Entrepreneurial Facts and Fables Dispelling Deceptive Business Myths
FICTION: DISAPPOINTING A CUSTOMER IS DISASTROUS. FACT: Many factors can cripple a business, but few obstacles have more potential to cause harm than the dreaded bad online review. Although no one wants to read negative comments about themselves or their businesses, it’s actually a fantastic litmus test. Will you respond with a public attack against that commenter or use their words as a learning opportunity? Bill Gates famously said, “Unhappy customers are the best customers.” If the reviewer’s grievances are legitimate, hear them out and fix your mistakes. If handled properly, your reaction to a complaint could be the best marketing tool you’ll ever have.
The roads to entrepreneurial success are varied, but common philosophical potholes can knock any profitable journey off course. Here are five standard pieces of fiction from the business world — and the facts that will set owners free. FICTION: BEING AN ENTREPRENEUR IS ALWAYS EXCITING. FACT: While taking the reins of your own enterprise is thrilling, you may find your aspirations becoming stale once routine sets in. If you’re lucky enough to experience prolonged comfort — and perhaps boredom — at your business, it’s time to shake things up. Being open to new ideas and challenges will invigorate your spirit and lead to new opportunities for expansion. Pro Tip: If you’re feeling stagnant in your day-to-day work, your employees likely feel the same way. Welcome their input to refresh your services and goals and take your operation in new directions. Of course, boredom can be an excellent motivator for existing entrepreneurs. For example, legendary celebrity cook Ina Garten (“Barefoot Contessa”) bought a food shop while feeling restive at her White House job. Sometimes, following your heart — even if it means exiting an accomplished role elsewhere — is the key to successful entrepreneurship. FICTION: BEING YOUR OWN BOSS IS A BLAST. FACT: Even though you may have gone into business for yourself because you didn’t like answering to others or wanted to set your schedule, you likely had a rude awakening once the gears started spinning and you became the one calling the shots. There’s a world of difference between being an employee and being the one responsible for everything that keeps a business afloat. If entrepreneurship were easy, everyone would do it.
FICTION: THERE’S NO ROOM FOR FAILURE. FACT: In the words of the great
philosopher Yoda, “The greatest teacher, failure is.” True entrepreneurs are never afraid to fall on their faces; every misstep is a lesson learned. After all, it took Thomas Edison more than 1,000 attempts to perfect the light bulb. Mistakes are inevitable in all facets of life, but what matters is how we adapt to those situations and progress. FICTION: YOU’RE THE BEST PERSON FOR THE JOB. FACT: You may have been the one to drive your entrepreneurial concept forward, but that doesn’t mean you have all the answers. Whether driven by pride or perfectionism, business owners often risk being too reluctant to let others take charge. If you insist on wearing all the hats, this lack of delegation can lead to burnout at best and complete economic disaster at worst. You can be the head of your company and still let others carry the weight — and tell you when you’re wrong or need to change your perspective.
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