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This chapter is from the book

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.

    1. What can I sell?
    2. To Whom can I sell?
    3. Why will customers buy from me?
    4. At What price?
    5. What are my costs?
    6. When will customers buy?
    7. What will the competition do?
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