Some of the best entrepreneurial advice I have ever heard on what it truly is for anyone starting a business.
Here are some of the worst lies that entrepreneurs tell themselves, and the (sometimes) hard truths:
1. The money will come eventually
You think that if your idea is top notch, if the product/service you’re offering solves a real problem or if you have true passion and drive, your company will succeed and eventually start making some real money. This is a fallacy.
It’s easy when you’re busy growing your company to buy into this lie, but incredibly dangerous. It may be true that there’s a pot of gold further down the road, but you can’t just count on it being there. You must plan for it.
If I price low enough, I can attract more business
This may be true in some sense. You may bring in more business if your prices are lower than your competition’s. But if your pricing isn’t covering your costs and allowing for the kind of margin you need to make a profit to at least live on, you’re shooting yourself in the foot.
Pivoting is an essential startup business practice. Knowing when to change direction, tweaking your offerings and repositioning yourself in the marketplace are all good things. But this isn’t a magic bullet. […]
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