Business tips

7 business ideas that are probably false

October 20, 2023

2230

Becoming an entrepreneur is a popular topic in news, entertainment and friendly conversation. Its popularity has led to a lot of widely accepted ideas that, if taken at face value, seem perfectly valid and helpful. But the truth of starting a business can be surprisingly different, and these seemingly good ideas can actually turn into costly mistakes. Here are 7 pieces of deceptively bad advice that could slow your success as you try to launch a business in a smaller or rural community.

Follow your passion.

Don’t get us wrong: passion is paramount. It gives you the energy and the drive you need to overcome obstacles and attain success. But don’t mistake impulsiveness for passion: jumping into something without solid data is dangerous. Your idea is based on assumptions: take note of them and research your market to see if they’re accurate. You will find out if there really is a demand for your business, and you might even find new opportunities you didn’t realize were there.

Follow the money

Looking for lucrative, untapped potential makes sense. But, you also want to make sure the project is exciting because you will need lots of energy and enthusiasm to see it through. So, once you’ve identified unmet needs that you could fulfill, perform a second search… within. Be brutally honest and ask yourself what it is that you truly care about. Is it technology? Camping? Gaming? Pets? Interior design? No matter what your answer is, it must be something that resonates strongly with you. Then go back to the results from the first search and look for common elements.

Other businesses are competition

In a smaller community, networking is critical. While you may already be planning on attending local events and getting involved in various community initiatives, which you absolutely should, you should also reach out to other businesses. Look for valuable insights and opportunities for collaboration that can lead to memorable customer experiences you never could have offered by yourself. If you’re not sure where to start, contact your local chamber of commerce to find out more about the businesses in your region.

Go big or go home

When it comes to financial management, it should be “Go conservative and go far”. Be ruthlessly pragmatic when you estimate your start-up costs and ongoing expenses. Then keep a close eye on your finances and be lean: keep your overhead as low as possible. Invest in your business steadily and deliberately at the right times in its early growth. Don’t take our word for it, seek out the advice of a financial advisor, no matter what your experience level is.

Social media is a waste of time

On the contrary, social media can be extremely useful in getting your name out there and connecting with the community. The mantra here is to be generous. This means dedicating a larger portion of your posts to quality content – engaging, useful, funny, informative posts that showcase your personality – rather than to promotional activities. Quality content generates engagement, builds trust, helps search engines find you, differentiates your business, and builds loyalty. When fans feel they are getting more than they are giving, they also feel the need to reciprocate and support you.

If you want something done right, do it yourself

It’s good to be resourceful and self-sufficient, and it’s also good to ask for help. Even if it means admitting that you don’t know something. When you start a new business, there are a lot of things you don’t know, so the worst thing you can do is to not get help. Make sure that you know where your comfort areas are and solicit the input of people that have skills and knowledge that you lack. Better yet, hire them! Also, seek out a mentor, either through dedicated mentoring services or through your own network to get valuable coaching and an external point of view.

Winning is everything

We all want to win. But for most of us most of the time, the path to success is filled with defeat. And that’s okay: failure is feedback. It’s key to learn from your mistakes. There will be many, and they might not be the ones listed in this article. So take the feedback, whether it’s from an unhappy customer or a supplier you’ve forgotten to pay. Make sure that you learn from those mistakes and apply those lessons in the future. If your business improves each time you screw up, you’ll be successful that much faster!

Well-meaning advice can harm your business. The real advice is to remain open to new ideas, research them thoroughly and hang on to the ones that work for you.

Follow your passion.

Follow the money

Other businesses are competition

Go big or go home

Social media is a waste of time

If you want something done right, do it yourself

Winning is everything

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