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Most Common Business Myths You Should Stop Believing

The word business itself is very broad, but when you ask people about it, they all have one thing in mind. Business is all about making money, which is of course right. Anyone can start a business if they want, but not everyone can run it successfully.

Why is that? Isn’t business all about having an investment and have people buy particular products or require services that you could provide? It may seem sound so easy right? However, there are actually a lot of people who start a particular business and ends up having to file for bankruptcy, one of the major reasons is that they believe certain myths. These myths can manipulate the way of thinking of a person, here are some of them.

“Before you can become a billionaire, you must learn to think like one. You must learn how to motivate yourself to counter fear with courage. Making critical decisions about your career, business, investments and other resources conjures up fear, fear that is part of the process of becoming a financial success.”Thomas J. Stanley

 MYTH 1: The product is the most important thing

When it comes to business, the products itself are pretty important since that is what the people would get, however, this particular phrase is absolutely wrong. It is a fact that products are indeed important but the consumers are actually more important. If there isn’t anyone getting your product, then what is the point of having a business. If there is something wrong with the product, then the people wouldn’t like it and wouldn’t get it. In every business, it is always about what the people want and need.

For instance, in this generation, selfies are totally in, and your product is a mobile phone. If your product is doesn’t have a selfie camera feature, then not a lot of people may go for your product. It is important to know your target audience as well, whether they are babies, kids, teens, or even senior citizens.

MYTH 2: Whatever the owner says, goes

This has got to be one of the most common myths business owners believe in. Just because you own the business doesn’t mean you’re always right, it wouldn’t hurt to get some input from your employees and most especially the clients. Yes, you are the owner, you’re the one paying for everything but keep in mind that you’re not perfect, no business is perfect. Learn to open your mind to endless possibilities, it is a trial and error, even the owners of the biggest companies in the world are not always right.

MYTH 3:  A business must not be affected by bad reviews

It is a fact that when it comes to a lot of things in life, you must not let negativity get in the way. However, in the world of business, bad reviews from consumers must not be taken lightly and more importantly, must not be ignored. That is because these reviews, good or bad, is for the betterment of your business. If you are getting good feedback from your clients, then that just mean you should keep up the good work. However, if you get multiple bad reviews, it is a must, that you don’t take it personally as an owner. What you need to do is to take these feedback professionally, and that would mean you would take a look into your business, analyze the problem, and try to make it better.

MYTH 4: Having a business will make you instantly rich

Business is definitely not like lottery where you could simply win the jackpot and be a millionaire. Just like every other businesses, you have got to star to from the bottom and work your way up to the top. There is no beginning in the middle. Hardwork and determination are just two of the things that you need. Business can indeed make you rich, but not in a blink of an eye.

“We need business to understand its social responsibility, that the main task and objective for a business is not to generate extra income and to become rich and transfer the money abroad, but to look and evaluate what a businessman has done for the country, for the people, on whose account he or she has become rich.” Vladimir Putin

It is never ideal to start a business without knowing anything about the business that you want or having a business in general. Small businesses wouldn’t hurt as much so maybe you could start from there, and learn from the mistakes that you will surely make along the way. Don’t worry because it is perfectly normal and it might even help you grow your business.

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