Common Business Myths
8/8/05, Part 3

The list concludes.

By: Matt Michel


For the most part, myth making is simply part of human nature. However, some myths are dangerous. They keep us from seeing the world as it actually is or they keep us from venturing into the unknown and unfamiliar, from trying the new, from stretching and growing. Following, in no particular order, are a few of the small business myths that hold companies back.


9. The Myth of a Limited Background
This is one of the saddest myths of all. People allow themselves to be limited by their background or circumstances beyond their control. The high school drop out assumes he can never amount to much because he lacks a diploma.

Phooey. Your background is merely your starting point. It’s where you go from here that matters. Sure, your education, disability, or skin color might present obstacles that are more difficult to overcome than others, but they can be overcome. A limited background does not restrict you, it merely requires more of you.

10. The Myth of the Rational Business
Business is supposed to be highly rational. However, it is populated with very irrational and emotional human beings. As a result businesses make stupid decisions every day because the people making the decisions are swayed by emotion to act irrationally. Before you make an irrational move, stop and think.

When predicting competitive responses, do not just consider the rational move, but also the emotional, irrational one. Until businesses are run by computers, they will never be wholly rational.

11. The Myth of the Better Mousetrap
“If you make a better mousetrap, the world will make a beaten path to your door.” Time and time again, this one has been proven wrong. You may be the world’s most sincere, conscientious service provider, who overwhelms your customers with value, but your lesser value competitors will still triumph if they manage to out market you. It’s not the better mousetrap that wins in the marketplace, but the better marketed mousetrap.

12. The Myth of Personal Preference
Because you like something does not mean your customers will. Your preferences are important as a consumer, but they cannot be extrapolated onto the marketplace, especially where your own company is concerned. You’re too close to your business. You do not view it as the average consumer does. Your preferences are not necessarily those of your customers and prospects. Find out what buyers want. It might be different than you think.


What are your myths? Are you writing your own myths or buying into the myths of others? Are you doing it as an excuse, a reason for remaining in your comfort zone? Are you allowing a set of personal myths to hold you back?


Source: Comanche Marketing. Reprinted by permission.
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Copyright © 2004 Matt Michel