ESSENTIAL BUSINESS PRINCIPLES FOR SUCCESS
“For 240 years it’s been a terrible mistake to bet against America, and now is no time to start.”
AN ENTREPRENEURIAL MINDSET
Avoid negative thinking. Do your best not letting lack of progress affect you . Constant study and determination makes a better entrepreneur.
ESSENTIALS BUSINESS PRINCIPLES FOR SUCCESS
STRICT FISCAL DISCIPLINE
Successful businessmen use budgets and realistic sales projections. They understand how to use a line of credit. Similarly, don’t compromise your own ethics and integrity for the sake of your business.
A KITCHEN CABINET OF ADVISERS
You need advisers who can provide valuable insight into business cycles and current pain points and introduce to potential customers. In business, setbacks must be seen as normal and expected challenges, not as indications of failure. Successfully recovering from problems should be a key source of satisfaction.
A DEFINED BRAND
Brand enhances performance, transparency, innovation and project a sense of social responsibility. Brand must be contemplating, relevant and appealing to the customers. You should endeavor to make the world a better place,
even if your world is only local and your idea helps a relatively small number of people or organizations. It doesn’t have to be huge. It just has to be important to you and your customers.
A NICHE MARKET
Having a narrowly defined group of customers is the most important task. Many experts believe that one of the top reasons for startup failures,
as well as personal failures, is simply giving up too early. This is one of the most important business principles one must look at.
EXCELLENT CUSTOMER SERVICE
How you handle your customers directly affect your performance. Use customer relationship management to track the value of customers and manage customer contacts. You are either growing or you are shrinking. It’s one or the other, and you better grow. Focus and execute.
CASH POSITION AND GOOD BANKING RELATIONSHIP
On day to day basis it is important to know the cash position. There must be a relationship with the manager and head teller of the bank. Make sure personal and business assets are not located in same bank.
These Business principles must help you grow your business into a giant if not help it sustain it.