It goes without saying that entrepreneurship is quite in trends nowadays, which is certainly a good thing. We all know that every coin has two surfaces. With the advantages, certain myths also come. These misconceptions also give rise to unrealistic expectations about what goes into establishing a business which eventually leads to frustration. Not just frustration, many people also quit. The bitter truth is that no one can really prepare you for all the work and hardships that go into establishing your own business. Your journey will be your own. The business is jam-packed with misconceptions. Let’s throw light on the few myths discussed by the Kassem Mohamad Ajami.
- Customer is always right: It is important to equip your customers with the top-notch customer service. A customer’s perspective must need to be taken into consideration, but small businesses need to stand their ground and promote a fair deal – even when struggling with complaints. It is quintessential to talk to customers politely but does not get scared of presenting your own standpoints. Continually proffering a better deal can sometimes lead to your loss. It will ultimately make it challenging to upkeep your profit margins.
- Cheap products are not always best: Many competitors think that weakening your competitors is always the fastest route to market share. Customers think about factors other than just price, comprising environmental permits and after-sales support. Further, established businesses could always also utilize their experience and contacts to destabilize you more, and then you are left with no distinctive selling point. If lesser prices are only competitive, then you need to think about adopting more strategies.
- Great ideas give rise to equal business: Concepts that can’t be commercialized do not give success to the businesses and eventually do not give rise to any profits. Unique ideas can motivate millions and transform the world, but unless they make people purchase a product or service, you’ll require to go back to the beginning strategies. Even with a huge chunk of capital, an idea needs to be implemented, unless you have a rational business plan that safeguards profit margins and targets organic development, your business will keep scuffle to thrive in the existing market.
- Only friends make good business partners: Many times, we all must have heard tragic stories about business loss that happen due to friends who have betrayed in the business. There are no guarantee friends will make good business partners. Forcefully rendering viewpoint is quintessential in business partnerships, and sometimes partners blame each other for failings or deprived decisions. Can your friendship handle this constraint? And money can change people. If you decide to run a business with a friend, ensure all preparations are lawfully watertight.
Some entrepreneurship becomes a rock-breaking task and sometimes it is as easy as cutting a cake. When it comes to running a business, you need to choose rational ideas and steer clear from the misconceptions. Doing so will help you to run a business smoothly and achieve targeted goals.