Entrepreneurs get advice every day from their professional advisors and information they read. A lot of it needs to be ignored. Pay close attention to disregarding these platitudes and what to do instead:
- It takes money to make money. Many entrepreneurs spend too much money getting their company off the ground. In fact, having a lot of money can lead to being wasteful. Use small investments to test ideas and get paying customers. Based on this success or failure, spend alittle more money to test the next action.
- Do what you love and the money will follow. This principle has the entrepreneur focus on what they want to do instead of what the customer wants. Building a company is about finding the pain a buyer has, not what the entrepreneur wants to provide. Instead, do what you love and if you solve a customer’s pain, the money will always follow.
- Failure is required for success. This is what many entrepreneurs tell themselves when they fail. While failure is not required for success, ultimately it is part of every entrepreneur’s experience. Never fear failure. When it comes, acknowledge it, learn what you can, then take another action to give you another chance at success.
- Failure is not an option. Not only is it an option, it is the most likely outcome. Get comfortable with the fact that you will fail some of the time and not knowing exactly what will happen next.
- A penny saved is a penny earned. This is short term thinking. While it is important to be carefully frugal with your money, not every transaction needs to yield the maximum profit. Successful business owners invest in long term relationships.
- Good things come to those that wait. Waiting is typically not in an owners DNA. As another platitude says “Don’t wait for your ship to come in, swim out to meet it”. Being proactive rather than reactive will typically win the day.
- A penny for your thoughts. Be careful not to give away your value to customers for free. Entrepreneurs typically undervalue their products and services since they are uncomfortable asking customers to buy.
- The customer is always right. If the customer was always right, most entrepreneurs would be out of business! When the customer has a concern, the most important thing is to listen and show empathy. They don’t need to be right, but always need to be heard.
- Another day, another dollar. Making money is not a linear process. Successful small business owners look for the leverage in profitability and this typically is not in the form of working harder or longer hours. Look for the financial leverage points in hiring other people, intellectual property or a dedicated distribution channel.
- Money doesn’t grow on trees. While this is literally true, there is ways to make money all around any entrepreneur. Follow the customers that have the money to solve their pain and the money will follow.
Tags: Customer service, Entrepreneur, Growth, Money Management, Startup