The word “business” is one
of the most famous words in existence today; almost every individual has come
in contact with the word in one way or the other. One might be wondering on the
reason behind the progressive proliferation of the word’s popularity, well,
read the next line. The word “business” has been recognized as the oldest and
most famous means of income generation to over billions of people in the world
today. You see, that is what gave rise to the word’s popularity.
THE
WORD “BUSINESS”
There have been a lot of
definitions from different scholars, businessman, women, organizations, etc.
concerning the word “business”.
One of the definitions has
it that the word “business” is nothing but, an economic system or an
organization where there is an exchange of goods and services for other goods
and services or for money.
The definition went further
to add that, every business in existence today needs some kind of investment
and a voluminous number of customers that will be willing and able to purchase
their outputs consistently; that will provide an avenue for the business to
generate profits.
Now, from the above
definition of what a business is, what really can we discern from it? It’s so simple,
for a business to thrive or grow well – it needs willing and consistent customers,
and a kind of investment which can be done in the presence of finance. No
business can make investments in the absence of funds/finance.
THE
JOURNEY TO SUCCESS
Like the saying goes “a
journey of a thousand miles starts with a step”, every booming business today
had a starting point. There is another saying that “the world is never a bed of
roses,” it is never and will never be an easy journey for any form of business
to boom. That is just the bitter truth.
No matter the amount of
capital used in starting up a business, no matter how educated the owner may
be, no matter the number of employees, the business will have some processes it
will pass through before it will/can attain a mountainous height of success. I
mean rigorous processes and not just hassle-free processes.
Starting up a business is
never an easy task; whether a small, medium, or big scale business, the task
has always been difficult. However, to operate and manage it successfully is a
more difficult task. So, what are the rules for one to be a successful
businessman or woman?
The above question has been
on the minds of many businessmen and women who have failed in their various
businesses, while few have been exposed to the truth. Nevertheless, the main
purpose of this article is to bring answers to the big question.
The truth is that there are
a lot of practices that a lot of successful businessmen and women engage
themselves into, starting from the successful initialization of their
businesses till the booming period of their businesses. Some of them regard the
practices as business rules, and that has turned out to be the weird truth
behind the success stories they share often.
So, the answer to the big
question is what I call “The 5 Golden
rules of becoming a successful businessman or woman.” I assure you that
your mindset will change after reading this piece of work; in fact, your dying
spirit will be reawakened. But, one crime I will commit is to proceed further
without briefly explaining what a “Rule”
is.
A rule simply means an
authoritative principle set forth to guide behaviours and actions. So, what are
the five golden rules?
Rule number one
To start with, being true to yourself is the number
one rule on the list. You ought to accept the fact that your and an
entrepreneur and no one or nothing else. I know you have started wondering why
I chose it to be a rule that will cause a businessman or woman to be
successful; but, the truth that you must be real and true to yourself before
any other thing – that is nothing but the bitter truth.
Irrespective of the income
you generate from your business, and how long you have spent on that line of
business, you ought to be true to yourself. How do I mean? If you are an
entrepreneur, you should be happy with what you are into, you should enjoy
doing what you are doing, and you should be able to proudly introduce what you
do to your friends and relatives.
If you are unable to do the
three things above, then it’s a clear prove that you will not thrive in that
business you are doing. The failure of the business will surely turn around to
prevail, no matter how long you’ve been into it, and the income you have been
generating from it.
Rule number two
The number two rule on our
list of five golden rules is to discover
a need and fill it up as an entrepreneur. This is nothing rather than
researching of what people really need, and once you have discovered it, you
fill it up by rendering services that will bring solutions to it.
The hidden truth is that,
the moment you research and discover the needs of those living within the
location of your business, you will try to bring solutions to the needs, and
once you have taken the bull by the horn by rendering solutions to their needs,
you will be left with no option but to see your business boom. For sure, you
will be stunned to see the rate at which both customers and prospective
customers will be flooding into your business.
This is a golden rule,
especially for yet-to-be entrepreneurs, they will not have to spend a lot of
money and time convincing people on what they offer, and why their services or
products are the best for them.
Even if there will be
competitors, you will surely be a thousand miles away from them in the lane of
success because; the time it will take them to reach where you are will also be
the time you will use to attain higher heights. So, don’t ignore this rule.
Rule number three
The number three rule is opting in for products and services you can
sell at higher prices than they cost you to purchase or create. Really! I
mean, could this be true?
Yea, it is true, and that is
why we advise people to take such actions and decisions.
If you really want to become
a successful businessman or woman, it is advisable to opt-in for services or
products with a relatively good difference when their cost prices and selling
prices are compared.
Whenever ever the profit
margins of your services or products are not too low, they will leave you with enough
funds you will use to offset some bills, and as well pay your employees (if
there are).
Rule number four
The number four rule is being true to your customers. Like the
number one rule, which is to be true to yourself as an entrepreneur, you also
need to be true to both your customers and prospective customers. What do I
mean by this?
When I tell businessmen and
women about being true to their customers, they keep wondering and asking if I
meant they should always tell their customers what it exactly cost them to
create or purchase the service or products they are selling. But what I really
mean is far from their thoughts.
Being true to your customers
shouldn’t be an occasional issue; you should be used to it, or better still, it
should be a part of you. Buyers/customers hate it when an entrepreneur lies to
them about the qualities of his or her services or products. Abstain from
exaggerating so much about the services or products you offer, and ensure you
keep to your promise whenever you make one.
Once your customers are
greatly satisfied with the qualities of your services or products, they will
also be advertising your business to other people. The more customers flood to
your business, the more sales you make, and the more sales you make, the more
your business booms.
Rule number five
The number five rule is, understanding the significance of effective
advertising and marketing of your services or products. Once you are aware
of the importance of effective advertising and marketing, you will not be told
on whether to utilize it and how to utilize it.
You and I know that
advertising and marketing your services and products are of great relevance,
but the main thing is to advertise and market your services and products to the
right people.
Another thing is to be good
with the strategies you make use of while advertising and marketing your
services or products; no matter how good the qualities of your products or
services are, without effective strategies, you will find it hard in realizing
sales.
In conclusion, if you
are really so concerned about becoming successful in your business, you have to
adhere to the above rules; I mean the “5
Golden rules of becoming a successful businessman or woman.” Failing to
adhere to any of the rules, you will have no one to blame if your business
eventually goes extinct.
