Last week I started to lay out 5 of the common business myths I hear entrepreneurs say. These beliefs are often the very thing that keeps them stuck. So it is very important that you avoid these types of belief.
3. It’s Just The Way We Do It
I hear this when consulting with businesses that have been around a long time. They get stuck in their ways and no solution is viable to them if it goes against “what they do.”
This business myth is a self generated one in which they believe their own way of doing business is the only viable way to do it. Even if it isn’t working.
These are some of the hardest clients to do business with because there is no logical way of dealing with this.
How do you make sure you prevent from going down this road of “stinkin thinkin?”
Have the mindset and plan to always evaluate the market once a year and your entire business every 3-5 years to see what changes may need to be made. Over time, things change whether you like it or not. Technology changes, buying habits change, costs change, laws change, etc. If you don’t change with it, 20-30 years from now, you will see that your business is suffering from being obsolete and it could be a painful recovery.
4. Work Longer Hours to Succeed
I think most of us have bought into this myth, right? In order to get ahead we need to put our nose to the grindstone and don’t look up til you’re successful, dead and gone.
Where does this belief come from. As people we were created to work and be productive for sure. But it’s probably this century where that drive has become unhealthy.
It didn’t help as Japan (and other asian countries since) started to “move ahead” of the U.S. in turns of productivity starting 40-50 years ago, we felt the need to copy their horrendous pace of work and no sleep. But at what cost? South Korea and Japan have the highest suicide rates among the economic powerhouses in the world.
What is productivity anyway? One way to look at it is to measure GDP/hours worked. In other words, how much money you make within the time that you work (efficiency). When looking at this measurement, Germany, France and the U.S. took 1st through 3rd respectively.
Germany and France have lower average work hours and a more generous vacation policies than the U.S.
Putting in more hours at work does not guarantee more success.
In fact the opposite seems to be true. The more well rested you are the more creative and productive you become. It’s scientifically proven.
5. It Can’t Be Done
The only truth behind this myth comes is if you believe it. If you believe it, you won’t try, If you don’t try, nothing will happen.
For those that are “stupid” enough to attack the impossible, great things seem to happen.
It may not be right away and you will probably fail quite a bit depending on the task you are trying accomplish. But one way or another something innovative will be developed.
If the Wright brothers caved into impossible thinking, they may never have had that 12 second flight on December 17, 1903.
Think about it. Fifty years before that first flight, most people probably thought flight was an impossible dream. But in less than a century, we went from a 12 second flight to exploring the universe.
What a game changer.
So can your business change the world just as the Wright Brothers did? Why not? One way you will be able to do so is put aside these 5 common business myths and go attack the impossible. Prove to everyone the “can’t be done” can be done. And in doing so, you will change your part of the world with great products and services that will make a difference.