There is no shortage of tips and advice these days, when starting a new business. There is a plethora of information out there for entrepreneurs and start-up ventures. A new venture has to be careful not to accept the wrong advice or tips to achieve their objectives. Making business mistakes in the early stages of a venture can be devastating to the start-up business.
There is lot of valuable insight to be gained from listening to experts and entrepreneurs who have already succeeded. It’s important to understand that not everything necessary applies always. What worked for one company may not work for another. In addition, some advice and tips given is just straight bad. Here are 3 really bad business start-up tips ever given.
3 Really Bad Business Start-Up Tips
1. Be cheaper than the competition.
Most entrepreneurs especially in the beginning fall victim to this bad business tip, to be cheaper than the competition. This is really a bad business start-up tip. Price is never the objection, but value perceived. In the long-run, a business will hurt if the prices are too low. With each new customer or order, a business would be losing money if the prices are too low. A start-up should find a better way to stand out than to try undercutting everyone on price.
2. More advertising and marketing is better.
Most start-ups have limited budgets, more advertising and marketing is not necessary better. It can actually hurt a company, if marketing campaigns are too aggressive and targeting too broad of a target audience they are not as effective. A new company cannot be everywhere. Marketing and advertising has to be a focused approach and executed carefully. Marketing and advertising must drive customers, leads, and sales.
3. Do it yourself to get it done correctly.
Budgets tend to be smaller when starting a new venture. This is the reason why many entrepreneurs and start-up businesses try to do as much as possible in-house. This is not necessary always a good idea. Learning how to delegate can quickly increase productivity and success chances. Professional and honest vendors for services such as website design, marketing, and consulting services can quickly assist a business gain momentum.
