What is Conventional Wisdom?
The definition of conventional wisdom refers to something that is widely accepted as true, correct or proper. Unfortunately, conventional wisdom is often wrong. This is no different when it comes to business and your success. Statistics say that most businesses don’t last more than five years. I believe the reason is most businesses follow conventional wisdom.
When is Conventional Wisdom Correct?
There are some undeniable facts that still hold true.
- “You can’t fix a problem until you know what caused the problem”
- “Insanity is doing the same things the same way and expecting different results”
- “What you know can make you successful, what you don’t know can cost you a fortune”
- Most every successful person you have read about never used conventional wisdom to become successful: Examples: The Wright Brothers, Henry Ford , Domino’s Pizza , KFC, Mother Theresa, Bill Gates, Steve Jobs, Ghande and many others became successful and well known because they did not conform to conventional wisdom.
The Problem with Conventional Wisdom
I was once told “If you wear a suit you will make more money”. Yea, right! Tell this to Steve Jobs and Mark Zuckerberg. The fact is business is always changing and you can’t rely on everything staying the same or relying on conventional wisdom. Not unlike life, business is constantly changing and we need to be able to adjust and change with it. In business what was accepted as conventional wisdom last year may not apply to your business today. I suggest you always research what others tell you and verify everything before accepting as true or the best approach. If you want and example of accepting conventional wisdom that hurt a lot of people just Google search “Bernard Madoff”
Business Consultants & Conventional Wisdom
The biggest problem I find with business consultants and coaches that continually promote accepted practices, conventional wisdom, is that not every solution is right for every business. They do this because they have failed to change with the times or it is easier than looking at the specific business and working with the client to develop something to make that client stand out or succeed. When I work with a client I always recommend they “Become distinct in their business or they will become extinct”. If you follow conventional wisdom you will be just like everyone else and that is not good for you or your business. If not done by the time of this blog check back to see my blog on “Become Distinct or Become Extinct” to better understand why this is so important.
If you have questions or would like a FREE consultation you may contact me directly at info@SuccessBuilders-TampaBay.com
Short video explaining why you should question conventional wisdom
24 comments on “Conventional Wisdom and Your Business”
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