One of my mentors, Ed Kless at Sage, posted a fantastic list on his blog of the Top 10 Business Myths. Here is the list:
While going through some old notes I found this list I developed of the top ten myths in or about business. Without further ado, they are:
1. Business is a zero-sum game
2. Price is based on cost
3. Excessive profits must be because the company is doing something evil
4. Increasing market share leads to increased profitability
5. Any focus on efficiency
6. Leadership is about changing others
7. Strategy is about analyzing, planning and doing
8. Business is science, and requires data to back up decisions
9. The customer is always right
10. Differentiation can be achieved by saying your customer focused
Do you agree or disagree with any or all of these? If so, please comment.
I especially like number 10 because it applies to all types of businesses and industries. If all any of us have to do to make our businesses successful is say that we care about our customers, we would all be profitable beyond our wildest dreams. Most businesses say they care about their customers but how many provide actual value to their customers? Differentiating is all about continually proving that value to your customers.
