There’s an old saying: Learn form the mistakes of others because you won’t live long enough to make them yourself. As a startup entrepreneur, it’s a good idea to seek the business advice of others, however, you must also be aware that not all advice is good advice.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses. YEC asked their members, “What is the worst piece of business advice you have ever received?†Here’s what made their list:
‘That Won’t Work’
“Be careful who you take advice from. Just because someone has been successful in one particular walk of life doesn’t mean they know about all business models. It’s easy for a person who doesn’t understand your ideas and thoughts to shoot them down for one reason or another. It’s your job to validate your ideas by talking directly with potential customers. ”
[Related: 5 Empowering Tips for Women Entrepreneurs]
‘Stick With Your Degree’
“Everyone thinks that if you stick with your professional degree, you’ll be automatically successful. But skills are transferrable, and degrees should not define you. ”
‘Fire Your Team’
“I once had an investor advise me to fire our entire team and close down an office. This would have been a disaster because they were on the eve of launching a product that later brought us significant success. Fortunately, we took the time to get to the root of our challenges and how our team would help us solve them. It turned out to be nothing more than a misunderstanding. ”
Tyler Arnold
SimplySocial Inc.
‘Business Isn’t Personal’
“Everyone has heard the phrase, “It’s not personal; it’s business.” Yet I found that to be as far from reality as it gets. It is personal. Business is, after all, about people. When you start and run a business, you deal with people constantly, whether it’s your partners, investors, employees or customers. Like it or not, their psyche, emotions, personal ambitions, etc., come into play.”
Panos Panay
Berklee College of Music
‘Write a Business Plan’
“Startups are like a seek-and-destroy mission. You can only plan so much in advance. What you need are really smart, hard-working and team-oriented people who can think on their feet and adjust to what signals users send your way.”
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