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5 Myths Entrepreneurs Need to Stop Believing Immediately

Myth 1:

If you work hard, success will certainly come.

Success will not come if you're working hard but aimlessly or poorly or if hardly anyone knows you exist. You have to be defined in who you are, what your business goals are, and who you serve. You must also produce quality work. On top of that, you can be the greatest business in the world, but if no one knows you exist, you'll stay broke. Therefore, marketing - whether it's word of mouth, SEO, social media, or other avenues - are extremely important.

Myth 2:

The customer is always right.

If the customer was always right, every company would be out of business! Running a business at the whim of the customer will never lead to a profitable company. However, since the customer is always the customer, it is important to see things from their point of view, listen and empathize. The next step is to firmly set their expectations from the start so they will be satisfied at the end.

Myth 3:

Financial management can be outsourced.

Don't do this! Financial statements are the company’s score card. If an owner does not know where they have been, how can they know where they are going? Profit and loss, balance sheets and cash flow statements need to be reviewed and understood every month. Additionally, many a business owner has been scammed out of their hard earned money but not knowing exactly what was going on financially. Don't let that be you!

Myth 4:

Customers only care about low prices.

Some of the best companies in the country deliver low price and great customer service—like Wal-Mart, Southwest Airlines, and Costco. Since most things are a commodity, small business owners will not be successful competing on price. They need to focus on the value their solution brings to solving the pain of the customer.

Myth 5:

Independence = automatic happiness.

Ha! - us entrepreneurs wish. Independence means having all the of the responsibility on your shoulders until you're able to afford to truly delegate. Until then, you may go from working a Monday - Friday / 8-hour a day job to working 7 days a week and12 or more hours a day. You will be the president, the accounting and HR departments, the marketing team, and the producers of the products and/or services. Almost all entrepreneurs second-guess their decision to go solo at some point. Many return to the workforce after some time. Some exist in survival mode for years or even decades before they finally get "it" and become great successes.

Did any of these myths resonate with you?

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