August 1, 2008
When You Talk About Starting Your Own Business, You’ll No Doubt Get Lots Of Advice. Here’s How To Know Which To Listen To And Which To Ignore
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Just utter the words that you are interested in starting a business, and you will be showered with advices from everywhere. Even people, who have never dreamed of becoming entrepreneurs themselves, will turn into management gurus! Some will be encouraging whereas some can become quite negative. You will be getting lots of advices from all corners. If you are confused about which ones to follow, here are some pointers for you.
The first person whose advice you should seriously consider is your own self. Be very sure about your dreams, aspirations and limitations. You must know what you like and how much you can work in order to achieve your goal. Then start asking those people who you think know you the best. Ask them to give an unbiased criticism of your idea. You can also talk to people who have achieved the “Great American Dream” of owning a successful business.
You will be surprised by the range of the answers you will get. Here are some of them:
Good Advice: Believe in your dreams and ability: People who will see your inner resource will always encourage you to go out and try your luck. But they will also point out the problems ahead as well as your drawbacks.
Bad Advice# Don’t take risks: Many people will try to dissuade you by saying that business is a risky thing and you should not disturb your present life by taking such challenges. But remember that nothing was achieved without risking something, so stay clear of such naysayer.
Good Advice# Look for various avenues while finding finance: Any experienced businessman will tell you that they have got financial backing from unexpected quarters.
Bad Advice# If you fail to find financier, drop the matter: If you listen to such advices, it means that you are still hesitating on whether to be a businessman or not. If you become depressed because one door has closed, then you will never make it big in the business world.
Good Advice# Build network among different groups in your field: In the world of business, you cannot always make it on your own. So, join the groups you think are pertinent to your business and spread the business-card around.
Bad Advice# Fight it out alone, nobody will help you: The persons who give you this kind of advice are cynics who only see the glass half-empty. True, you have to work quite hard for your success, but people always help a hard-working, honest businessman.
Good Advice# Remain true to your core value and expand slowly: Honesty and integrity is essential for being a successful businessman. Never compromise on the quality of your product/service and take each step slowly but steadily.
Bad Advice# Expand as fast as you can and when dire time comes compromise on your quality: Nothing can kill a business like this piece of advice. If you expand just for the heck of it without proper planning and infrastructure, you will collapse like a house of cards. And compromising on the quality of the products/services means that you will lose your core customers and future business possibilities!