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Speaker bursts business myths

Published On 10 May 2007 at 09:03:40

A lead speaker at this year's Small Firms' Summit - organised by the Federation of Private Businesses (FPB) - will tell small and medium-sized enterprises (SMEs) that they should ignore many common businesses idioms.

Serial entrepreneur Alex Pratt is expected to reveal that phrases such as ' your staff are your biggest asset' and 'the customer is king' are myths for many SMEs and not really applicable to the modern business world.

Instead, Mr Pratt - who built several successful innovation companies - will argue that the most profitable businesses are led by supply rather than demand.

"No one asked for mobile phones, McDonalds or Starbucks," Mr Pratt pointed out.

Another speaker at the event, which is due to take place in Westminster in October, will be Conservative MP Adam Afriyie. Mr Afriyie is also a successful entrepreneur and is an outspoken advocate of small businesses.

"If we are to succeed and prosper, it is essential to recognise that smaller businesses are the engine of the economy," he told the FPB.

Recently, a noted business consultant explained that experience was vital to the success for newly established SMEs.

"Either experience of your own or being able to tap into advice from someone who has got that experience [is essential]," explained Lynda Purser, the director of the Institute of Business Consulting.

 

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