To be a successful businessman, you need to acquaint yourself with as much information as possible relating to your investment. Fortunately, there exists tons of such information on different platforms, providing tips on how to become a successful entrepreneur. Unfortunately, not every piece of advice available is valid, accurate, and should be followed. Here are some of the notable picks on overrated business tips that you should not follow.
‘You should offer unique products and services’
This proposition downplays the importance of competition for customers in the market. It is based on the idea that, to succeed, you need to be as unique as possible. Uniqueness does not necessarily have to do with offering unique products and services. You can still offer unique products and services and yet fail on other aspects of running a business. On the other hand, your products and services may be undifferentiated, yet the application of a unique strategy proves a major pivoting point for your business.
‘The customer is always right’
This is another overstated lie in the world of business that can easily land your business in trouble at the expense of pleasing a customer. Whereas it is important to value customers and make them happy most of the time, there is need to establish strong business values and cultures that define the limits of the compromise that you can make to accommodate someone. Whereas customers are not always right, the strategy that you should use to handle them should be accurate and feasible.
‘Never turn your back on an opportunity’
As a business owner aspiring to dominate the market, it is good to exploit opportunities that come your way. The notion that you should never turn down an opportunity is, however, false. Before you pursue an opportunity, it is good to have an overview of the pros and cons, and how the opportunity will be strategic to your future success.
‘Do not run a business with a friend’
This ideology is based on the notion that running a business with a friend will lead you to compromises to please your friend at the expense of your business. It is a downright lie that can be proven wrong. On the contrary, one can still run a successful business with his or her friend. The idea here is to ensure is a stark boundary between friendship and business administration. In a case of conflict of interest between business values and friendship, then the business should be prioritized.