Survival of the Strongest – Common Business Myths

Common Business Myths

People can be superstitious. When a black cat crosses your way it’s thought to bring bad luck. People think that an acorn should be carried to bring good luck and ensure a longer life and the list goes on with the superstitions.

These days competition in the market is fierce. Every one is trying to take the lead and for that they are equipping themselves with the latest information and education. Gone are those days when superstitions and myths used to work these days every one is trying to give his best with his abilities and skills.

In the business world there are some rumors and myths that still prevail and which are usually not true. We have to be realistic and search for the truth our selves and should try to gain from what we have learnt from our experiences. Survival is actually really hard for businesses and in the first five years you will have to put more than 100%. You will have to be dedicated 24/7.

Because of the recession many companies are facing various problems. Layoffs are common, profit earned is less than what was projected, and companies have to cut down prices and what not. There too much of instability and company owners are losing hope.
But the major reason for laying dropping down their weapons is the rule of the myths in the business world. MYTHS? Yes, they revolve around the business world and have a great deal of influence over the businessmen’s decision.

Some notable myths are as under:

1. It is very commonly thought that in the times of recession customers expect companies to drop the prices of their products. Which is a common mistake made by many businessmen. Its so simple man kind is always unthankful if you give your customers a small cut in the price tag they will start wondering when will be the next cut and wait till the price is according to their budget.

2.  Companies which believe that ‘we are good at what we do’ and customers will just swarm over their products are just wrong. As companies which cater to what the customer wants survive the longest. So stop snubbing and forget the attitude as it is not going to provide any help.

3. It is believed that service recovery is a retention process which is wrong. As majority of unsatisfied customers just look for other brands and only a few may file a complain.

4. Companies which believe that customer retention is a cost are totally mistaken as it costs more to them to get customers as compared to the retention of loyal customers. Loyal customers are like precious gems so try to hold on to them!

5. Keep your self aware of the prices set by your competitor as this is a game of price war. But in actual you can’t make much out of a business if its profit is suffering.

6. Defining value is sufficient enough. This is wrong as customers these days are well aware of what the company stands for and what it delivers. So if company does not provide the value they would contact you again.

7. It is thought that only companies which are new can be good at innovation which is again wrong it is proved many times that large companies can bring innovative ideas and products also.

8. Ideas pave your way towards success. It may be true in case of those who utilize and execute their resources wisely.

Just remember don’t let any one discourage you because of a mere myth. Believe in yourself and follow your dreams as that is something no one can take away from you!

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