Tags: myths | cripple | 21st century | business

6 Myths That Cripple 21st Century Business

6 Myths That Cripple 21st Century Business

By    |   Monday, 18 March 2019 10:50 AM

We tend to believe a widely held business management practices that were potent but not tenable in our 21st century business environment that has been massively assisted by digital technology. Today, our digital business world is moving in an astronomical pace. You don’t want to be left behind, do you?

So, without any further ado, here are 6 myths that cripple the 21st century business and how to overcome them;

  1. Without Capital, Forget it

Do you know that there are a lot of successful companies that started with little or no cash? Check-out these amazing business success stories; Dell founded his company off of nothing more than $1,000 and some space in his dorm room. Starbucks, founded by Jerry Baldwin), Gordon Bowkerand Zev Siegl, each ponied up $1,350 to start the business. Bill Hewlett and David Packard started Hewlett-Packard (HP) with $538 in 1939.

You don’t necessarily need huge capital outlay to startup a successful business. You need great ideas that will be transformed into outstanding business models. Great business ideas and models will certainly attract investors. Remember Uber service was tested in New York in early 2010 using only three cars, and the official launch took place in San Francisco in May. In October of 2010, the company received its first major funding, a $1.25 million round led by First Round Capital.

Truth is, they are lots of investors waiting to pounce on great business ideas. They are accessible too. An email pitch can announce you to our highly competitive business world.

  1. Don’t Venture into that Business

Quite often, we seek counsel from our mentors on starting a business. This is a great step because there are tendencies that we can get vital information that will adequately prepare us to overcome challenges and excel in our business pursuits. However, there are instances where you’ll be told not to venture into certain businesses probably as a result of past failures.

Sometimes you shouldn’t give up on a business just because you’re forewarned. Don’t base your decisions and actions on assumptions hence carryout a thorough business feasibility study so as to have reliable facts, info and figures that’ll guide your course of actions.

  1. Public Policies are Inimical

The government has the responsibility to make policies that will regulate business transactions. These policies may be favorable or not but it’ll be unfair to tag all public policies as inimical because you don’t benefit from it directly.

It is reported that young backpackers are snubbing the US as the country is seen as 'uncool' in what travel experts are calling the 'Trump slump’. Travel bookings by millennial holidaymakers are down 23 per cent since the start of the year, it has been claimed. However, it can swing both ways.

Last year the Supreme Court overturned the 1992 federal law banning sports betting. In a groundbreaking move, each US State can now choose to legalize or continue prohibiting sports wagering. States that have chosen to move forward with legislation include Nevada, New Jersey, and Delaware. New Jersey legalized online betting last year, and this will certainly boost business activities. In the wake of Hurricane Katrina tourism and businesses have been struggling. Therefore, the chance to revitalize areas such as Atlantic City is a welcome prospect.

These are clear instances of the ups and downs of the impact of policies. You simply need to plan and adjust to public policies because your opinions about them may not matter always.

  1. Local Customers Are Enough

Your local customers can never be enough to hit your target sales. Even if you’re currently meeting your target sales, there’s no guarantee it’ll be sustained. Consumers are now online shoppers and they are lots of businesses (competitors) who are strategically whisking your customers away from you by offering convenient online shopping and service excellence.

Studies show that less than two-thirds (64%) of small businesses have a website. Small businesses cite cost (26%), irrelevance to industry (27%), and social media (21%) as key reasons behind their decision not to have a website. By 2019, 94% small business websites will be mobile friendly.

You own a brick and mortar store shouldn’t limit you from going digital. Digital buyers are expected to hit 1.92 billion people while in 2021, over 2.14 billion people worldwide are expected to buy goods and services online. I guess you’ve seen the number of potential customers you’re missing.

  1. You Need to Lie to Succeed in Business

Successful businesses are built on great ethos and value like integrity. How long will you sustain a business built on lies? Trust is, your business may actually miss out on lucrative deals and contracts as a result on your insistence on transparency. But on the long run, you’ll be glad you didn’t compromise.

  1. Your Competitors are the Real Enemies

Cases of unhealthy competitions abound in business and it has contributed to business failure. Truth is, we get distracted when our focus is off the goals. Seeing your competitors as enemies will make devote a significant business time monitoring and craving to surpass them. They aren’t your enemies, but potential business partners for achieving greater and collective results.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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Seeing your competitors as enemies will make devote a significant business time monitoring and craving to surpass them. They aren’t your enemies, but potential business partners for achieving greater and collective results.
myths, cripple, 21st century, business
Monday, 18 March 2019 10:50 AM
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