BUSTED : 5 BUSINESS MYTHS
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Richard Burnett
BUSTED : 5 BUSINESS MYTHS
Wirral Life talked to Richard Burnett , Commercial Director at HM3 Legal about common business myths .
Richard : 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 my shortlist .
Myth 1 : Overnight success
An illusion . Behind such triumphs are often savvy entrepreneurs who have paved their path with foresight and calculated risk-taking . Take Brian Chesky , who co-founded Airbnb ; it 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 2 : Lone wolves
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 clients expect beyond legal advice .
Myth 3 : To fail = failure
At the start of my career , I believed that to fail meant failure . Not any more . Just ask Elon Musk , whose SpaceX encountered multiple rocket failures before succeeding . 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 mis-steps , and transform them into stepping stones to move forward .
Myth 4 : Immediate rewards
When it comes to reaping rewards , the tortoise beats the hare . Patience and passion bring success . Amazon didn ’ t yield a profit for years which I find hard to believe given the tech titan it has become . And Apple Computers 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 5 : Disrupt or die
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 I ’ m sometimes tempted to make sweeping changes , on closer inspection tweaking has provided the solution . And when faced with new information I ask myself : myth or reality ?
Does this sound the kind of legal team you would like to work with ?
Contact : Richard Burnett , Partner and Commercial Director , HM3 Legal . M : 07983 637149 E : rhb @ law . uk . com
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