What is the worst business advice you ever received? How did believing that advice impact your business life? Today, we look at 5 popular quotes you must stop believing to succeed as an entrepreneur.
It is not that these quotes are not true. For the most part they are. They just don’t make any business sense. Some of them are often taken out of context, leaving the unassuming entrepreneur with a wrong impression and ultimately failure unless something is done to correct the impression.
Let’s look at some popular beliefs which don’t apply well in business…
1. Good things come to those who wait
No, they don’t.
They probably do if you are waiting for a lover or a cute dog but definitely not in business. In business, good things come to those who work for them.
More often than not, even those who work for it end up with nothing. But every successful entrepreneur will agree that persistence and hard work always pays off in the end.
Don’t wait for good things to come to you. Go out there and make good things happen. Successful entrepreneurs don’t wait for opportunities, they create opportunities.
Don’t wait for a better business idea. Act on what you have now. Most of my successful business endeavors were ones I acted on within 24-36 hours of having the idea. Good things will come. Of that, there’s no doubt. But you must work and try to tweak and fail and learn.
2. Making money is all about luck
I have heard people say that success in business is all about luck. Maybe it all has to do with luck but I find that Lady Luck most times go to people who are too busy to be looking for her.
I find that the harder I work, the more luck I seem to have.— Thomas Jefferson
Diligence is the mother of good luck. —Benjamin Franklin
Don’t spend your time looking or wishing for luck unless, of course, you are playing the lottery.
Spend your time building a system of wealth creation for yourself using the resources and information at your disposal. Luck will come eventually, but then you wouldn’t recognize her as luck. You would know it is your hard work paying off.
3. Don’t work hard, work smart
You must do both.
This is one of the phrases people bandy about very often especially when they are trying to sell you something.
Don’t get me wrong, I totally agree you should work smart; I try to work smart all the time. But don’t think for one second that working smart takes the place of working hard, especially when you are still a beginner.
First you need to understand what it means to work smart.
So what does it mean to work smart, not hard?
Rachael Ritlop is the founder of The Confused Millennial and a Forbes Contributor. In her words:
…working smart essentially means figuring out what your strengths are and building a network around you to build upon those in order to reach goals in the quickest and most efficient way possible.
While you find smart ways to reach your goals faster and in the most efficient way, you have to be committed and tenacious at it. In other words, while you work smart, you must work hard too.
Look, being an entrepreneur is not easy. Technology and innovation make things easier these days but you still get to work long hours and keep working until you achieve success. Work Smart; work hard.
4. Quitters never win
This is true. Quitters never win.
When you quit making efforts to succeed, you will never win. The problem with this phrase is, it gets taken out of context a lot.
As an entrepreneur, you must know when something is not working the way you want and then you must decide whether to tweak something or drop the idea entirely. Wisdom is knowing when to keep going and when to drop it and work on something else.
Smart entrepreneurs know when to quit.
You must not give up on pursuing your dreams and trying to get to a better place. You must not quitting living the life you dream about. But if a particular business strategy is not working so well despite your best efforts, know when to quit that strategy and adopt something else.
5. The best things in life are free
Of course they are, but we are not talking about life, are we? We are talking about business success.
In business, the best things are often very expensive. Think about it, why would someone design the best product and give it to you for free?
For you to succeed as an entrepreneur, you must be willing to pay the top dollar for whatever can help boost your success chances.
When you are running on a lean budget, it makes sense to go with cheap/free tools. The moment you start making money, you must reinvest that money into getting the best tools and products to help your business.
So what business advice did you ever get that turned out not to be true? Share with us in your comments.
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