‘When a manager with a reputation for brilliance tackles a business with a reputation for bad economics, the reputation of the business remains intact.’
Everyone has one and wishes they didn’t: the unwanted advice-giver who loves to stick his nose where it doesn’t belong and offer his unsolicited opinion. Whether he’s a successful CEO or your brother-in-law, he seems to pop up just when you’re feeling unsure of yourself.
Unfortunately, in business, the leaders who really need good advice are the most vulnerable to bad advice. Entrepreneurs usually don’t have high-quality boards, rarely have a wealth of industry expertise and may be entering new markets with no precedent to draw on. While a little helpful advice can go a long way, bad advice is worse than no advice at all.
Here are the people to watch out for and avoid taking advice from:
The know-it-alls: Know-it-alls are overconfident because they’ve seen situations play out as expected in their industry and assume their advice can work for any industry. These people may sound smart and have tons of experience, but you should avoid letting their opinion drown out common sense. When their experience comes from scenarios that aren’t applicable to your situation, their advice isn’t relevant.
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Markets were born when humans chose to acquire what they needed by trading with each other rather than producing it themselves or taking it from someone else by force. The moment of proto-market conception was when the first seller offered to trade with the first customer, and that offer was accepted.
For millennia, this marketplace dance was as beautifully simple as it was exquisitely effective, having at its nucleus three primary elements:
1. The product, controlled by the seller
2. Information about the product, also controlled by the seller
3. The buying decision, controlled by the customer
From that first transaction, when shells were the reserve currency, to about 1993, the marketplace dance was performed zillions of times with little variation. I’ve termed this period The Age of the Seller, because the seller controlled two of the three elements.
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When businesses grow from the startup phase to a full-on company, entrepreneurs are faced with a challenge: Which technologies should they invest in?
The typical path is to begin with an email provider and website and then develop a lead generation and contact management tool. Within just a few months of starting a company, a business can easily be utilizing nearly a dozen platforms from many providers. While this technology can (and should) make an entrepreneur’s life easier, it can be tricky to get the hang of all the moving parts.
Often entrepreneurs end up outsourcing the IT support or hire their own internal team. Either way, a lot of IT professionals don’t have the insight as to how the rest of the company works, making it difficult to effectively integrate the many different apps and platforms business users are leveraging on a daily basis. As a result, a company may spend too much time and money trying to solve IT issues. This doesn’t have to be the case.
Read more: entrepreneur.com
Here are some top networking tips:
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