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5 Business Myths That Need to Go Away

Elise Morgan Whether you’re starting your own company or you’ve been working for the same corporation for 30 years, we all ...




Elise Morgan


Whether you’re starting your own company or you’ve been working for the same corporation for 30 years, we all know that there are hundreds of myths about business that have been floating around for as long as we can remember. What’s even worse is that many businesspeople tend to act upon these myths – when most of these ideas having little to no backing behind them. Here is the list of the top 5 business myths that we should stop believing.

1.      The Customer is Always Right
You have heard this one echoing in your mind since you created your first lemonade stand at 7 years old. And sometimes, thinking that the customer is permanently correct doesn’t always seem that bad– especially when you’re on the consumer side of the line. But the real fact of the matter is that if the customer was truly always right, there would be no more functioning businesses. Period. When companies put this myth at the top of their priorities list, it not only leads to unhappy employees, but it completely ignores the fact that sometimes, some customers are just plain bad for business. Companies should start to understand the importance of happy and diligent employees compared to customers that consistently deplete the company’s resources, time, and efforts.

2.      Your Boss is Always Right
Not all those that are in a managerial position are fit to lead, and it can be extremely frustrating to watch someone that signs your paycheck make bad business decisions on the regular. If this is the case, one of the worst things you can is to sit back and watch these poor decisions lead to poor performance results for your whole team (and oftentimes the whole company). There are several ways to tackle this issue, but the first thing you should do is fully understand your boss’ perspective on these decisions. Once you have this understanding, find allies and other colleagues that see the issue in the same point of view that you do, and don’t be afraid to confront your boss in a rational and professional manner.

3.      Successful Businesspeople Work Around the Clock - All Day, Every Day
If all you think about throughout the day is work, you’re bound to wind up feeling burnt-out and exhausted. Many successful business leaders have learned to understand the importance of making time for outside interests, hobbies, and most importantly – sleep. Without adequate sleep, your attention span will lack, and you will most likely experience “a wide range of cognitive problems with working memory, processing speed, and reasoning”. There are several tools that can help any non-sleeper find a good snooze every now and then, such as an essential oil diffuser that relaxes the body and mind, or a suitable mattress that leaves you feeling refreshed and willing to take on the day in the morning.

4.      It’s About Who You Know – Not What You Know
Although networking and connections are a big part of business, it’s definitely not everything. In order to truly be successful without climbing the corporate ladder for the wrong reasons, you also need to be knowledgeable, technically savvy, and passionate about the work that you do. We all know at least one person in a higher-up position that isn’t technically qualified just because they were recommended by a powerful friend - and oftentimes it doesn’t end well. To avoid any semblance of this scenario, be sure to keep up on industry trends, techniques, and best practices to ensure that when the time comes for you to make the rise in your company’s hierarchy, you have the tools readily equipped to do so in an effective and respectful manner.

5.      Big Risks = Bigger Rewards
Especially when starting a new business, taking big risks can seem like the shiny new object that you can’t stay away from. However, in the early stages of a company and even during maturity, making calculated decisions and taking smaller risks more frequently will typically lead to a healthier overall business down the road. It’s not to say that taking huge risks is bad but be sure that your decision-making team has completely thought through every potential scenario to be able to handle curveballs that may be thrown your way. If taking a big risk is necessary in your current business situation, be sure to accept the possibility of failure, and if it happens, “don’t take it personally – learn from the experience and move on.”