Are you a business owner? Unheard these 5 advice to avoid mistakes

As an entrepreneur, there is nothing wrong in asking a worth advice from an experienced professional whom you always admired as a mentor. The actual problem occurs when you follow their advice blindly without estimating the outcomes that can affect your business sustainability in long run. Generally, building up an empire from scratch is a critical phase for every business person, there is a full possibility of misleading from the right track in the market hustle. You will definitely stumble upon a variety of experts who will encourage the idea, whereas some will oppose your startup by criticizing your idea by mentioning unnecessary flaws. Now, you must be in a dilemma, which advice to follow and what to not. To prevent those startups from committing the mistakes by choosing the wrong suggestions, I have come up with a list of advice recommended by professionals that leads to business failure. There you go

Hire people you are already familiar with

If the hiring process is to be done on the basis of only trust, understanding, and bonding then the best choice would be friends, familiar professionals, and a known reference. But the most important thing that will grow your business is the expertise and skill set of the employees, not the trust and relation.Considering the family members and friends for a successful business is the biggest myth that will make you regret in future. The main problem occurs when you are reluctant them to fire, knowing the fact that they aren't the good fit for the specific profile. Make sure you are not selecting the team members on the basis of attachment, instead you must follow a strict recruiting pattern for every application.

You can't stand for long in the market it's already dominatedWhere there are motivators, there are demotivators too. Make sure to ignore every single advice that is forcing you to take a step back. By that I mean, some experienced players will suggest you try another business, as the market is already saturated by your idea.If you will look around for a moment, there is perfect competition in almost every business stream. That doesn't stop you from getting into the business as a tough competitor. Keep faith in your idea and product, understand the needs of the customers that are not fulfilled by existing businesses. Introduce the target customers with more reliable solutions to gain their trust and convince them to shift onto your product.

Beat the competition by lowering the priceThis is considered to be the worst advice of all time. For the sake of enticement, business owners use a dirty business tactic to beat the competition and to drive a large number of customers. But unaware of the adverse effects on the business revenue. So what they actually do?Those small-scale businesses lower the price of their product just to win over the market. Business is a journey of a long run, dropping the cost would benefit you generating huge customers but somewhere you will not be able to accomplish the cost budget required in future business plans. So, rather than taking this hazardous step, focus on increasing engagement and relationship with customers.

Get it done by yourself

Being a rookie in the business field, you may not be aware of the technology in different modules. Hence, some experts will advise you to complete every single task by yourself without wasting money on outsourcing it.

If you ask me, I would highly recommend outsourcing the essential technical part of your business for the best results and hype in growth. Firstly, you don't have the much technical knowledge and secondly, there are other vital responsibilities for which you already have less time to complete.In business, time is given a lot of importance rather than a couple of investment. So, get in touch with an experienced software development company for better outcomes.

Social media is free of cost Again an overrated myth that social media platforms are free of cost. Basically, people have a mindset that one can easily sign up on social media for free so it's an efficient way to gather more customers.Correcting the fact, in reality, the marketing effort which is organized without spending money will have a less impact as compared to the paid one. To beat the competitors, you have to reach your target customers before them which not possible without any investment. At last, I would say research properly without believing any advice, as it's your business, so you are the one who will suffer.

Siya Carla is Senior Business Development Executive at Finoit Technologies, a leading custom software development company which makes ideas into reality by providing unique design and services.