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.
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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.
Not sure that I follow # 5, “Any focus on efficiency.” Care to expand?
@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.
Your list shows a keen understanding of what many business people believe as truths and with deeper reflection are real business myths. Useful wisdom !
Thanks, Dick. I am glad you enjoyed them.
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