Category Archives for "Entrepreneurship"

Have you ever been given the wrong business advice?

Bad business Advice

I’ve lost count of the times people have tried to give me business advice. Most of the time the information was useless in fact in some cases it was downright dangerous and stupid. Beware of free advice many times it will cost you a lot more than you could ever imagine.

In every entrepreneur’s journey, we meet all kinds of people who impart all sorts of advice. Most of the advice is a myth which stems from their personal mindset, limiting beliefs and lack of experience in the business game.

Every so often we get some solid advice from someone we respect and it does wonder for shaping our mindsets belief systems and thought processes. We all have an internal compass that we follow especially when it comes to applying the advice we get.

In this article on success.com, there are some great examples from remarkable entrepreneurs including yours truly, and we share a lot of the myths that have been told to us and how we shatter those limiting beliefs by forging our path and not listening to the conventional wisdom.

Being a public figure and communicating with thousands of entrepreneurs around the world and would be entrepreneurs I get asked all kinds of questions. Most of the time people know I’m an investor and for that reason alone the most questions I get asked usually revolve around money and finances.

Two big questions always come up from beginners. The first question is ” Com I have no money how can I start a business” and the second question is ” Com I don’t have enough experience how can I get started in business, which idea should I focus my efforts on.”

The first question is largely a symptom of your personal mindset. I started many businesses with absolutely no money of my own. In fact, I didn’t even have any money to start them. For example, my 8th company I borrowed money from everyone I knew and went bankrupt within six months. My 9th company I was too ashamed to ask a single soul for some money but at the same time, i knew if I didn’t I would never get out of debt and build my dream. So you have to ask yourself what’s more important bouncing back and working your way up or dealing with a few people who may judge you for not having money? In the grand scheme of things not having money is not a valid enough excuse for postponing or delaying your dream from reality.

Yes, you do need money, no business on the planet survives without money. But you don’t need money to start a business you just need resourcefulness. You need some hardcore commitments to what your goals are, and you need to be determined that you will knock on every door, ask every person, and make any and every call and appearance you need to make to secure your initial capital to get started. If you can’t raise a small amount of money to get started, you definitely cannot raise a significant amount of capital for one of your far fetched billion dollar ideas. Never let rejection stall your dream, always focus on trying again trying a different approach and moving onto the next person or opportunity that will get you one step closer.

The second myth is I don’t have experience or what idea should I focus on. Well, its pretty simple, focus on what you have a deep never ending passion for. If you focus on things, others are successful in or are earning huge sums of money in but your heart is not in those same niche’s then you won’t last very long in that pursuit.

Focus on learning how to monetize what you love to death. If you love social media focus on monetizing social media. If you love bath soap, focus on how to market and sell bath soap. Something you love to death is going to make you the most resourceful son of a gun out there because you will be unreasonable when it comes to defeating setbacks challenges and obstacles. When you love something you never give up on it, you never abandon it when the going gets tough you just keep coming back for more and more.

Eventually, you will learn enough to get things right and figure out how to create a highly successful career in the things you love most. What is better than that? Earning a significant income from doing what you love.

So remember money is a by-product of a seriously committed mind, and when the mind is made up the money has no choice but to eventually appear especially if you’re determined to deal with endless rejection until you get what you want. ( model a child, they never give up till they get what they want and they could care less about judgment)

And secondly, figure out what you love and focus your efforts on learning to develop and progressing in that area. You will quickly learn if you love it or not, and if you do you will quickly learn all the wrong ways of going about monetizing and realizing the dream. Over time you will also learn exactly what to do, how to do and how to keep it going for a very long time.

Success is not what you have, its what you become. By chasing your dreams against all the difficulties, you become incredibly strong willed and driven. The greatest successes out there all have similar characteristics. They are relentless in their pursuit of excellence, and never let an excuse, setback or rejection stop them from finding another way forward.

What is some wrong advice you’ve been given in business? Please do share.