Myth #1: Advertising doesn't work. American businesses spend billions of dollars on advertising every year, and with the mountains of research on every facet of advertising execution, there's no doubt about its effectiveness. The truth is, bad advertising doesn't work, and creative execution should be put in the hands of experts. But while the nuts-and-bolts process of manufacturing ads is not a do-it-yourself job, there are several aspects of the advertising development and placement process that you can easily undertake on your own.

Myth #2: Only salespeople call prospects. Countless businesses have fallen quietly by the wayside because their owners sat back waiting for the telephone to ring. Unless you're actively pursuing your best prospects, it's unrealistic to expect them to come and beat down your door. Sure, your business may survive if you simply pass out business cards, put out feelers and win the occasional project or account. Fast growth and plum accounts will go to those who actively pursue their top prospects. To be a successful entrepreneur, you must wake up every morning prepared to sell.

Myth #3: You only have to market when business is slow. Marketing only during the slow times puts your business on an economic roller coaster, because it's always feast or famine. Some entrepreneurs convince themselves they're too busy to market. They concentrate on the projects or clients they have in-house and work hard on them, fulfilling contracts and completing projects until they, in effect, work themselves out of business. They look around one day and there's simply no more work to be done, or they realize there isn't enough new work to sustain them. It's a vicious cycle that results in economic highs and lows. Unfortunately, sometimes these protracted slow periods put otherwise effective entrepreneurs right out of business.

What's the biggest marketing mistake of all? The number-one mistake is to do nothing. If a tactic you've been using stops producing results, change it, adapt it or throw it out and try something new. Remember, when you do nothing, nothing works.