Busting Small Business Myths

Date posted: December 13, 2012

By Brian Sutter

Myths. They’re everywhere. In business, myths can hinder your success—by either deterring you, or causing you to think things will be easier than they truly are. There are a lot of obstacles you’ll face as a small business owner, so don’t let these myths get in your way:

Myth: As your own boss, you’ll have more free time

Truth: If you’re starting your own small business, be prepared to live and breathe it. Just because you’re your own boss doesn’t mean you can make your own (lesser) hours.

Myth: Competitors are unfriendly

Truth: Sure, they’re competitors, but they can also be a very valuable resource. Creating relationships with competitors is the first step to a partnership. Even if you don’t ever partner together, you can get advice and better your business.

Myth: The more money I have, the more successful my business will be

Truth: Usually you need to spend money to make money; however, too much money can also be a problem. As a business owner, throwing money at a problem is wasteful and inefficient—hard work and problem-solving is what will really make you successful.

Myth: All press is good press

Truth: Yes, publicity is good. However, as a small business, even a few negative reviews can cause customers to jump ship. If you do become victim to negative press, use that to help you—take note of what’s being said and then fix it.

Myth: You can succeed overnight

Truth: It just doesn’t happen like that. Robert Kennedy said it best, “Only those who dare to fail greatly can ever achieve greatly.” Remember, it’s OK to take small strides towards your goal.

With these myths busted, we hope you can go out and blaze a trail for your small business.

Brian Sutter is Director of Marketing at Wasp Barcode Technologies, which provides inventory control, asset tracking, time and attendance, barcode scanners, and Point-of-Sale solutions that help small business gain efficiency and improve profitability.

 

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