Misleading tips entrepreneurs should never follow

Not all tips are made equal, which is dangerous for fledgling entrepreneurs. Some tips sound good on paper, but will actually ruin you and your startup. The problem is figuring out which tips will actually help you and which ones will doom your endeavor. Here are 7 of the most common misleading startup tips all entrepreneurs should avoid following.

Growth Should Be Fast-Tracked

Growth is critical to a startup's success, but it should not be rushed. Rapid scaling and growth can bring problems, such as gaps in the company's cash flow, which can trap the company in a situation where it bleeds capital instead of actually making money. Thrive as much as you can, but keep an eye on how much money you are making. Scale only if you can support the requirements of running a larger company.

Forget Your Personal Life

One of the worst tips you can ever listen to as an entrepreneur is to ignore your personal life and abandon all semblance of work-life balance. While there is nothing inherently wrong with having ambition, letting that ambition take over your life and ruin your relationships with friends and family is not a smart move. It is a short-sighted and largely unsustainable move, one that will damage you emotionally and physically. Keeping a balance may be difficult, but it is critical to your personal well-being.

Wait Until Conditions are Perfect 

One of the most difficult decisions you will make as an entrepreneur is to launch your product, even with imperfect conditions. However, that is exactly what you should do. Perfect conditions will never arrive. All you are looking for is to take advantage of a situation or a shift in the wind. Get the product out there the moment it is ready.

Customers are Automatic 

Just because you launched your startup does not mean you should assume that customers will buy your product. You cannot even assume that they will know about your product. Your small business needs to make an effort to push the product in front of customers through marketing campaigns. Without that effort, people will not even know you exist.

All Products Have a Profitable Market 

Believing that every product has a profitable market is among the most dangerous pieces of advice you could receive as an entrepreneur. Just because someone is willing to buy your offering does not mean your small business will actually make money. Do the research. Look at the people who have the problem your product will solve and see how much they are willing - or are able - to spend. Do the math and see if you can realistically make money.

Embrace Total Secrecy 

There is value in keeping your cards close to the chest, especially if your product is actually brand new and or possesses brand new technology. However, you still need to tell people what your product does for them to be interested in it. You will also need to speak about it with investors to convince them to choose your product. Don't be afraid of getting information out there. The value you get by showing off what you got far outstrips the security you think you can get from secrecy.

Moonlight Being an Entrepreneur 

There is value in caution, and you will often find yourself erring on its side as you make moves as an entrepreneur. However, some entrepreneurs take it too far and maintain a day job while running their startup. While valuable at the start while you try to marshal your resources, you will eventually need to make the choice to fully commit to your startup.

While those are far from the only misleading tips you will hear as an entrepreneur, knowing about them should help protect you and your startup. Take any advice you receive with a grain of salt. Think critically about what tips you use and what you ignore, and you will keep the future of your startup bright.