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Common Misconceptions about Business

Business is something that is huge on whatever scale you start it. It can be an interesting thing but you need to have a lot of patience and passion to succeed. Many people feel that business is an easy or risky task that is not good to take up. There are certain common misconceptions about the business that the society needs to get rid of.

COMMON MISCONCEPTIONS ABOUT BUSINESS

1.I AM MY OWN BOSS
No, you are not. Even if the business you are not the complete boss. You can be a complete owner but not a complete boss. You cannot have the attitude that everyone in your company and related to your company is dependent on you for their living. Your attitude is very important. You can easily fire an employee or show the attitude towards a customer. But this could be the biggest mistake you can ever do. When you are doing such things, you are actually losing a valuable asset of yours to your competitor in the market,

2.TIME IS EASY FOR ENTREPRENEURS
Time is never easy for business people. Just because you run your business doesn’t mean you can enjoy your work time. If you are choosing to be an entrepreneur, you should be willing to sacrifice your leisure time and even weekends. You might have to even sacrifice your time with your family and friends. As an entrepreneur, you might have to spend late nights at your office to solve an issue or to think on an urgent project. To make your business successful you will have to sacrifice time during the initial times.

3.NO STRESS IN BUSINESS
This is totally a false conception that is present among many people. Let me tell you that business can be considered as a synonym for stress. If you want to be a businessman you should also be willing to undergo a lot of stress. And stress will be at its peak till you make your business an established one. You will have to manage a lot of things and put in place. sometimes you will also have to face external pressure or stress from your family and relatives pointing out to your decision of starting something own. You may also like to read 10 Effective Ways to Beat Stress

4.ONE BIG IDEA AND YOU WILL SUCCEED
Business or entrepreneurship is always a collection of ideas and thoughts. Any successful business you take as an example is not the result of just one great idea but a collection of information and ideas derived over the time from various researchers. It can be successful once or rarely but cannot be assured that one idea will make it big always.

5.ALL TASK BY ONE
Business doesn’t mean that you need to do everything by yourself. One major positive quality of businessman is the ability to bring together and manage a good team. As an entrepreneur, you should know who is capable of what and know how to assign a task for each employee.

6.HUGE FUNDING
Funds are not the sole reason for the success of many top companies. There are many businesses that started off without any investment and then became successful.

7.CHEAP IS ALWAYS NOT THE RIGHT IDEA
Just because you provide your products and service at a cheap rate doesn’t mean your business will become successful. If this had been true then there is no logic behind Mercedez and Ferrari becoming great businesses.

8.FIRST IS ONLY PROFITABLE
If you believe that your business can become profitable if your company or its product grabs the first position among its competitors, then you are wrong. Position or ranking cannot decide the success or profits of any business. There are various instances where many electronics device manufacturers face heavy competition and go to third and fourth rank. But still, their products are tremendously successful and have earned huge profits. More than ranking and positions, buyers look for a combination of features that is best for them. Only when you concentrate on the betterment of your product you will be able to earn profits.

9.HUGE CUSTOMERS ARE IMPORTANT
You would not believe if I said that many companies have gone out of business due to a huge increase in its customer count. But that is true. When your products face huge demand and many customers start demanding it you will have to increase your production quickly to meet that demand. If you are unable to keep up the production and then customers will start getting irritated with the delay in delivery. They might cancel their orders and if their experience starts spreading then it will affect the company’s business very badly. Dividing your primary work time for more clients may lead to problems like a loss in quality and inefficiency. It is not a wrong thing to turn down a certain number of customers in order to maintain the company’s business and product quality.

10.ALL CUSTOMERS ARE EQUALLY IMPORTANT
Customers are the most valuable asset for any business. But you cannot prioritize all customers equally. Some customers can be a trouble more than business. You should know to allocate your resources according to the customer value and involvement. You should see things more than money while understanding a customer.

Misconceptions are everywhere. You need great will power and an open mind to be a great businessman. Know about the misconceptions about business and try to put in your best with any kind of business you start.

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