WARNING: 5 Entrepreneurial Tips You NEED To Ignore
My rich dad often said, “If you gave everyone in the world a million dollars and told them they had a year to spend all of it, most people could complete that task. Yet if you asked everyone in the world, ‘Starting with nothing, can you acquire a million dollars in a year? Only a very few could. And the few would probably be entrepreneurs.”
The world can use a lot more people who can create wealth and, in the process, solve many of the challenges we face. That’s what it will take. True entrepreneurs will seldom do it for the money. They nearly always have a higher calling. But when they achieve their own wealth, the freedom that comes with it is what keeps them going and moving on to the next venture.
If I lost all my money, I know I could simply make the money back and keep going with my mission.
Having that knowledge may seem like a little thing to most people, yet having this power is a very big thing for me.
As an entrepreneur, I choose my teachers carefully, very carefully. I am extremely cautious of the people with whom I spend my time and to whom I listen. Good advice can come from surprising places. The same is true about bad advice. A seasoned real estate expert might give you bad advice while your gym trainer, who has a history of successfully flipping houses, might give you a nugget of wisdom that changes your perspective.
Question everything, and decide whether or not what you hear is true or false. If you don’t know, it’s time to learn more about the subject matter. Beware of bad advice!
Bad Advice #1: Listen to all Advice
Any entrepreneur who becomes very successful will be subject to scrutiny as well as criticism. Your critics will surface very quickly and you’ll be judged for everything you do, as well as what you don’t do, so be prepared for that. The plus is that your name becomes more familiar and the brand becomes more established, provided you’re offering the highest-quality goods.
Through my experiences, I’ve realized that being true to yourself means you are operating from a very solid base, which will give you a lot of power over any negatives thrown your way. That’s worth repeating: Be true to yourself!
Bad Advice #2: Be a Specialist
Specialization is not your friend. You may already be over-specialized. If that’s the case, work on experiencing more diverse aspects of business and life. You don’t have to know everything about them. Just be exposed to them. Overcome your natural tendency to stay in your comfort zone. Don’t stay buried in the details.
Many small businesses struggle or fail because the entrepreneur is really not interested in business. Instead, they are mainly interested in their area of specialty. Hire specialists to do the tasks and the work. It’s your job to lead them. Use the B-I Triangle as your framework for organizing your company and your leadership. You need to become a master delegator of all tasks on the inside of the triangle so you can do your job of leading the mission and the team.
Entrepreneurship favors generalists. The more you read, see, hear, and do, the greater your life experiences become.
Bad Advice #3: You Don’t Need to Learn to Sell
Any entrepreneur who says they hate selling or can’t sell won’t be an entrepreneur for long. Entrepreneurs must be able to sell. It’s a little thing that is a very big thing.
When entrepreneurs learn how to sell in the S quadrant, grow businesses in the B quadrant, and raise capital in the I quadrant, they enter a world few people will ever know. If you are serious about becoming an entrepreneur, then take sales training, search for the systems that can expand your business.
Bad Advice #4: Your Brand Doesn’t Matter
Entrepreneurs are all unique. One way to build a business and turn it into a brand is to know who you are. Inside every great brand is the DNA of the entrepreneur who started it all. That DNA is a precious and valuable asset that few companies even recognize they have until it is lost. If the DNA is not protected, the brand soon dies. This is why so many brands die when the entrepreneur sells their business to a big corporation.
People often think a brand is a logo. They think it’s an advertising campaign or sales promotion. It is none of those things. A brand is two words: the ‘Promise’ you telegraph, and the ‘Experience’ you deliver. A brand is founded on what the entrepreneur stands for. When people see your brand, hear your name, or use your products, those symbols and experiences should trigger in them what you stand for. I’ll take it one step further. You, your name, your products, and your service should trigger both an emotional response and an intellectual response in your customer.
Bad Advice #5: Good People Make Good Partners
Whenever you find a struggling business, a bad marriage, or an investment-gone-bad, you will find a bad partner. This does not mean a person is a bad person, although they could be. It just means they are a bad partner, the wrong person for the task at hand.
The world is filled with good people, but they would not make good business partners. In the institution of marriage, the world is also filled with good people who are married to the wrong person. And if you encounter a truly bad person—a person with low legal, ethical, and moral values—no matter how good you might be, the business or marriage will go bad.
Over the years, I have gone from bad partner to bad partner which, according to rich dad’s assessment, makes me a bad partner. The pattern of bad partners repeated itself time and time again. I would start a business with a person or persons I thought were good partners. The business would take off. Yet once successful with money coming in, the good person would turn into a bad partner.
I know this makes me look like a fool, and a bad partner myself. I wish my sequence of business start-ups, business success, and the unveiling of bad partners was different. I wish I were writing instead about good partner experiences so I could be more positive about it. I thought about being more general and not writing about my poor choices in partners, yet I believe the lessons to you, the reader, are far more important than preserving my ego, or the illusion that I know what I am doing. Like many people, I go from screw-up to screw-up and somehow do okay in between.
Rich dad taught me that I would never be successful if I remained a bad partner by hanging out with bad partners. He inspired me to be a student of human nature and business, work diligently, and take life one day at a time.
By being careful about the advice you take, you’ll be much closer to reaching your financial dreams without wasting your time, money or effort.
Editor, Rich Dad Poor Dad Daily