“The absolute worst I received was, ‘Come up with an idea that is out of this world, something I have never seen before.’ What does that advice even mean? The person might as well have told me to buy a lottery ticket on the off chance that I win.
As a co-founder of a successful and growing business, the advice I would have rather received starting out is, ‘What problem are you trying to solve, why is it a big problem, and what skill sets do you have or have access to to solve the problem?’
Framing the idea this way allows one to narrow down business ideas to those that have a greater chance of succeeding. I would much rather frame a big problem that an entrepreneur is capable of solving, rather than something that isn’t a real problem, or something no entrepreneur has a chance of solving.”
– Anton Dy Buncio, COO of VIATechnik, LLC.
We’ve all gotten some bad business advice. We are on our 3rd installment going thru this list that I found in an article on fundera.com. Let’s dive into these next two pieces of bad advice.
“The worst business advice that I have ever received was from another startup founder who told me that our business would never get off the ground without outside angel or VC funding. He told me that we didn’t stand a chance going up against other industry giants without having at least $1.5 million in initial seed money because nobody would take us seriously and we needed that money to staff up fast and to flood the industry with a marketing campaign.
Boy was he wrong. After talking with potential investors, we were unhappy with their ‘plans’ for our business and decided to bootstrap instead. It has made all the difference. We now serve 1,200+ customers and 20,000+ users and are growing every month, and we have been cash-flow positive since our 4th month.”
– Jeff Kear, Founder of Planning Pod.
Look, I’ll freely admit that I had NO idea what “VC funding” was.
Rigidity and Chauvinism…quite possibly 2 of the worst on this list of 20 from fundera.com:
“Some of the worst advice we received at Quovo came from people who insisted that we had to create an ironclad, comprehensive business plan from which we couldn’t waver. While it makes conceptual sense to have a plan – and drafting a plan can help you think critically about your business – the reality is that an overwrought business plan easily becomes busy work. After all, there’s approximately a zero percent chance that your plan on day one is still totally accurate on day 180.