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One of the best things that you can do as a first-time startup founder is to go out and seek advice from others who have done it before. But, how can you tell if the advice you’re getting is any good?
Since starting Vitogo, I’ve talked to investors, entrepreneurs, and developers about business, entrepreneurship, raising money, and pretty much anything else you can think of related to starting/building/running a business. Most people are eager to give advice (even me apparently), especially former company founders. The only problem is that there is a lot of bad advice out there that can send you down the wrong path and even ruin professional relationships you’ve developed. Below is some of the worst advice I’ve gotten:
Bad Advice #1: Quit Your Job, Quit Everything - You Have to Work Full Time on Your Startup
I hear all the time: “No one will take you seriously if you aren’t working full time” or “You won’t get anything done if you aren’t full time.” The bottom line is that whatever you’re working on is likely going to take you way longer than you want it to and may never turn in to anything. Your chance of hitting a wall because money runs out is pretty high unless you have a ton of money saved up. The startup world is a game of attrition to a certain degree, so if you can’t afford to last a long time, you likely won’t succeed. Find a job (or keep your job) so you can pay your bills. Then, work hard to build your dream project. You’ll know when it’s time to go full time.