Entrepreneur: Old Beliefs That Are Killing Your Business

Traditional thinking is the culprit of entrepreneurs.  From marketing to operations they fall prey to “This is the way we have always done things around here.”

They come during those “I have no idea what I’m doing” moments, when to find an answer to a new question or challenge, they fall into the trap of Googling or getting counsel from peers — both of which result in a mountain of startup advice that doesn’t apply to the problem.

So, what do they do? What any human would: they turn to their own experience for answers. And that is where the dangerous moment comes … when old, life adages are not only false, but when clinging to them blocks their chances of success.

Here are a handful of ‘old’ business beliefs that could be killing your startup:

Follow my vision.

Ever hear the one about the executive who surrounded himself with “Yes” people? He always felt confident in every business move, but all those yes-es caught up with him in the end when the customer said “No.” Too many entrepreneurs rely on generic market research or common assumptions to confirm their vision and seemingly “no-brainer” solution. If you have honest conversations with the customers whose problems you are trying to solve, you’ll learn what people really want, not what you think they want.

Figure out what you need, then ask for it.

In business, this means pricing a product based on the sales margins you need in order to make the profit that will work on your balance sheet. Ignore that me-first instinct. Instead, work backwards and first find out how much a customer will pay. […]

Read full article  These 8 Business Beliefs Are Killing Your Startup.

via Startup: Old Beliefs That Are Killing Your Business.


Jim Woods is president of The Jim Woods Group. A management consulting firm. Go here to see his work www.jimwoodsgroup.com. He advises and speaks to organizations large and small on how to increase top line growth in times of uncertainty and complexity. Some of his speaking and consulting clients include: U.S. Army, MITRE Corporation, Pitney Bowes, Whirlpool, and 3M. See more at his website www.jimwoodsgroup.com.

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