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.

1. 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 a little more money to test the next action.

2. Do What You Love and the Money Will Follow

This principle has the entrepreneur focused 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.

3. 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.

4. 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 know exactly what will happen next.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. Money Doesn’t Grow on Trees

While this is literally true, there are ways to make money all around any entrepreneur.

Follow the customers that have the money and solve their pain – and the money will follow.

Written by Barry Moltz

Contributor

Recently Published

Top Picks

Key Takeaways: Albert Einstein’s theory of general relativity has been remarkably successful in describing the gravity of stars and planets. However, gaps in our understanding start to appear when we try to apply it to extremely small distances, where the laws of quantum mechanics operate. A new study, published in Nature Astronomy, has now tested […]
Key Takeaways: Digital money is a form of currency that uses computer networks to make payments. It is not the digital nature of cryptocurrencies that differentiate them from digital money, but how they ensure the ownership of digital property that mark them as transformational. The Counter Currency Laboratory, a new initiative based in the Department […]
Key Takeaways: For many people, Buddhism appears to be uniquely compatible with modern lifestyles and world views. Buddhist mindfulness has influenced many schools of contemporary psychology. Buddhist philosophy embraces constant change and the inherent impermanence of all things. The 19th century Burmese monk Ledi Sayadawtravelled the nation teaching meditation and founding study groups. The forms […]
Key Takeaways: Elon Musk proposed a range of controversial changes to the Twitter platform. One of the ideas was to charge US$8 a month to obtain a verified status. The paid verification change has already been rolled out in several countries, including Australia, under the Twitter Blue subscription service. Musk’s proposal is not only misguided […]

Trending

I highly recommend reading the McKinsey Global Institute’s new report, “Reskilling China: Transforming The World’s Largest Workforce Into Lifelong Learners”, which focuses on the country’s biggest employment challenge, re-training its workforce and the adoption of practices such as lifelong learning to address the growing digital transformation of its productive fabric. How to transform the country […]

Join our Newsletter

Get our monthly recap with the latest news, articles and resources.

Latest Titles

Login

Welcome to Empirics

We are glad you have decided to join our mission of gathering the collective knowledge of Asia!
Join Empirics