anyone has ever said to me was, "Don't pursue your passion." Not many people can make a living off their creative passions, but I proved them wrong by working hard and never letting other people's opinions affect my life. Now, you can view my work in prominent places in the Washington, D.C. metro area -- and on television.
- Angela Pan, Angela B. Pan Photography
11. Give Customers What They Want
While taking client feedback is critical, giving customers what they want -- instead of what serves their lives and businesses -- is a copout. I remember the Henry Ford quote: "If I had asked people what they wanted, they would have said faster horses." Instead, I worked incredibly hard to educate my audience and persuade them. In real life, the customer is not always right.
- Kelly Azevedo, She's Got Systems
12. Never Turn Down a Paying Customer
While the goal of every entrepreneur is to make as much money as humanly possible, saying "no" to some paying customers may actually get you there faster. You see, in today's ever-connected world of technology, it becomes paramount that you sell products only to those customers who can obtain an advantage or benefit. Those who can't will blame you and cause unnecessary headaches down the road.
- Charles Gaudet, Predictable Profits
13. Create a Business Plan
The need for a business plan simply doesn't exist, and I would argue that making one is a poor use of your most valuable resource: your time. Instead of writing a plan attempting to predict the future, spend your time building your business. I proved the naysayers wrong by doing just that, and I haven't looked back since.
- Anthony Saladino, Kitchen Cabinet Kings
14. Don't Quit Your Day Job
My company pairs magazines with CDs and DVDs to create packages for super fans. When my business partner and I told people we were creating a product to redefine the print and music industries, people laughed. One person said we would have more success launching a travel agency with the Titanic and Hindenburg! But by selling more than $10 million in product in two years, we got the last laugh.
15. Stay in Stealth Mode
Many entrepreneurs are told to hide their ideas from others so no one can steal the ideas from them. The businesses that I have kept in stealth mode have been the least successful. Entrepreneurs need to talk to people to build their ideas and create user bases. Get your idea out there, learn what customers want and build it for them. Copycats won't matter if you build it well and correctly.
