5 Worse Startup Tips

from Mashable.com 05 Sept 13 enhanced by Peter/CXO Wiz4biz 3/14

Free Advice may not be worth it. When you’re starting a business, there’s no shortage of people eager to hand out advice. It seems that everyone, even someone you’ve just met, has an opinion on how you should be developing your product, running your marketing, handling your finances and much more. I’ll be the first to admit that I’ve met some very smart people and have had great mentors over the years. Their contributions have been invaluable to my success. Yet after launching two companies over two decades, I’ve come across some terrible advice. Below are the top 5 terrible bits of advice that I could have done without.

1. “Hire people you know.”
I’ve had countless people tell me that it’s always better to assemble a team of “known quantities” — friends, colleagues or former employees whom you know & trust. But I’ve discovered that for me, the best hiring decisions are based on the specific positions I need to fill at that moment in time. In other words, I need to focus on the specific expertise & skill sets the company needs, rather than trying to piece together how Josh, Jill, & Joe will fit into the new business. In addition, if things aren’t working out between an employee and your company, you need to part ways (and usually, the sooner the better). You may be more reluctant to let friends go, even if you know they aren’t good fits and they give you fits.

2. “There’s “no room” for you in the Market.”When my husband & I launched a legal document filing company the second time around, the field was quite crowded, with several big names & established players. Many people told us to find a new space because there simply wasn’t room for us to compete. However, the key to business success doesn’t always hinge on finding a completely empty field; rather, it’s how you define your company and its place in the market. Starbucks wasn’t the first company to sell coffee, but they did revolutionize the coffee shop by selling an experience along with a caffeine fix. Still, numerous boutique coffee shops are able to open and thrive today, even though there’s a Starbucks around the corner. Rather than struggling to come up with a brand new idea, take a look at your target industry and see where there’s a void to be filled. Figure out the best possible way to fill that need and run with it. You don’t always have to blaze a new trail, but you need to know who you are and what you can offer.

[ 3. You have to be cheaper than the other guys. 4. Social media is free. 5. You have to spend $$ to make $$ – all in Premium Content ]