Myth Busting for Business
The Cheshire Magazine talked to HM3 Legal about common business myths
In this complex world, we’re bombarded by myths, opinions, misinformation and advice from all angles meaning it can be tricky to separate real drivers from imagined threats. Navigating through the labyrinth, here’s our shortlist.
Myth 1: To fail = failure
Richard: At the start of my career, I believed that to fail meant failure. Not today. JK Rowling and the inventor Dyson are also known to have ‘failed’ before their ideas were accepted. Mistakes can foster learning and help refine strategies. I’ve learned that smart leaders learn to dissect failures, analyse so-called missteps, and transform them into stepping stones to move forward.
Myth 2: Immediate rewards
Justine: When it comes to reaping rewards, the tortoise beats the hare. Patience and passion bring success. Apple and other global companies began in a shed or on the kitchen table. I have seen this ‘X-factor’ in some business owners – that extra drive to succeed from humble beginnings. But beware of burnout, the enemy of brilliance. Adobe’s ‘Kickbox’ project allowed staff to explore passion projects, nurturing life outside work. Embrace work-life balance to enhance well-being and productivity.
Myth 3: Lone wolves
Richard: A romantic notion, but really, which business is wholly built by one person? Collaborations leverage strengths and mitigate weaknesses. Consider Microsoft and Adobe. The partnership saw the integration of Adobe’s PDF service into Microsoft 365, today’s tech behemoth.
When I dine out in Liverpool I’m often struck by the similarities of running a business with a well-managed restaurant. The chef, managers, wait staff - everyone plays their part in making sure diners are satisfied and not only return, but recommend their friends. At HM3 Legal our lawyers work as a team, sharing strengths and honing their skills to deliver the ‘wow’ service including a no chase pledge clients expect beyond legal advice.
Myth 4: Overnight success
Richard: I believe this is an illusion. Behind such triumphs are often savvy entrepreneurs who have paved their path with foresight and calculated risk-taking.
Airbnb wasn’t a meteoric ascent but years of strategic pivots and persistence that built this powerhouse. It is possible to achieve ‘overnight’ success online, but this is neither the norm nor usually long-lasting. Typically, success is about persistence and not fleeting magic.
Myth 5: Disrupt or die
Justine: Disruptive innovation commands attention. Revolution has impact. Yet so does smaller-scale incremental innovation. What to focus on? Listen to your customers. What are they asking for or struggling with? The iPhone is a great example of catering to evolving needs.
While it can be tempting to make sweeping changes, quite often tweaking has provided the solution. And when faced with new information we ask ourselves: myth or reality?
Does this sound like the kind of legal team you would like to work with?
Contact: Richard Burnett
M: 07983 637149
E: rhb@law.uk.com
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