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Debunking myths that hobble growth

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By The Staff

Many myths and misconceptions masquerade as truths in the business world and people trying to start or expand a business are often misled by them. Realistic expectations are critical to business success and getting real begins with separating fact from fiction. Some examples:

“The lack of a product or service in an area is the most important indicator of a need for it.”

The absence of a product or service might suggest an unmet need, but the savvy entrepreneur will want to eliminate other possibilities. Perhaps the product or service is obsolete or other products offer the same benefit.

The cost of the product or service might be prohibitive, or the product might be offered online or nearby at more competitive rates.

“If I attend a tax-education seminar, the Internal Revenue Service will audit my return.” The IRS does not audit people on the basis of who attends tax-education seminars.

The IRS uses a computer program called Discriminant Inventory Function System to identify returns that might warrant a closer look.

All individual and corporate returns are sent through this system after processing; a score is assigned to the return and those with high scores are flagged for possible audits.


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