These rules are what will determine your organizational approach and the success or failure of your business.
In religion, the famous ten commandments are a bible-based set of rules on ethics and worship which play an important role in the world’s three biggest faiths.
Similarly, in business, there are a set of rules that govern business. These rules are what will determine your organizational approach and the success or failure of your business.
While there is no “sure” way for a business to succeed, you can leverage on these first “five commandments of business” for a good start:
- Thou shalt turn a profit: If you are going to be real with yourself, business is all about making profit. It’s cool to go after your dreams and what not, but your dreams need money too. If your business isn’t making any money after a certain time, just pack it up.
- Thou shalt know thy value: People will only bring business your way if they understand the value you are providing. You don’t need to have a unique product/service, you just need to be different from the competition. Use whatever makes you stand out as your calling card.
- Thou shalt invest in thy business: Cash-flow is one of the major reasons why a lot of businesses fail, according to a report by CB Insights. Not investing in your business — in the form of new equipment or hires — could hinder your company’s growth. Be sure to ensure in stuff that makes your operation more efficient and most importantly, invest in people.
- Thou shalt surround yourself with who/what’s right: In life and business, you can’t do everything on your own. “You are the average of the five people you spend the most time with,” says entrepreneur Jim Rohn. Make it a point to surround yourself with people who have different skills from yours. Especially passion. You can teach almost anything but you can’t teach passion. Those are the sort of people you should keep around you.
- Thou shalt never stop learning: No matter how much experience you have, how many degrees you have, or how old you are, learning never stops for the entrepreneur who wants to be successful. And its not just about reading books or watching documentaries, you have to talk to people (including younger employees), attend seminars, and step out of your comfort zone. Once you start getting comfortable with what you know, that’s when you stop growing.
Watch out for the second part of the ten commandments of business. Do you know any other cardinal rules of being in business as an entrepreneur? Share them in the comments section below! Happy hunting!