The document discusses 5 business principles that may not always be effective: 1) Looking for investor capital to start rather than using available resources, 2) Taking every opportunity without considering business goals, 3) Focusing solely on passion rather than solving problems, 4) Spending too much time trying to create something unique rather than innovating on existing concepts, 5) Focusing excessively on competitors rather than customers. The conclusion is that business principles vary and not all work for every entrepreneur - advice should be considered carefully.

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5 Business Principles You May Want to
Avoid
by Alexandra Arrivillaga | Jul 18, 2021 | Alexandra Arrivillaga, Business, Entrepreneurship
Most budding entrepreneurs get thrown off balance by the many dos and don’ts of
business. Certain business principles cancel each other out, and this can make things
confusing. A business principle may work for one individual, but this doesn’t mean it cuts
across all other entrepreneurs and businesses. The following are some business principles
out there that aren’t always air-tight.
Look For Capital From Investors to Start
Most people have bought the lie that starting a business requires investor capital. This has
made it difficult for those with fewer resources to do anything. But a good business person
a
a

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knows resourcefulness matters more than resources. One can always get started with the
little that they have.
Take up Every Opportunity
Rushing to every opportunity as they come is likely to waste a lot of time. Founders need
to understand the goal of their startup. This way, they know what to go after as opposed
to going for anything that looks good. Working with any investor for the sake of money is
an example. A good entrepreneur always looks for an opportunity that aligns with their
vision.
Sticking to Passion
Sometimes what one is passionate about cannot become a great business. Entrepreneurs
are problem solvers. And that’s the quality one should care about most. Sure, it’s easier to
work on something one is passionate about. But, it may not always be an immediate
solution that people are willing to pay for. Besides, as soon as a business starts to work,
people generally fall in love with what they’re doing.
Start a Unique Business
Many people spend a lot of time trying to come up with something novel. Reinventing the
wheel isn’t necessary. One can have massive success by innovating around a concept that
already exists.
Stay Ahead of Competition at All Times
A good business focuses on the customer and not the competitor. It’s easy to get caught
up with looking at competition, and this is likely to harm the business. Having an edge is
great. But, clients appreciate it more, when they’re at the core of one’s business.
The Take-Away
Remember, businesses vary, and so do entrepreneurs. Always take advice with a grain of
salt. Not all business principles work for everyone.
© Alexandra Arrivillaga 2021
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