Common Myths About Running a Business
According to Jonathan Osler, some common myths about running a business are that it’s simple, easy, and even trivial. Many people believe that anyone can start a business with little or no capital investment or risk. This is not true. There are many costs involved in starting and maintaining a successful business: office space rental fees, equipment purchases and upkeep, payroll services, utility bills, advertising campaigns – just to name a few. In addition, there are legal requirements that business owners have to meet. This is not an easy or trivial task. For example, Osler says that running a business is not always simple.
This myth has been perpetuated by those who have never run a business before. In fact, small businesses face many challenges each day, from understanding local and state laws to hiring effective employees to stay on top of the latest trends in their industry. In addition, Osler states that running a business is not easy because it costs money to hire experts. Many times, when people start their own businesses, they cut all ties with professional experts, thinking that they can do everything on their own for free. Then when something goes wrong (such as failing to follow the rules), they try to get out of trouble by hiring experts at the last minute for high fees.
Another common myth is that the answer to every business problem lies in the ability of an entrepreneur to innovate and be creative. This may be true for some problems, but it is not always the case. Osler says that while innovation and creativity are important, there are many other factors involved in determining the success or failure of a business. For example, many people think that the only way to succeed is by having a good business idea. People who run successful businesses will tell you that they didn’t get where they are today because of their ideas. It took hard work, dedication, and luck.
Of all the myths about running a business is that market research is unimportant. Many people believe that they can simply open up shop in their local community and compete with established businesses, confident that they will succeed because there is no competition in their area. This would be true if the market for your product or service was untapped, but it rarely is. In fact, there are probably several businesses selling the same product or offering the same service that you plan to offer – and they have already performed their respective market research. For example, when people plan to open up a new ice cream shop in their neighborhood, they may think they can compete if there are no other ice cream shops in the area. They may believe that there is no competition because they see their local grocery store selling one or two flavors of ice cream. However, the grocery store has already performed market research demonstrating that there is not enough demand for ice cream in the area to warrant selling it.
Jonathan Osler says another common myth about running a business is that you can hire anyone to work for your business. Hiring employees may seem like an easy task, but employers need to make sure they hire people with certain job skills and abilities to succeed in business. The myth that many people think they can hire anyone also ties into the myth that running a business is simple and easy. Some people think that all you need to run a successful business is basic knowledge of your industry and common sense. This, however, is not true. A lot of time and money is put into running a business.
Osler says that there are many more myths about running a business that needs to be debunked, but these are some of the most prevalent.