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The Five Fallacies Of Business

Written by: Riley Cardwell

Article Overview: What are the five biggest mistakes people make in business? What do you think would happen to your effectiveness if you knew what they were and never made them again?

The Five Fallacies Of Business

Business has rules. Experts have advice.

And yet every now and then someone ignores the experts and flaunts the rules and succeeds.

Are the “tried and true” rules in business always correct? Or are there some common misconceptions that would be better ignored than followed?

The fallacy of expertise – How often do we follow someone’s advice simply because they or someone else labels them as expert?

Just because someone has a degree or wears a uniform doesn’t necessary mean that they know what they’re doing. All physicians have degrees and licenses, but are they all equals in knowledge and levels of ability?

Of course not. Let’s be clear – expertise can be valuable if is authentic. Often times common sense equals or exceeds the advice of so-called experts. Stop, think and ask yourself, “does what they’re saying make sense or not?

The fallacy of failure – People avoid failure and mistakes like the plague. Yet we cannot learn if we don’t make mistakes.

A recent study revealed highly successful executives making the correct decisions in business only 51% of the time. That’s all they needed to be right to win!

Learn to see failure as a learning and strengthening process. See failure as good, not bad. Remember that being right only half the time will put you in the winner’s circle. Start failing today so you can start succeeding tomorrow.

The fallacy of waiting for the perfect time – We hear that timing is everything. And so we wait for the right time to enact our vision or desires.

Yet there is no time like the present. The perfect time often never comes. Ready, aim, fire is the drill in target practice. In business, ready, fire, aim is closer to what really works.

Some people wait for the right time. Others make now the right time. Patience is not always a virtue. Seize the moment. You don’t have to wait until everything is just right. Don’t let perfect ruin good enough.

The fallacy of believing you can know what’s ahead – How often have we thought we knew what was ahead, only to be fooled? Should we be planning for the future at all?

The key is to plan for several possible futures. Then, execute passionately. Marginal tactics executed well will almost always outperform brilliant tactics executed marginally.

Don’t value planning for the result: the plan – value the process.

The fallacy of planning your future – Given that’s it’s true that we can rarely know what’s really ahead, is there a constant? What can we count on?

Smart business people know that they and their employees are their most valuable assets. Outstanding people who fit your basic, broad vision will tend to make the right decisions along the way, not by following the plan so much as by using their skills.

Look for people who are highly skilled, intelligent, and adaptable and who value and use common sense. Hire and nurture these people. They are the ones who will be able to take your company where you want it to go. Remember, don’t plan your future – plan your people.

As we have seen, not everything is as predictable as we have been taught to believe. Planning is not a science, but an imprecise art. Value the art of the imprecise plan and watch your business prosper.

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