When it comes to operating a company, many small business owners take business myths to heart. Often we assume myths are true, due to the fact that they are so commonly known, but when we put the myths to practice, they don’t hold up. Below you will find five major business myths and the REAL truth about each of them.
Myth #1: “The customer is always right”.
This is probably one of the most common phrases said in business. If this statement was actually true, you would find a lot companies closing their doors permanently. Basing your company on the whim of customer will never be profitable. Don’t get me wrong, it is still important to view things from the customer’s viewpoint, but you need to be able to set your customer’s exceptions from the start. This will increase a higher rate of customer satisfaction
Myth #2: “Spend money to make money”.
When business owners have too much money, they can make irrational choices. Instead of rationally looking at a problem, business owners with ample cash will throw a lot of money at the problem in the attempt to solve it. Let me tell you, it doesn’t work out. Money needs to be spent carefully, not in a frivolous manner.
Myth #3: “Build it, and they will come”.
A business requires hard work! It doesn’t stop after a founder creates a product. Customers won’t line up for a service or product simply because it exists. Where business owners find the most success is when they have a strong marketing plan in place. Many business owners forget to focus on this area and struggle to get their product off the shelves.
Myth #4: “It’s called work for a reason. It’s not supposed to be fun”.
Business is not all fun and games, however, that doesn’t mean you have to be miserable with what you do. To really make it in this world, find what you love doing, and do it for a living. This is under the circumstances that you are good at your passion. You should always chase your dreams, just don’t be a delusional chaser.
Myth #5:”Under-promise and over-deliver”.
The thought process behind this myth is that if a company sets customer expectations low, and the over-deliver on service, a customer’s satisfaction will go up. Thinking this can be harmful to a business. If expectations are set too low, then a business will have a difficult time attracting or retaining a customer.