7 successful entrepreneurs on the worst advice they ever received

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warren buffettAlex Wong/GettyWarren Buffett.

Entrepreneurs are never at a loss for unsolicited advice from others who have “been there and done that.”

But sometimes, it’s hard for new business owners to decipher which nuggets of wisdom are helpful and which will actually do harm.

As a new entrepreneur, you will undoubtedly make wrong turns when you start your own business, but it’s better to own your mistakes instead of following bad advice that leads you down the wrong path.

In order to help you determine what to avoid, here is a list of some of the worst advice successful entrepreneurs — such as Warren Buffett and Mark Cuban — have ever received.

 Warren Buffett: “Don’t go into the securities business.”
Warren Buffett: "Don't go into the securities business."

Getty Images / Bill Pugliano

For her book, “Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2011,” author Carol Loomis asked Buffett, “What was the best advice you ever received?”

Loomis told ABC News, “I was genuinely surprised when all [Buffett] wanted to talk about was the worst advice.”

According to her, Buffett’s father and his mentor, Benjamin Graham, told Buffett when he wasn’t yet 21 that he shouldn’t go into the securities business. Why? Because it was bad timing. Buffett told Loomis, “Maybe their advice was their polite way of saying that before I started selling stocks, I needed to mature a little, or I wasn’t going to be successful.”

But as we’ve seen, the investor ignored that piece of advice and went on to become an extremely successful investor with a net worth of $67.4 billion.

Related: 7 Investing Mistakes Warren Buffett Regrets

Barbara Corcoran: “You can’t do it alone.”

Barbara Corcoran: "You can’t do it alone."

BI

An insult from a former boyfriend and business partner ended up being Barbara Corcoran’s worst and best piece of business advice. The businesswoman and “Shark” on ABC’s “Shark Tank” told Business Insider, “The best advice was the worst advice … It was from my boyfriend and partner in my first business, The Corcoran-Simone Company, when he told me I would never succeed without him.”

She added, “But thank God he insulted me because I would not have built a big business without that insult. It kept me trying everything because I couldn’t give him the satisfaction of seeing me fail.”

Mark Cuban: “Follow your passions.”

Mark Cuban: "Follow your passions."

Reuters

In an interview with ABC News’ Rebecca Jarvis last year, Mark Cuban answered multiple rapid-fire questions. When asked about the worst piece of advice he ever received, Cuban answered, “Follow your passions. Instead, you should follow your effort.”

Sometimes, it’s hard — or impossible — to find a career that falls in line with your passion. If your passion doesn’t help you earn a living, you should find something you’re good at, work hard at it and embark on that career path.

Malcolm Gladwell: “It’s been done.”

Malcolm Gladwell: "It’s been done."

AP photo/Joe Tabacca

Technically, he’s not an entrepreneur, but best-selling author Malcolm Gladwell is regarded as one of the best entrepreneurial writers out there.

When he was just starting out, Gladwell would pass ideas through a friend. He told Business Insider, “When I proposed an idea, she would say, ‘It’s been done.’” That was the worst advice he’d ever received.

“There are 100 articles written on the same topic every day,” said Gladwell. “The world can happily accept more than one approach … It’s all about the execution.”

Danielle LaPorte: “Just do one big thing at a time.”

Danielle LaPorte: "Just do one big thing at a time."

Danielle LaPorte

This best-selling author, motivational speaker, and entrepreneur is brutally honest about some of the terrible business advice she’s received over the years. In a blog post, Danielle LaPorte listed some of the worst advice she ever received, including, “Just do one big thing at a time.”

She wrote, “When it comes to actually time management I’m a big fan of focus … But in terms of overall development strategy and creativity, the singular focus route has never worked for me.” The more irons she has in the creative fire, “the fire just gets higher.”

So work on projects that feed different parts of your brain to keep the fire going.

Ramit Sethi: “The No. 1 thing you need for a job search is business cards.”

Ramit Sethi: "The No. 1 thing you need for a job search is business cards."

Ramit Sethi / I Will Teach You To Be Rich

Personal finance adviser and entrepreneur Ramit Sethi actually has an entire blog post dedicated to some of the worst career advice he’s read — this one takes the cake.

Sethi sarcastically explains that whether you are starting your own business or pursuing employment elsewhere, your network and professional skills are your most valuable tools. Things like business cards really won’t make or break your chance at success.

Penelope Trunk: “Do what you love.”

Many experts say if you do what you love the money will follow, but entrepreneur Penelope Trunk disagrees. She wrote, “It’s preposterous that we need to get paid to do what we love because we do that stuff anyway … None of us loves just one thing.”

If you are looking to make money doing something you love, you might be looking for a long time — or forever. Ignore the pressure to find the perfect career fit and, as Penelope wrote, “Do not what you love; do what you are.” A job based off your personal strengths, not just what you love, can make for a rewarding career.

source:http://www.businessinsider.com/7-successful-entrepreneurs-on-the-worst-advice-they-ever-received-2015-7?IR=T

This article, “7 successful entrepreneurs on the worst advice they ever received,” was originally published on GOBankingRates.com.

A brief message to Mark Zuckerberg regarding his business support for ONLY Paris!!

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Mark Zuckerberg With all the respect that you deserve I just want to say that you are hiding your mistakes (regarding supporting ONLY Paris) behind your policy, grow up and look around yourself and the entire world, not only Paris but many countries are facing more critical issues, your earlier post in which you have stated “My thoughts are with everyone in Paris tonight. Violence like this has no place in any city or country in the world”, I think you need to understand about the term violence first, I would like to suggest you that go and visit Palestine, Iraq, and several other states, you will understand about the term VIOLENCE in deep….. My comment is not about focusing or targeting any particular RELIGION but it’s all about HUMANITY.

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Safe haven accounts: Pakistan got more money in Swiss banks than India: report

Swiss National Bank. PHOTO: AFPWhen it comes to money in Swiss banks, Pakistan has a slight edge over India with total funds amounting to 1.44 billion Swiss francs held there by Pakistani individuals and entities, Press Trust of India (PTI) reported.

source:http://tribune.com.pk/story/566662/safe-haven-accounts-pakistan-got-more-money-in-swiss-banks-than-india-report/

In their local currency, the total funds held by individuals and entities from Pakistan in Swiss banks stood at 152.9 billion Pakistani rupees as on December 31, 2012, PTI said quoting Swiss National Bank (SNB) data.

However, this was the lowest level for such funds ever since Switzerland’s central bank began compiling this data in 2002 and was less than half of the record high amount of over 3 billion Swiss francs (Rs318.54 billion) recorded in 2005, the previous record low of 1.95 billion Swiss francs was seen in the year 2010.

This marked a decline of nearly 32% from 2.1 billion Swiss francs (about Rs222.98 billion) at the end of 2011, as per the latest annual report of Swiss central bank on banks operating in the country.

The issue of alleged stashing of black money in Swiss banks has been a matter of intense debate in Pakistan, as there have been reports of some top former government leaders having kept their money in banks in the European country due to their hugely popular ‘safe-haven’ status.

However, a higher amount than Indian entities assumes significance because Pakistan is a much smaller country in terms of population and area.

Still, the quantum of money held by Swiss banks for their Pakistani clients was about 1.5% higher than the equivalent figure for Indians at 1.42 billion Swiss francs (about 89.9 billion Indian rupees or 150.3 billion Pakistani rupees) at the end of 2012, the SNB data said according to PTI.

Nawaz Sharif’s Son in Law Investing Billions in UAE

Dubai: HDS Tower in Cluster F of Jumeirah Lakes Tower is only one of the 34 story buildings that belong to the mighty HDS Group. The News Tribe learnt that several other buildings in Jumeirah Lakes Towers, Business Bay and International City, like the HDS Sunstar Towers, are also owned by the millionaire brothers, surprisingly Pakistanis.

source:http://pkpolitics.com/discuss/topic/nawaz-sharifs-son-in-law-investing-billions-in-uae

  1. The owners of HDS Group, Ali Dar and Hasnain Dar, are none other than the sons of former finance minister of Pakistan, Senator Ishaq Dar. It’s worth mentioning here that the elder son Ali Dar is also the son-in-law of Pakistan Muslim League’s leader Mian Mohammad Nawaz Sharif.

    Apart from several real estate ventures, The HDS Group also launched HDS Rent a Car, JLT a month back in July 2012.


    Senator Ishaq Dar’s son Ali Dar takes the Lamborghini Aventador LP 700-4 for the inaugural run.

    The uniqueness of the car rental company lies in its array of niche car manufacturers and models of cars unavailable to the market. HDS Rent a Car owns the 2012 Lamborghini Aventador LP700-4, Mercedes Benz SLS 63 AMG Gullwing, apart from the more economy cars such as Peugeots and Renaults. Some of the many exotic, luxury and SUVs in the lineup are the the Ferrari Berlinetta F12 and the McLaren F1, and you can do the numbers yourself!

    The owners from a ‘poor and starving’ country Pakistan, where the average monthly income for an individual is $41, are offering such exotic services in Dubai, which even the local Emiratis fail to afford.


    Madhu Bhindari, the Indian Billionaire who invested money in Dubai with Pakistani politicians.

    Sources further told The News Tribe that the story does not end here; another Finance Minister from the Nawaz Sharif Government, made hundreds of real estate transactions with Madhu Bhindari, an Indian billionaire entrepreneur, who is on a run-away from Dubai, after losing 150 million dirhams in the 2008 crisis. However, the finance minister’s buildings and investments are still there, earning a hefty income.

    A Pakistani real estate agent, who claimed to carry out transactions for a serving government officer in Sindh Government, told The News Tribe that a lot of Pakistani bureaucrats and politicians have properties worth millions in Dubai.

    “The son of a serving government officer from Sindh government invested a huge amount of money in real estate here in 2008, and I carried out transactions for him,” the agent claimed.

    “Where are these politicians getting the money from?” asked a frustrated Pakistani in Dubai, who came to know that the building he lived in is owned by Ali and Hasnain Dar’s HDS Group.

    “If they have billions of dollars and so much money, why is it not in Pakistan? These politicians talk about the welfare of Pakistani people, but all they can think about is themselves!”

    Previously, Director Swiss Bank had stated that Pakistan has around 97 billion dollars only in Swiss Banks. But, it seems that Pakistani politicians and businessmen have more than 97 billion dollars outside Swiss Banks, invested in various countries and financial hubs like Dubai.

    According to the Swiss Bank director, if the money is utilized for the welfare of Pakistan and its people, then Pakistan can make tax free budget for next 30 years, can create 60 million jobs, can carpet four lanes road from any village to Islamabad, provide endless power supply, every citizen can earn Rs. 20,000 salary for the next 60 years and there is no need to take loans from IMF or World Bank.

    source:http://pkpolitics.com/discuss/topic/nawaz-sharifs-son-in-law-investing-billions-in-uae

Being an entrepreneur…

entrepreneur1

Becoming an entrepreneur is not a common task, basically it requires a lot of smart, work, struggle, innovative ideas and business minded person. There are a lot of advantages if someone wills to become an entrepreneur. It helps to provide opportunities for employment and growth of state in prosper manner. Hence starting own business needs some tactics and techniques and these things are not inborn talent, basically these things are used to learn.

Every human step up in this world with an empty mind, they learn from society and their success is derived from their will power. Many dominant people of present world such as Bill gates, Mark zukerberg, Ratan Tata, Obama, Surgey brin and most respectful other success stories were also born with empty mind set, they learn from their society and promote their will power to becomes one of the most success stories of the world.

Every human being consists of an excellent mind of piece. Everyone is able and capable to perform his level of best. If someone willing to perform his best ability and to start a business of his own so here are few tips:

*Many entrepreneurs do a mistake of looking for a product first instead of searching for a market first.

*Market need must be identified first as a result product will derived automatically in your mind

*Develop a strong business plan

*Use internet to grow your business reputation because through internet you can attract most traffic of customers as compared to traditional method.

*Do what you committed to do.

*Learn from your competitors and dissatisfied customers because they are a best source to improve your business.

*Attract your customers with best-selling and advertisement techniques in just 5 seconds otherwise they are gone.

Thank you for reading this blog

A brief overview of Writing skills

letter-with-pen

Writing is not an inborn talent its basically a skill, which can be learn through a systematic process. This systematic process consist of structured sentences, structured paragraphs, and structured content.

Structured sentence: Its necessary to develop thesis statement which is a statement that define whole topic in just two lines.

Structured paragraph: Structured paragraph consist of six to seven sentences which is constructed in well manner, in which first sentence is thesis statement and middle sentences includes content and description of a topic and finally narration in last sentence.

Structured essay: Structured content is made up of structured sentences and paragraph which is related to several sub topics, remember each paragraph must be about single topic to make content more effective.