Ed’s Top Ten Business Myths

While going through some old notes I found this list I developed of the top ten myths in or about business. Without further ado, they are:

1. Business is a zero-sum game

2. Price is based on cost

3. Excessive profits must be because the company is doing something evil

4. Increasing market share leads to increased profitability

5. Any focus on efficiency

6. Leadership is about changing others

7. Strategy is about analyzing, planning and doing

8. Business is science, and requires data to back up decisions

9. The customer is always right

10. Differentiation can be achieved by saying you are customer focused

Do you agree or disagree with any or all of these? If so, please comment.


  1. I agree with all of them except I’m not sure what you mean by #7. Can you expand on it?

  2. Gerhard, thanks for the comment. I think strategy is more about creating, executing and most importantly, what are you NOT going to do. For example, what customers are you NOT going to take.

  3. Eric Fetterolf says:


    Great list.

    Might #5 be better listed as
    “Focusing on efficiency makes your company more effective”

  4. Agree…the biggest mistake I’ve seen IT professionals make is be everything to everyone

  5. @Eric, I like it!
    @Gerhard, agreed.

  6. Price is based on cost is the mistake I see so many business owners making.


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