How to make a business successful?
Rule 1: Risk – Don’t be afraid of failure, take the risk. Luck favors those who take risks. “Those who take risks are never defeated. They either win or learn”.
Rule 2: Failure – Always be prepared for failures and troubles. Risk is the first step in business, and failure is the second. No one can be successful without failures. Defeat makes you able to accept success. Only based on learning from failure, you will be able to decide the way forward toward success.
Rule 3: Learning – Take failures as a lesson. Learn fast and move ahead.
Rule 4: Out of box thinking – Think of new ideas. Don’t follow the crowd, think differently and do new experiments. Have faith in your business idea. To do something big one needs to take the risk.
Rule 5: Solving problems – Any new business idea can become successful very quickly in a short period if that idea makes people’s life easier or solves problems. To analyze the problems around you and think about how your business or business idea can solve those problems.
Rule 6: Leadership – Lead and make yourself responsible. Lead your team like a team captain.
Rule 7: Team building- Make a team and give importance to people more than money in business. Treat the people who work in your business as partners, not as employees. Trust your people, and give them a chance.
Rule 8: Distribute the profits – Distribute the business’s profits among all. Your business can grow only when the people on your team consider your business as their own.
Rule 9: Motivate – Money alone is not enough. Inspire and challenge your team in new ways every day. Set big goals and assign responsibilities to members.
Rule 10: Customer Satisfaction – Understand customer needs and deliver more than they expect. Never compromise on quality. If the quality is great, your business will quickly become successful without the help of advertising. Take continuous feedback and improve your products or services.
Rule 11: Financial Management – Learn money management. Business money is like petrol in the engine that drives the business. Analyze where you can reduce your expenses and how you can increase your revenue.
Rule 12: Competitors – Understand the competitors and the business environment. Think of such innovative ideas that you can pull the entire market towards you. Create a feature of your business or product that no other competitor has.
Rule 13: Technology – Technology has become a game changer in the present era. Analyze your business environment and think about how you can change the whole market with the help of technology. Think about the online version of the business
Rule 14: Knowledge- The businessman should have general knowledge of every aspect of the business. He should know how things are working in the business.
Rule 15: Partnership – Add more and more people to your business. Partner up with different businesses, and see how you can help each other to grow.
Rule 16: Be ready – Always be ready for changes and adapt your business to the changing environment.
