The thing that makes bad business advice so dangerous is that it often sounds reasonable and could even be supported by some evidence. It may even be that following this suggestion has already helped some people to achieve their goal. It’s also often the case that the person offering this type of advice is being sincere and wants to be helpful. This means that you will usually need to do a bit of research to determine the reasonableness of what is being suggested.
One of the most important things you need to do when evaluating business advice is to make an assessment of the person offering it. It is easy to dismiss those who want to sell you a guaranteed get-rich-quick scheme if they are obviously struggling financially. Even if this person is obviously successful, you still need to assess if they know enough about your business to offer advice. You also want to be careful around the ‘do as I say, not as I do’ advisers. The best advice is based on honest personal experience. Another clue that your mentor may be offering bad advice is that there seems to be some type of agenda behind it.
An example of this would be the person is trying to convince you of the importance of a fancy business plan and just happens to provide a service to help you do this. The person may also going to have a bias towards doing things a certain way, even if it is not the most effective option, out of a sense of loyalty to tradition.
It is best to be skeptical about any promises of a shortcut to success. You need to trust your intuition, if something sounds too good to be true, it probably is. There is going to be a lot of advice that isn’t in itself bad, but it is just not right for you. Here are a few examples of worst pieces of business wisdom that most of us would be better off ignoring.
7 Just Follow Your Bliss
A better approach to business is a compromise between following your bliss and providing a product or service that is going to be of value to other people. It is not practical to only do what you love, but by focusing on the needs of consumers, you can do something that is both satisfying and financially rewarding.
6 Wait For Everything To Be Perfect Before You Launch
Releasing your product early means you get to enjoy feedback from consumers, and this is going to make it easier for you work out bugs and improve functionality
5 The Key To Success Is A Great Business Plan
A business plan can provide you with clarity of purpose, but it isn’t as crucial to your success as many experts would have you believe. If you prioritize creating this document over taking concrete action to achieve your goals, you might never leave square one.
4 Use Fear To Motivate Your Team
Fear stifles creativity, and it reduces productivity. It also means that employees feel no real loyalty to the company as they focus their energies on staying out of trouble.
3 Act Successful And The Rest Will Follow
Acting like you have already made it can boost your motivation, and it can impress important people enough to open doors that would otherwise be closed, but ignoring reality too much is likely to put you on a path to disaster.
2 Lie About Your Qualifications
You may be fantastic at your job, an expert in your field, but if there is evidence that you have lied about your qualifications, it can seriously harm your reputation. Even if your employer decides to not take action over the lie, it is going to be something that can be used against you later. It just isn’t worth the risk.
1 Don’t Risk The Security Of A Steady Job
There is almost certainly going to be a way for you to make enough money and do a job you love, but you are probably going to have to risk your current career security to achieve this. This is easier to do when you realize that the sense of job security most people feel is just an illusion – there are few jobs for life in the modern world.
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