Whenever you embark with your entrepreneurial career, you might come across various age old sayings. Do this; don’t do that and many more. Nobody has tried to reason with these so called preachers about the validity of their sayings.

Infact, these sayers are someone who themselves have been unsuccessful in their business ventures. When you dig deeply, you will find all these sayings are nothing but misconceptions, myths or for that matter even an outright lie.

Following are age old myths about the business:
Higher profits-the ultimate goal of any business:
Higher profits are considered to be the ultimate destination and the be all and end all of all the businesses. However, that is not true. Even though earnings of the business are a major determining factor for a company, but a company might go bankrupt even if it makes profit on paper. This is because, more than earnings it is the cash flows of the company which need undivided attention. The importance of the cash flows is further accentuated by the fact that in recent times, cash flow valuation has gained lot of importance for valuing the listed companies in the stock market.

Boss is always right/customer is always right
Nupp boss, you are wrong. If you have to survive in a company or a business, you need to get along with your superiors or bosses in order to survive in the company. However, if your boss is doing something wrong or unjustified, you need to take a stringent action against him. Remember honesty does pay off. There is another myth on the same line i.e. customer is always right. Well, a customer can come and hit your staff or do whatever they want, but can be pardoned by reasoning it with this right customer myth.

Involving your family members or friends in your business or in partnership is great:
Taking your family member or friend in your working team, might make you feel that you can trust them and work better with them due to easy rapport you share with them. However, that’s not the case. A close friend or a relative might share a good rapport with you, but not necessarily the same business sense. Involve those people in your team which share the same vision as you do.

Failure means the end of the road:
Giving up due to failure although easy, shall not be done in any circumstances. Infact failure will make you more committed and dedicated towards your goal. Failure helps you to rethink on any wrongs that you must have done and thus enabling you to learn the harder way.

If the product is good or you have a good idea, it will sell by itself:
Even if your product is good or you have an amazing idea, until and unless you market and promote it well enough, you won’t be able to find any buyers for it.