4 Common Myths About Business

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By Jacob Maslow

As is the case with any human endeavor, myths abound in the world of business. People make and stick with assumptions that even experience can’t seem to unseat. Cliches get ingrained in the public consciousness, and it’s difficult to dissuade people of something they think of as common sense or something everyone knows. If you’re hoping to pursue a business career, understanding some of those myths and why they are wrong can help you excel.


The Business World is Always Logical

You might assume that the business world and the decisions that are made in it are based on logic and data. Economists sometimes model marketplaces as though the major players in it are rational actors. While spreadsheets, profits, and losses may dominate in many conference rooms, businesspeople are just as capable of making decisions irrationally as anyone else. They may be influenced more by emotion than numbers in a ledger. This is also true for the consumer, who might do something like continue shopping at the same store they’ve been loyal to for years despite rising prices. Understanding that people do not always act in what might be their economic best interest but are always operating under the influence of many different elements can help you make better decisions in the business world because you will know to factor in those other elements and expect the unexpected.


Always Take the Cheaper Options

You want to save money at your business, so you might be tempted to cut corners wherever you can and opt for whatever is most inexpensive. After all, price is not necessarily a guarantee of quality. However, sometimes you truly get what you pay for, and others where saving money is not the top priority. This is the case if you run a government fleet operating in California and need to stay on top of the state smog requirements. It may be worth investing in telematics that can help you reduce how much time you spend doing smog checks to comply with this regulation. If you need something that works well and lasts, you might need to spend more than you originally planned. You will often save money in the long run, this way as well.

Customers Are Always Right

This idea is deeply ingrained in American business culture, but is it true? Some customers aren’t worth the trouble it can be to retain them. While it’s true that you risk an unhappy customer telling others, more so than ever in an age of social media, when thousands can see a single complaint about a company, you can’t meet every unreasonable demand that a customer places on you. A better approach to great customer service is more like assuming that the customer is operating in good faith and that you can work together to find a solution. Still, a solution that suits them might not always be possible.

You Can Be Your Own Boss

People often dream of calling their own shots as a business owners, but the truth is that you can rarely operate as independently as you might imagine. You still must make customers or clients happy. When something goes wrong, the buck stops with you, which means you must be on hand to fix it. You may work longer than ever as an employee and struggle to take time off for vacations or holidays. In addition, as your business grows, you’ll need to learn how to delegate, meaning that other people with more expertise in a particular area or simply more time may be making some decisions.

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