There are several common ideas and phrases you hear in life that on the surface seem true, but when you look deeper, they don’t contain the whole truth or are in some cases, outright lies. Here are some of the ones that affect us as entrepreneurs.
You Have to ”Work Hard”
I’d rather have 10 people working hard for me than me working hard. I have only so much time a week. It doesn’t matter how hard I work…ten or twenty-five people are going to outwork me.
Get other people to work hard with you and for you
You Have to Be “Intelligent”
My SAT score in the 1980s was not very high. I remember joking with a friend that we’d have to combine our scores to get in school for an athletic scholarship. But when I went to grad school, my GPA was 3.86.
It’s not about pure intelligence, but finding the areas of interest and specialization you want to pursue. That’s where you need to be smart.
”It Takes Money to Make Money”
All the companies I started, I started with under $10k. To some that may be a lot of money, but there are a lot of ways to get $10k through small investors, credit card, working a second job, etc.
I always kept my day job so I could put all the money back into the business. It takes a “little bit” of money to make money.
”Debt is Bad”
Apples debt is $98B. Microsoft is $41B in debt. Why? They know if you can borrow at a low interest rate but cash can make a higher return, it behooves them to borrow more.
”The Customer Is Always Right”
Well, then you haven’t met all MY customers! You can typically learn something from every customer but they are not always right and I’ve had to occasionally tell a customer just as much.
The idea that the customer is always right means you and your team is always wrong and that is not a position of power.
”Live Below Your Means”
It sounds good in theory. I believe in the philosophy of it but what you really need is to expand your means and live below THAT level.
”You Are Equal To Your Five Closest Friends”
This is saying you should be friends with just rich people. Are you not going to be friends with your schoolteacher friend anymore because they make $60k? That’s nonsense.
I pick friends based on who they are and common interests and values. What they make is completely irrelevant.
”Money Is the Root of All Evil”
This sounds good to people who are justifying being poor. You can’t do anything GREAT philanthropically WITHOUT MONEY. Whether it’s ministry, feeding the homeless, taking care of people with disabilities…organizations need money to provide these services to those who need it.
Money accentuates who you were in the first place.