There are three commandments you must use when considering the idea to start a business. And these commandments are as good as law. The same as the law of gravity, they are steadfast. Follow the rules of business success and you win.
Most people just get a business idea and then launch it. Or, maybe they do a Business Plan and launch the business only if the banker gives a loan. But, this is not enough. A banker is not a good barometer as to whether a business is a good business. Why? Because a banker is not an entrepreneur. A banker is an employee. Employees cannot decide if a business is a good business. Only entrepreneurs can do that.
Being an entrepreneur means you operate from a different set of rules to those of employees. It is these rules of business success that guide and directs how you turn your idea into a profitable business operation. While following the rules alone cannot guarantee your success, they form the foundation of how every successful business should be run.
So, what are the three rules?
At the heart of every successful business is a set of guiding principles and rules. It is these rules that define and aid your success as an entrepreneur. They become your daily habit. No matter what business you are in, these rules are the cornerstone of your success.
RULE #1: Your Business Must Be Wildly Beneficial To Your Potential Clients
This means that you must be providing great value to the people who will become your clients. True business is an exchange of value. The more value you offer, the more successful you will become.
As you plan your business or fine-tune your business idea, think about this “What value do I give to my clients.” If you can clearly define your value proposition, be sure to communicate it well with your customers. It is this value they want to see. Let them experience it as part of your business offering.
RULE #2: Your Business Must Be Wildly Fun For the Entrepreneur To Conduct
This means that you have to imagine that you will wake up every day excited that you are operating this business venture. Great businesses are built on passion and opportunity. So unless you love and enjoy what you are doing, it is not worth doing.
Many business people go into business based on how profitable they think the business would or should be. Unfortunately, no matter how much profitable your business may be if you are not happy with the work you are doing soon enough you lose the desire to get up and do your work. Every business has its ups and downs, it is this passion that keeps you going.
RULE #3: Your Business Must Be Wildly Profitable For the Entrepreneur
Whatever your passion, the main reason any person should go into business, it is the rewards that come with being in business. Reward means different things to different business people. For one entrepreneur it might be the freedom to another it could be the pleasure of profits. Whatever draws you to the world of business, rule number 3 of the Rules of Business Success state that you must derive profit from your business venture. What this means is, you must be forecasting to make a huge profit at this business.
These are the three commandments and, interestingly, can be used in two different ways. Apply them in your thinking and daily planning to achieve the success you desire:
First Way To Use the Rules of Business Success
You can use these three rules, as discussed, to choose whether or not to launch a new business venture. Before you get into the game of entrepreneurship, it is only prudent that you learn and apply these rules.
Second Way To Use the Rules of Business Success
You can evaluate the business you are currently in, to see if it is a worthy business to operate. You may find that it is not. Most businesses are not. You then have the decision to make as to what to do about it. You could sell the business. Or, you could wind it down. Or, you could dramatically change it so that it does indeed qualify. But, don’t just plod along doing your current business, if it does not qualify according to the three rules.