Business Education

Hey, Entrepreneurs, If You Want to Succeed, Stop Seeking Advice from People Who’ve Failed

Everyone has an opinion. But, everyone can’t be right. There’s always a set of best practices and then there are ways to do things that fall short of success or lead to bad outcomes. So, this is why people seek advice from their family and friends when they want to start a small business. The trouble with this approach is that the people the entrepreneur is speaking to may not be the owner of a profitable small business. While it’s certainly understandable to seek advice from people you trust, that doesn’t necessarily mean they’re the best or only sources.

Remember, Real Friends are Supportive

Here’s another problem. There are a lot of individuals around you who will tell you that you can’t do it. Usually, this is based on fear, but can also manifest from those who are envious that you’re willing to take a risk to improve your life and be professionally successful. Then, there may even be people around you who went into business for themselves, but it didn’t work out.

Ask business owners who specialize in the same niche as your startup if they have any tips. Business owners in your market know about accountants, lawyers, and recruiters who might be a good fit for your needs. They can make recommendations and point you in the right direction. —Entrepreneur.com

While the reason that their businesses failed might not be direct to their own decisions, it’s generally a safe bet. Even if it was circumstances beyond their control, successful business owners are the ones who find a way through tough times, endure, and come out on the other side. To put it much more plainly, if you’re seeking advice from people who have failed in their own business ventures, you’re speaking to the wrong people, unless they have gone on to succeed in other ventures by learning from their failures. Failures can be the precursor to success if we learn from them.

Best Places to Seek Business Advice

Fortunately, there are a few places you can go to get reliable, actionable advice about starting your own business. Here are the best places to seek entrepreneurial advice that will help you get started in the right direction:

Successful individuals in the industry. Sure, this sounds all too obvious. But, a lot of people who want to go into business for themselves are fearful of speaking with people that are already successful in the industry. Now, that sounds strange, but it makes sense if you think about it in a different way. Those who avoid successful individuals in the industry into which they want to enter, typically don’t want to give up their plans – which is to say their strategies and secrets. So, they make the mistake of being protective of their ideas, without knowing if said ideas are actually good or bad.
Small business development groups. There are small business development groups that can help you get some of the logistics worked out and even provide a little friendly advice that you may not have thought of on your own. But, here again, you must be willing to share your ideas with others. Doing so will allow other people to gauge your ideas and their merit.
Local industry trade associations. These industry trade associations exist to promote their industry, which is their sole purpose. You’ll learn a lot about the industry, and perhaps your own niche, along with some tricks of the trade and how your competition deals with its challenges.

Of course, it’s just as wise to consult someone who specializes in starting and growing small businesses. An experienced business consultant and coach brings a wealth of information and is someone who can not only provide valuable input but also be supportive. Where else do you recommend people starting a small business seek advice? Please take a few minutes to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

How to Tell When a New Business Client is Lying to You

January 28, 2020 No Comments

We’ve all been betrayed in one way or another. Some situations are worse than others. But, all things being equal, it’s better to be safe than sorry. There’s an old saying in the real estate industry, “Buyers are liars.” (Although, this is true in just about any line of work, law, financial, retail, and countless others.) The point being, human nature is what it is and there’s just no way around it. Why It’s so Important to Avoid Liars Okay, you can probably think of a dozen reasons liars can be trouble. They cause feelings of betrayal, anger, resentment, regret, and basically a whole host of negatives. But, even if you’re able to get past the personal hurt, there’s the logistical fallout. The vast majority of customers are truthful. But the lying happens often enough to get under your skin. What’s more, deceitful customers pose a risk to your business. If they’re willing to lie to you, what does that say about their character? Would they also be willing to fabricate an errors-and-omissions claim for personal profit? —EOforLess.com Such consequences include but not limited to: being embarrassed by peers, trouble with client relations, upset in the workplace vis-à-vis team members, and plenty more circumstances. Plus, just a single lie can hurt your bottom line in a serious way. How to Tell When a New Business Client is Lying to You So, how do you spot a lie before it causes all sorts of trouble in your business? Well, it isn’t easy, there’s no question about it. But, there are some ways to tell when a client is lying to you, like the following: It sounds too good to be true. Okay, this is probably cliché’ but it’s nevertheless true. When someone tells you something that sounds too good to be true, it more than likely isn’t true. What’s most problematic is that in the moment, it’s easy to fall for. Their social media is a red flag. Some con artists make their lives to look out-of-this-world, luxurious and exciting. Others have absolutely no social media presence at all. In either case, it can tip you off to someone who is trying to hide something because there’s no information at all. Or, a person who is trying to fool everyone else by making their life look irresistibly envious. There’s difficulty answering simple questions. Here’s another bit of advice you’ll hear from experts on the subject of lying — the fibbers might have a lot of trouble with answering simple questions. (Conversely, when there’s inconsistent but a lot of detail, that’s also a telltale sign.) His or her past tells a completely different story. If you have a bad feeling, listen to your inner voice and get a bit of background from people in his or her past (if possible). Just asking a few key questions can tell you a lot, a whole lot. What other advice do you have to offer through your experiences? Please comment and let others know! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Use Your Past to Build a Better Future

May 16, 2017 No Comments

Mistakes, missteps, adversity, hurt, and failure. All of these are negative experiences, at least, at first impression. We’ve all dealt with heartache and heartbreak, with disappointment and resentment. So many pessimistic experiences and impressions can easily discourage to the point of apathy. It’s choosing another path to deal with such occurrences that’s one of the single most difficult things to do in life, and in business. There’s just no avoiding the fact that mistakes will be made, perhaps even to the extent of leading to outright failure of a company, even for entities that are established and realizing a profit. No matter the size or presence of a brand, it can deteriorate and ultimately flounder to the point of no return. We’ve seen this before in the business world, particularly in giants: Blockbuster Video, Circuit City, Borders Books and Music, Radio Shack, Montgomery Wards, Steak & Ale, the list goes on and on. Use Your Past to Build a Better Future One obstacle to overcome is being creatures of habit. Sure, these definitely differ from person to person, but regardless, remain part and parcel of our day-to-day routines. It’s quite easy to let this phenomenon creep into a business environment, and sometimes, with the best of intentions. Habit (read: practice and procedure) can be a good thing. It can also be a death knell, and when you can’t pinpoint the root cause, make you susceptible to more than one failure. The more clearly you understand your strengths and how they enabled you to get to this point, the more effectively you can leverage them into a bright and fulfilling future. It’s important not to regret the past. Instead, you must appreciate all of your positive experiences and find a way to learn from the negative ones. —Business Insider Our past is part of who we are, but, it doesn’t have to define who we are or what we can become. If you think about it for a moment, your past is one of the most valuable weapons you have in your arsenal leading you into the future. This is so understood, it’s actually become a set of quintessential cliches. We see these motivating messages all the time and get a lift. That feeling subsides and it’s human nature to let the past work its negativity on us. I share with my clients that although my successes are something I appreciate, it is my failures that provided me the learning to excel and help others accelerate their success in less time and less mistakes. Failure is the precursor to success. Failure is an event so do not let it define who you are. Use your past to empower yourself and move forward with your future: Change small things, one at a time. There’s a technique in the world of psychology known as, “solution focused brief therapy.” In short, it works by putting focus on building solutions instead of problem solving. It works in a splendidly simple way: you change one small thing at a time. It could be waking-up 10 minutes earlier, exercising just a little every day, or working on this or that skill. Whatever it is, when you become better at it, you’ll feel a genuine sense of accomplishment. Take-on tasks you regularly avoid. Speaking of exercise, this is one thing many people avoid, though it certainly isn’t the only one. You might not like talking on the phone, going-over or creating certain documents, or some other task. Here again, whatever it might be, incremental change is key. Know and accept your weaknesses. You might not be good at this or that, and that’s perfectly okay. For entrepreneurs, this is a very difficult concept to accept. Being natural self-starters, optimists, and enthusiasts, not being able to excel at something is foreign and frustrating. When you do accept your weaknesses, you’re actually demonstrating your own strength, particularly if you bring-in someone else that has those exact skill sets. Look at yourself through another’s eyes. You probably get compliments from time to time, though these might not be overt. Take stock in each one by accepting them for what they are, and know it’s how the person who gave it truly feels about you. [shareaholic app=”follow_buttons” id=”26833294″]

3 Sure-Fire Ways to Exhaust and Infuriate Good Employees

August 5, 2020 No Comments

No manager or business owner sets out to sabotage their employees. But, that’s sometimes the end result, brought on by a number of different behaviors. For instance, it’s well known that holding unnecessary meetings is a great way to agitate and irk team members. After all, they know superfluousness when they’re unwillingly subjected to it. So, it only serves to bother and anger people. But, that’s not the only way entrepreneurs and managers alike aggravate and annoy employees, there are others. Employees’ Needs are Important Your employees’ needs must be met in order for them to respect you. That doesn’t mean giving them everything they want. But, it does mean treating them the same way you’d want to be treated if you were in their shoes. For instance, unclear communication. Being unclear is just as bad as being unkind. Without clarity, you’re not providing ample direction and that is a real source of frustration for your employees. Toxic company culture often starts at the top in the active bad behavior of a senior leader or by those who have supervisory responsibilities. To get the root of the problem follow the toxicity wherever it leads because people don’t leave companies, they leave managers. —Entrepreneur.com Conversely, there’s also such a thing as providing too much detail. It’s the true-life version of drinking from a fire hose. You’re providing way too much information to process. This inevitably results in bewilderment and/or confusion. Unsurprisingly, employees don’t really understand the overall picture because you’re losing them in the minutia. 3 Sure-Fire Ways to Exhaust and Infuriate Good Employees Although the above examples are ways to run down employee morale, three other behaviors will outright cause them to sour. Here are the three ways that entrepreneurs and managers effectively ruin their teams: Micromanaging. This is probably the most hated and counterproductive managerial trait of them all. By not giving people their independence and autonomy, you are disrespecting them. Plus, this stifles them intellectually and creatively. Moreover, it results in feeling unappreciated and resentment builds. In short, there’s nothing good that comes from micromanaging. Making too many changes. While change can be a good thing, and sometimes it’s absolutely necessary, too many changes will only cause chaos. Employees will lose track of what is acceptable and what’s not and will eventually fail to recall the latest policies and procedures and even goals. Being indecisive and too emotional. When you lead with enthusiasm and vision, that’s a great way to get your team members excited. But, If you lead by raw emotion only and worse yet, can’t make a decision at critical moments, you’ve clearly demonstrated your not cut out for a role in leadership. Yes, there will be difficult decisions and times when emotions will run high or low, but you have to stay calm and avoid rash decisions. Or, failing to make any decisions whatsoever. What other managerial behaviors do you think irritate and/or undermine employees? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.