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4 Business Myths to Stop Believing

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The business world is full of popular quotes and sayings that people accept without question. But we should question them. Because while some of these sayings are harmless, many others paint a false picture of what starting and running a business looks like and sets entrepreneurs up for failure. In short, they’re myths.

October 19, 2020
Author: Amber Ornelas

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There’s no talisman or special mantra in the world that can replace the need for good old fashioned hard-work. That’s how every successful business became successful and it’s how you too will become successful. Don’t be fooled.

In this blog post, we’ll separate fact from fiction by debunking 4 of the most common business myths.

1. “The customer is always right”

This business myth is first on the list because it needs to be the first one to die. As the probably the most well-known (and abused) business mantra, let’s start off by saying NO! The customer is not always right. Sometimes they’re downright wrong. And while the sentiment behind this statement is good (do everything in your power to keep the customer happy), it’s often taken so far as to allow employees to be verbally abused by a customer.

Yes, give excellent customer service. Yes, go above and beyond to serve your clients and make their experience unforgettable, so want to keep coming back. But don’t stand for abuse in any form. You reserve the right to refuse service to anyone.

2. “You’ve got to spend money to make money”

Not all business myths are completely false. Like this one. It’s true to an extent but that extent is rarely explained. Yes, starting and running a business costs money but this doesn’t mean you wrack up debt in the process. Set a realistic budget and don’t budge. You don’t need fifty employees on day one. Nor do you need a luxurious office space with expensive furniture right away. You may not even need a physical office at first. Start small and grow as your business (and money) grows.

Another way this saying gets people in trouble is that it makes them so desperate for money that they don’t take the time to calculate how much money they really need to launch their business, update office equipment or any other task. Instead, they shoot for the biggest number and end up in debt they may or may not be able to pay off.

3. “Innovation is king”

Business myths like this one can keep you from pursuing viable business ideas. Everyone wants to be original—the first ever this or that. And sometimes it happens…an entrepreneur stumbles across a completely original business idea and changes the world. But that’s rare. Don’t get so caught up in being “innovative” that you overlook viable business opportunities or drive yourself crazy trying to think something into existence.

Take a tried and true idea and make it your own—be innovative on a smaller scale. It’s not always about doing something no one has ever done before. Sometimes it’s doing the same thing everyone else is doing, but better.

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Think of how many burger restaurants there are in your hometown alone. Or think about how many successful spas, clothing stores, and plumbing companies there are. They’re not successful because they struck upon an original idea. They’re successful because they took an common idea and made it original by adding their unique flair.

4. “You need a massive reach on social media”

This one isn’t all wrong. Social media is the #1 marketing tool at a startup’s disposal. But this flimsy saying often leads new business owners to spend more time trying to amass followers, then fine-tuning their product or service. Focus on your product/service and then extend that attention to customers who are genuinely interested. If your product is as good as you claim, word will get out and your social following will grow.

Be patient, nurture the few followers you have right now and then expand your reach. You don’t want to end up in a position where your product/service doesn’t live up to the hype.

In conclusion

There are many more business myths floating around out there. The trick to avoiding a start-up myth is not to make a list of every single one and memorize them. No. The trick to avoiding falling prey to these mantras is to first understand that turning a new business into a successful business takes patience, grit, and determination.

The second is to be a student. Find a mentor, a business podcast, or article/book written by a successful business owner who knows what it takes to succeed and follow their lead. Understanding what it takes to succeed is the first step to succeeding. So, keep on moving!

If you’re ready to turn your dream business into a reality, look no further than Nevada Corporate Headquarters. From business entity formation to accounting and taxes, building business credit and estate planning, our comprehensive asset protection strategies are second to none and are proven to help businesses successfully launch and grow. Contact us today and go from business idea to open for business.

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