Myths Business Owners Believe (Part 1)

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Myths Business Owners Believe (Part 1) Insurance Myths

 Myth:  A widely held but false belief or idea.

 Myths are harmless for most people.  They can believe them without any real negative effects.  But when a business owner believes a myth, it can cause business failure or stagnation.

 I’ll use myself as an example.  As a CPA who had assisted many business owners before starting my own business, I thought I knew exactly what was required to open and run a business.  I could not have been more wrong!

This brings us to the number one myth that new business owners fool themselves with when they first start out:

Myth:  I know what it takes to run a business because I have studied other business owners and have done my research.  The truth:  The responsibilities, pressures, and demands of running a business can only be understood by those who have actually started and owned a business.  Much like getting married, becoming a parent, or learning to drive a car; there is no single course, book, or experience that will prepare you for the experience of being a business owner.  Expect to be challenged and pushed to your limits almost daily.

Unfortunately, this is only one of the many myths stopping business owners from growing the businesses of their dreams.  Every day I speak to business owners who are struggling with the hard truths that must be learned to be successful.  Here are some of the most common and destructive myths:

Myth:  All I need to succeed is a good ideaThe truth:  Every business owner thinks they can offer their customers something better than their competition.  But there are few truly original ideas.  Even Apple's Steve Jobs didn't invent something new when he introduced the iPod, iPhone, or iPad.  He saw an opportunity to create a new product by improving or combining existing technologies in a way that the market would love.

Myth:  Offer a great product, and customers will beat a path to your doorThe truth:  Steve Jobs didn't use the "Field of Dreams" method to market his products.  Apple is a master of marketing and sales.  Every business owner must understand one thing–every business is a marketing business first!  Every business owner must become an expert at sales and marketing.

(Continued in Myths Business Owners Believe – Part II)