Myths that Stunt Your Business Startup

Myths that Stunt Your Startup

Myths pervade our lives. Most myths are exactly that–myths–are usually ignored or dismissed. Other myths turn out to be true or partly true. The remaining myths appear to be true and are often acted upon, but actually are false and end up being counter-productive. The following are examples of the last type of myths and which can end up hurting your startup business.

• It is better to be big. All things being equal, if you have a big company or corporation then it is because you were (and perhaps still are) able to provide the products or services that a great many people wanted and needed. You were able to find a need and fill it and, for that, you were rewarded by being profitable and to grow and expand. However, there is a point at which the expansion is no longer good or desirable. Both customers and employees want to feel valued and to have input, and they frequently do not feel that with a big business. The company will often stagnate or, at best, find in increasingly difficult to compete. On the other hand, smaller companies are more responsive and can integrate new services and products more quickly and naturally.

• It is better to provide self-service. Yes, customers can be fickle and unpredictable. They want to feel in control and, at the same time, receive wonderful service. In many, most or all cases, self-service is introduced to lower costs for the business. Service at gas stations went away in the 1970s with the various oil and gas crises. Customers accepted it, but they did not have much choice in the matter. In a similar vein, in the 1990s, Wells Fargo promoted their online and bill payment services heavily. Although many younger people accepted it, it was somewhat slow to catch on. A few years later, however, they did an about face and centered things around the branches (which they call “stores”) where customers historically have gone to. As a result, Wells Fargo is rapidly growing whereas most of its peers are stagnating. Remember: your customers are adults (in most cases) and want to be treated as such and to interact with other adults (to receive valued service).

• It is better to be fast. This is similar in concept to the aforementioned self-service. Fast, in itself, can be good and beneficial, but–as with self-service–quality sometimes goes out the window. And quality is what customers truly want.

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