Every field of endeavor has its myths, misconceptions, and urban legends that never seem to go away. The business world is no different. In the digital age, it’s even easier for bogus stories and tall tales to make the rounds. Eventually, some of the misinformation gets cleared up, but most of it lives on in discussion forums, chat rooms, blogs, and social media posts. What are the top offenders in the modern commercial world of business? Here are five, along with the truth, that might help to finally kill them off.
Myth #1: High Sales Volume is Always a Good Thing
This myth is more than a century old, but people still fall for it. High sales volume only yields reasonable profits if the cost of production and selling is low enough to offer a good margin. If your company spends $4 to produce, store, wrap, and ship an item that’s priced at $4, it doesn’t matter if you sell millions of them per week. At best, it’s a break-even proposition.
Myth #2: Getting a Degree Means Taking on Major Debt
There are multiple tactics for earning a college degree without going deeply into debt. Perhaps the most powerful tool for covering education-related costs is scholarships, and there are plenty to choose from no matter what your area of interest. Nowadays, it’s relatively easy to do online searches using sites like Going Merry scholarships to locate financial resources that can cover some or the entire amount of school expenses. Consider combining the use of scholarships with attending an online college or university. That way, it’s possible to keep the total price of a degree within the realm of reason.
Myth #3: There Are No New Niches
Many entrepreneurs assume that everything has been done, thought of, sold, marketed, and that there are no unexplored product or service niches. But, as the world and society grow and change, consumers demand new things. That’s one reason the past decade has seen so many fresh, money-making ideas, including forex training services, home business coaching, non-tech computer peripherals, ergonomic office furniture, social media training and coaching, high-tech resume writing, online job search services, etc.
Myth #4: Owners Must Be IT Geniuses
Prospective entrepreneurs run into this piece of misinformation in chat rooms and on forums on a daily basis. As the story goes, if you don’t take one or another IT bootcamp course, then you’ll never succeed as a company owner. While it is true you can use tech to support your business growth being a genius isn’t a necessity. Chatters and forum participants repeat unsourced anecdotes about someone they know who was a genius at setting up and running a business but fell flat as a result of a lack of high-level computer skills.
In the real world, few entrepreneurs possess more than medium-level IT skills and usually outsource the technical chores, like website design, SEO optimization, and digital security. Saying that you need to be an IT guru to own and operate a for-profit enterprise is like claiming you must be a plumber to own a house. Homeowners call experts like plumbers when they need specialized assistance with backed-up pipes and water pressure. Company owners enlist the aid of IT pros when they need computer-related help.