When starting your business, being open to any idea is important, but you also need to know what not to hear.
The opinions of the employees of You are personal.
I started my company (Headbands of Hope) when I was going to college. Obviously, I had no business experience and decided to rely on outside advice to answer my questions.
During that time I received one of the best tips Business that I keep informed. A lot of me successIt is thanks to the amazing people who gave me a bit of their voice and expertise and who helped build my vision.
But with so many people in my ear, the bad advice made itself felt too. Here are four tips that I’m proud of not hearing.
1. Find funding
An economics professor suggested I speak to investors to get funding to start my business. Instead, I’ve done my best to use my own money and grow organically. Now that I look back, I’m very proud that I haven’t given up my autonomy prematurely, especially when it wasn’t even necessary.
I started with minimal inventory. And as it grew I was able to buy more.
There are too many companies that require early funding. However, think carefully about whether this is the case.
2. Find a partner
I got the idea while doing a summer job. One piece of advice I received was to find a reliable partner to start the company with. I know many great companies are partner run, but I don’t think this is a necessity to prove success. I really enjoyed being responsible and creating exactly the vision I had in mind.
Having a partner can be great for productivity, but if you don’t have one, nothing happens.
3. Have an exit strategy
Before my first sale, they asked me about my exit strategy. He hadn’t even started yet and should know how it would end? I had dreams and goals for the business and I knew where I wanted to go in the future, but definitely didn’t know who to sell my idea to.
One of the biggest mistakes I see in entrepreneurs is that they use the company’s revenue potential as the main motivator. If your business is based on charging, your decisions will be based on them, not on values or customers.
Focus on creating the best company possible. Selling your business is the cherry on the cake.
4. Don’t dream so big
I remember sitting in a teacher’s office and sharing my idea about a socially responsible company that gave headbands for children with cancer. He asked me what my dream was. I told him I wanted to run a headband company to donate to all of the children’s hospitals in the United States (a dream that came true a month ago).
Teacher told me to think “smaller” and be more realistic. He suggested I think of LIVESTRONG bracelets – a year or two old fad whose bands had a certain style and were later forgotten.
Today we have over 100 items and we make new designs every month. We have over 300 stores in the US and Canada and our e-commerce website is booming.
I understand that my teacher wanted me to be more realistic and simplify my idea, but I’ve always kept reality close to my dreams.
Most entrepreneurs feel compelled to tell you how to run their business. It doesn’t matter if it’s your first business and you’re starting off empty or if you already have multiple success stories. It’s important to be open to all ideas but also to create a filter for the advice that you should let go of.