In business there can be a million ways to do something. Often, stories are handed down throughout the years of methods that are tried and true. Unfortunately, as stories are passed on, details and outcomes tend to change and skew with time. So the story of how a certain business grew, failed or started may or maynot even be true.
We'll take a look at some of the more popular business myths and try to shine the light on the realities of business.
The Myth: The way it has always been done in business is how it works.
The Reality: The myth describes hearsay information. In many cases how it has been done was never the correct way and doing it that way can cause legal or other problems.
The Myth: The main thing is to get the cash flowing and everything else will work itself out.
The Reality: Business ownership and operation is a never-ending series of situations to be worked through - cash is always short when building or growing a business and problems do not just work themselves out- they will be resolved with teams that include experts who understand the issues of each type of problem. Problems will not go away if ignored.
The Myth: My business is simple and will have few if any problems.
The Reality: No business has ever been problem free, and most business owner/operators do not have the knowledge to deal with the problems that will arise. Inadequate information and understanding of business issues breeds trial and error; errors breed mistakes - mistakes are expensive and dangerous to the business. This is not a practical way to learn.