Ed’s Top Ten Business Myths

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 you are customer focused

Do you agree or disagree with any or all of these? If so, please comment.

10 thoughts on “Ed’s Top Ten Business Myths

  1. Pingback:Top 10 Business Myths « Aries Technology Group Blog

  2. 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.

  3. @Jeff, yes it should be the belief that “Focusing on efficiency makes your company more effective.” In my opinion focusing on efficiency in a professional firm is a waste. It is always better to focus on effectiveness.

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