Basic Rules of Business Success
Let us review some of the key business rules that are the foundation of building a successful business.
Business Rule #1:
The Jerry McGuire Rule: Follow the Money—Cash is King.
Business Rule #2:
The Peter Drucker Rule: “The sole purpose of business is to serve customers.”
Business Rule #3:
Customers know best what they need.
Business Rule #4:
You are looking for a good business opportunity—not a good idea.
Business Rule #5:
Every entrepreneur overestimates the number of customers that will buy and the speed at which they will buy.
Business Rule #6:
Happy employees create happy customers, which creates profits for you!
Business Rule #7: The 7 Ws
A good business opportunity should answer the 7 Ws.
- What can I sell?
- To Whom can I sell?
- Why will customers buy from me?
- At What price?
- What are my costs?
- When will customers buy?
- What will the competition do?