I’ve been ‘in business’ for fifteen years now and during those years I have learned a lot!!! I’ve learned the fact from fiction when it comes to running your own business and I can now see the fine distinctions between ‘real-life’ truth and utopian ideology in the latest ‘business how-to’ book that hits the shelves. Which is why I’m still surprised when I hear business ‘myths’ that were around when I started out (and no doubt, long before). So here is the start in a series of myth-busting articles.
Myth 1: You have to be passionate about your business
You need to be committed, determined and persistent. Passion to be your own boss may help but passion about your product, service or ‘idea’ may actually be more a hindrance than help. Passion can cloud your judgement and I’ve seen many a business owner fail miserably because their ‘passion’ for what they were doing blinded them to the objective realities of their business. You run your business to finance your life any other ‘feel-good’ benefits are bonuses. There’s a great discussion going on about just this topic over at the RadSmarts blog: “How Passion Kills a Business“.
Myth 2: You have to work ‘on’, not ‘in’ your business
You need to do a bit of both and the ‘balance’ between ‘in’ and ‘on’ changes all the time. Yes, it’s important to work ‘on’ the business to review your plans and strategy and handle the proper management of your business. But most business owners I know started their business because they enjoy what they ‘do’ – their craft – and suggesting they become full-time managers is like sentencing them to a life-time of misery. This is very much an ‘each-to-his-own’ scenario but you can be very successful in business working ‘in’ it. If this is your choice, hire quality advisors, professionals and assistants to ensure the business is managed well.
Myth 3: Build it and they will come
Business isn’t as simple as hanging out your shingle, or creating a new website, and waiting for the customers to hand-over their cash. Quality marketing and sales processes are ESSENTIAL to the success of a business and I find many business owners bemoaning the fact they have ‘the best’ product or service in the world – sitting on their shelves not generating revenue. Until you have a consistent flow of paying customers you don’t have a business, you have a shop (or office or website).
Myth 4: Everyone else is doing well
(subtitled: why am I struggling, what am I doing wrong?) Our in-built tendency to compare ourselves to others (particularly as women) can leave us feeling quite inferior when compared to supposed ‘successful’ business owners. The myth here is self-generated – ‘everyone else is doing well’ – and is constructed based on tidbits of information and subjective collections of ‘evidence’. Every business owner I know, and I mean EVERY, has at some stage gone through tough times in the business. And in fact, most I know are still challenged on a regular basis with day-to-day issues. It’s just we don’t talk about what’s not working. Instead our day-to-day conversations are about keeping up an image that supports our business. There’s nothing wrong with that but when you find yourself beating yourself up based on your perceptions of others around you then you need a reality-check. Ask trusted colleagues about how they have dealt with challenges in their business and you’ll discover you’re not alone. There’s so many business myths that I’m looking forward to busting over the coming months, including “I don’t need a plan”, “I don’t need professional advice, the internet, friends and family will tell me everything I need”, and my all-time favourite, “There’s a magic bullet solution to my business challenges”. What myths have you busted for yourself in your time as a business owner? And which myths do you think still need to be confronted?
