From books to seminars to online articles, there's no shortage of advice for business owners. While some insights are invaluable, others are questionable—and then there are some which are downright disastrous. Following the wrong business advice can prove detrimental to the health and growth of a business.
Here, members of Young Entrepreneur Council share some of the worst business advice they've been given and why ignoring that advice is often the best solution.
What's the worst piece of advice you've ever received about running a business, and why is it so bad?
1. Always trust your gut
Everyone says to "always trust your gut" in business, suggesting that intuition trumps all. But I've seen how this can lead to ignoring crucial data. It's about balance. Sure, gut feelings matter, but they should be one part of a broader, more informed decision-making process. Integrating intuition with factual insights is the key to making decisions that truly propel a business forward. —Brandon Ginsberg, ApparelMagic
2. You don't need to segment your audience
One of the worst pieces of advice I've heard is, "You don't need to segment your audience and personalize to be successful." I think virtually every company can benefit from researching their audience and breaking them into groups based on their goals, interests and pain points. Surveys suggest this is a smart idea, too, with 80% of people saying they prefer brands that personalize content and offers. —Daman Jeet Singh, FunnelKit
3. Fake it till you make it
This advice is detrimental because it promotes an illusion of success rather than addressing real challenges. This approach often results in short-term gains at the expense of long-term credibility and sustainable growth, making it counterproductive in business. —Kristin Kimberly Marquet, Marquet Media, LLC
4. Always undercut your competitors on price
One bad piece of advice I got when I just started my business was "Always undercut your competitors on price to attract customers." Pricing is surely a crucial factor in attracting customers, but racing to the bottom on price can affect profitability and challenge long-term sustainability. Businesses need to offer value and differentiate themselves in ways other than just price. —Andrew Munro, AffiliateWP
5. Follow your passion, and success will follow
While passion is vital, this advice oversimplifies business success, neglecting market realities and the diligence that goes into running a small business. Success demands strategic planning, market research, and adaptability. A purely passionate approach could result in the omission of important business details. —Jared Weitz, United Capital Source Inc.
6. Stick with an idea until it succeeds
The worst advice I have heard is "Stick with a business idea and keep trying repeatedly until it succeeds." While continuous effort is key to business success, it's often not the lack of effort, but the low potential of the idea that causes repeated early failure. In the dynamic modern market where new technologies arise by the day, it's important to be as innovative and flexible as you are hardworking. —Vikas Agrawal, Infobrandz
7. There's no such thing as a bad idea
The worst piece of advice I've heard in regards to running a business is "There's no such thing as a bad idea." If the idea doesn't align with your vision or lacks practicality, it is a bad idea. You should simply scratch it and move on. This kind of advice may lead you to become obsessed with the what-ifs when you should just continue your search for a decent idea that may fuel your growth. —Stephanie Wells, Formidable Forms
8. Don't worry about the competition
I believe paying attention to your competitors is an extremely important part of growing your company. You need to understand your competitors—and their success gaps—so you can improve your product or service and offer the best customer experience. —Chris Christoff, MonsterInsights
9. Fail fast and fail often
A popular business cliché that I've often heard is "Fail fast and fail often." This has a grain of truth, as you need to move forward and not fear failure. You can also learn from many mistakes. However, many business leaders and authors take this too far and act as if failure is actually something positive. If you fail too often, your business will never get off the ground. —Kalin Kassabov, ProTexting
10. Open when the time is right and you're ready
Truth is, you’ll never feel ready—and the timing is never going to feel 100% right. There will always be a learning curve and the unexpected is always going to pop up when it’s most inconvenient. Start today, mitigate risk where you can, learn as you go, and fail quickly. —Blair Thomas, eMerchantBroker
11. Build it, and they will come
Particularly common in IT-driven businesses, technical founders bet entirely on nailing ideal customer profile problems from the get-go, achieving hockey stick virality out of nowhere. Neglecting marketing efforts early on is a massive risk that has tanked thousands of startups not prepared for the reality of building a brand. —Mario Peshev, Rush
12. Go big or go home
"Go big or go home" is bad advice. We started our business in Silicon Valley, which is ripe with venture capitalists all looking for companies that can generate massive returns. This may make sense for an investor with a portfolio, but entrepreneurs may be better off building the right-size business for themselves. In many cases, that business is growing more sustainably and more profitably. —Bhavin Parikh, Magoosh Inc.
13. Ignore bad reviews
If a business "guru" ever tells you to "ignore critics or bad reviews," you would be better off not listening to their advice. The truth is, not every piece of negative feedback will prove valuable, but most of it will! Not only can you use critiques and reviews to improve your product, but you can also reach out to these individuals and win them over after they've reported their experience. —John Turner, SeedProd LLC
14. Never give up
This may seem wrong, but sometimes giving up is the best course of action. Some things are just not meant to work out. Once you know that you've given your all and still don't get positive results, it's best to move on. If you don't, you may miss out on new possibilities and business opportunities. —Chris Klosowski, Easy Digital Downloads
