Business Myths Debunked

EP 66 - Business Myths Debunked

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So I don't often do this. But I went back in. Reviewed this podcast. And I decided this isn't funny today. But it's a message. I think that had to be said. So I just want to interject that. Now, if you're looking forward to a funny episode, this is not the one for you. That was my intention when I started, but I really feel like I hit some good things here.

So I didn't just want to start over. So bear with me today as I get a little less funny. I hope you enjoy it.

Let's face it folks. We've all heard some outrageous business myths that have made us scratch our heads in disbelief. We'll get ready to have a good laugh today. As we debunk some of those common business myths out there. But don't worry. We're not going to leave empty handed at the end. We're also going to provide you with some actionable steps you can take to navigate the world of business with wisdom and success.

So grab a cup of coffee, sit back, and let's dive right in.

 [00:01:00] Welcome back to another wacky Wednesday episode of the show where we take a little departure from the normal and try to have some levity and some lightheartedness today. So before we dive into these business myths, here's a little teaser question for you. What do you get when you cross a penny pinching accountant with a comedian? We are about to find out as we debunk these hilarious business myths.

So let's start with myth. Number one. I love this one. You have to spend money to make money. Oh, the irony to that. As a Christian podcast, we know the value of stewardship. And one of the biggest myths out there is that you have to throw your hard earned money into every business opportunity that comes your way. But let me [00:02:00] tell you a secret. Wise investment and strategic financial decisions are the real keys to success. You don't have to just throw your money blindly. After things that might not work. So instead of blindly spending, take the time to research and evaluate potential opportunities.

Look for ways to minimize risk and maximize returns. It's all part of your stewardship. Remember being a good steward means making informed decisions with your resources. So you might ask Ralph, what's your action step for that? Action. Step number one, conduct thorough research. Before making any financial decision, whether it's investing in a new venture. or expanding your current business.

You have to take the time to gather all the necessary information. I see this every day in my accounting practice. People just dive in head first without taking a look at what the impact of that decision's going to be. You've got to look at market trends. You've got to analyze your competition. See what else is out there?

I don't know how many times I've sat with clients talking about how [00:03:00] their business is going. And I said, well, what is your competition doing? Ralph. I have no idea. Well, that's a problem. You've got to know what your competition is doing. And at the same time, seek out advice from trusted mentors or professionals. I say this constantly. Surround yourself with people that will be of assistance to you. Because at some time you'll be an assistant to them. By doing your due diligence, you'll be able to make informed decisions. And avoid falling into the trap of reckless spending.

 it annoys me. How many promoters are out there in the Christian community, promoting these, get rich, quick schemes, you know, spend this money, buy this product, buy this plan. And you'll get rich overnight. Listen folks. That's nonsense. There is no get rich quick, overnight scheme. It takes effort. It takes paying attention to what's going on. You know, understanding the competition, understanding the market.

Let's move on to myth. Number two. You have to work 24 7 to be successful. Now listen, folks don't get me wrong. Hard work is important.

And I've said [00:04:00] this a million times. If you own your own business, you're probably going to work harder, work longer and make less money. But there is a fine line between hard work and burnout. And it's real easy to get burned out. as Christians, we believe in the importance of rest and balance in our lives.

Now I'm not saying that you're going to be able to balance. Business and work life. If you're a small business owner. The truth is, and nobody wants to say this. It's very hard to get to a level of balance. But you've got to figure out ways to grow your balance. So here's a newsflash. And this is the key to the whole thing. Success.

Isn't solely determined by how many hours you put in. Let me say that again. Success. Isn't solely determined how many hours you put in. You got to work smart. Not just hard. I used to run a credit union when I was about 28 years old and I had a staff of about 30 people. And part of that staff was a group of tellers. You know, those are the people that you come into in the credit union or the bank [00:05:00] and they handle your transaction.

Well, there was a lady that worked there. I won't say her name because I don't want to be offended. To her. She was one of the most long working people I ever knew. I mean, she was there from morning to night. But unfortunately she wasn't very effective. She could put in a ton of hours. But she wasn't working smart.

So you can put in a ton of hours, you can. You know, burn the candle at three ends, whatever you want to call it. But if you're not working smart, It doesn't help you. So what's actionable. Step number two, prioritize self care. Take time for yourself. You know, you're going to invest time in your business, invest time in your family. Invest time in your spiritual walk. Yeah.

I wrote a book about this, the gospel of entrepreneurship, all about how to build. Your faith in your business. I highly recommend you take a look at that. You can get it at askralphpodcast.com/store it will change your perspective on business from a Christian [00:06:00] perspective. But you've got to take time for yourself, your family, your spiritual wellbeing. You got to set boundaries. And create a schedule that allows for rest and rejuvenation.

Now that doesn't mean that you're not going to work hard. That doesn't mean you're not going to put in a ton of hours, but you've got to find time. To center yourself and focus yourself. Because the truth is folks. When you take care of yourself, You'll be better equipped to handle the challenges of running a business and you'll make better decisions. If you don't take care of yourself, you're not going to be able to make those decisions. If you've got employees and you're not taking care of yourself, your employees are going to suffer.

Let's move on to myth.

Number three. This one's a tough one. Failure is the end of the road.

Oh, how wrong that myth is. there are times in my life when I failed. If we're all being honest, we've all had failures. to be completely truthful. I've never been a great father. It's been tough for me. I consider that a [00:07:00] failure. Now every day, I work hard to try to improve that situation. But failure doesn't have to be the end of the road. In fact. Failure can be one of the greatest teachers on your journey to success. Some of the most successful business people I've known. Are people that struck out the first time they failed. They didn't do well, an idea they had didn't take off. They went bankrupt.

Sometimes their businesses closed.

But it's then in that failure that you can learn something. It can be your greatest teacher on the journey success. truth is as Christians, we believe in the power of redemption and second chances. So don't let your fear of failure hold you back from pursuing your dreams.

You know, I said I wasn't a great father. It never made sense to me.

So, what did I do? Well, I studied, I figured out ways to do better. My kids are now older. I have one child that's 22 and one is 26. I can't go back and fix those [00:08:00] things. But I can improve upon them moving forward. So I use those failures as a teacher for moving forward. So what's the actionable step here. It's pretty simple. Embrace failure as a learning opportunity.

When things don't go as planned. Take time to reflect, look at them. Why didn't they go as planned? we spend a lot of time building plans of. we're going to do this and we're going to do that. But how often do we sit back after and analyze? What happened? You got to learn from your mistakes. Make adjustments. Figure out what worked, figure out what didn't work. And then move forward, Don't just stop failure.

Isn't a place to stop. Surround yourself with a supportive community that encourage you to get back up and try again. It is so important.

I think about an analogy like this. When a person plays baseball, I played baseball when I was a kid.

There was no expectation that every time I got in that batter's box, I was going to hit a home run. In fact, I didn't hit a home run till I was 18 years old. I had a lot of at-bats [00:09:00] before then.

But if I had stopped. If I hadn't gone back out to that batter's box and took a swing. I would have never hit that home run. It's the same thing in your business, the same thing in your life. You can't let failures define you. Can't let them make you stop. Now. you might be saying, oh, today's wacky Wednesday, but Ralph getting a little serious.

Well, maybe it's time to get serious folks. Because not everything's funny.

But it's a departure from, we usually talk about, so we're trying to make some levity here, but the truth is don't let failures define you. Remember, it's not about how many times you fail. It's about how many times you get back up. That's the key. Like I said, I know businesses that have failed. I've seen businesses have failed. And I've also seen businesses that were tremendously successful. What was the difference? They got back up and try it again. They said, this didn't work. Let's try this. Or that didn't work. Let's try that.

Let's move on to myth. Number four. Success is all [00:10:00] about luck.

Well, that's an interesting thought. This is a myth that often discourages people from taking risks and pursuing their goals. Look, if you think it's all about luck, you're wrong. It's not all about luck. There is some luck into it. I'm not going to argue with that. But success is a combination of hard work. Perseverance and God's guidance.

It's those things combined. It's not just luck in a dumb luck.

Yeah, there are times when you'll get lucky on something. I've been lucky in my life. There's been times when I put some something together and I didn't think it would ever work, but it worked, maybe that was luck. Was, it was a hard work sure. Perseverance. Yeah. Maybe even the bigger thing is it was God's plan for me.

 it was my purpose.

The truth is as Christians, we believe that God has a plan for each of us. And he equips us with the skills and opportunities we need to succeed, but we have to use them.

You got to ask God, look, what, what is it you got for me today? God. You know, I know it's not about luck, give me the wisdom to make better decisions. Give me the wisdom to work harder. [00:11:00] My business, give me the wisdom, the treat my employees better. Give me the wisdom of treat my customers better.

Show me how to make this work. So obviously my action step here is seek God's guidance. Pray for wisdom. You know, as Christians, we need to have the discernment as we navigate the business world. You don't have to check your Christianity at the door. One of the strongest things you have in your arsenal is your Christian faith. That can make you successful just there, because if you seek God's guidance, he's going to give you wisdom and show you how to make it work. You got to trust that God will lead you in the right direction. And he will open doors for you. But in order to do that, you've got to listen to him.

You've got to spend time in his word. Stay connected to your faith community and seek counsel news who share your values. Because in the end, this is the truth. When you align your business decision with God's guidance, success becomes more than just luck. It's not just luck. It's [00:12:00] divine journey.

Now. I got a little deep today and I took a little departure from the usual wacky Wednesday, but my heart was just telling me that I needed to say those things about. These business myths because they, they can hold us back. They can make us stop. They can make us refuse to move forward. But if we overcome those things and we see them as challenges to overcome, boy, We can achieve huge success.

So I hope that this. Businesmythsth discussion provided you with some valuable insights and some action steps. Remember. Being financially savvy goes hand in hand with staying true to your Christian values. I remind you again, you can visit our website that's at askralphpodcast.com. You know one the things that a lot of people don't know is we got almost 300 episodes out there. You can go back and listen to all kinds of episodes about all kinds of topics related to finance or. Business growth or motivation.

And I encourage you to go back and check those out. Now, listen, I'm going to be honest. I wasn't too great at the delivery back then. And some of the audio seems a little hokey. [00:13:00] But the messages were strong. And hopefully today we're doing a better job, but while you're at our website, sign up for our email list.

 we're running a $25 Amazon gift card drawing every week. We're trying to build listenership. We're trying to get people to get engaged with our program.

We're also starting a question of the month and we encourage you to leave us a voicemail message on the podcast site, by clicking on that. Icon down on the bottom, right?

It looks like a microphone. Just leave us a message. Hey Ralph, here's the answer to this month's question. So here's the question. What do you find is the most difficult part of creating and more importantly, living by a budget.

We need your answers by March 1st and we'll discuss the answers on the show in March.

So don't forget to leave your answers.

So let's recap what we covered today. We debunked the myths that you have to spend money to make money.

We debunked the myth you had to work 24 7 to be successful. We debunked the myth that failure is the end of the road. And we debunked the myth that success is all about luck. I hope you can take these actionable steps to conduct thorough research. Prioritize self-care embrace failure as a learning opportunity and seek God's guidance.

Remember. Mastering your finances, [00:14:00] not just about accumulating wealth.

But also about aligning your financial decisions with your Christian values. That's where you'll see value. That's where you'll see success. So go out there, debunk these myths and make wise choices. And as I always say, stay financially savvy stays faithful. And may God bless you abundantly. [00:15:00]