5 Principles of Business Success
5 Principles of Business Success
Copyright 2005 by Perry Jones
All Rights Reserved
There are only 5 principles you need to learn and follow in order to be succesful in business.
These principles are in no particular order, rather, all must work together in order for you to succeed in business. These principles are as essential for small business as they are for large business. Fortune 500 companies follow them as does any successful Mom & Pop store.
Capital
Capital is the money you need to operate your business. The US Small Business Administration estimates that 75% of all businesses that fail cite lack of capital as their primary reason for failure. Without the cash you need to pay for advertising, materials, utilities, taxes, insurance, licenses & permits, wages, etc. you won't be in business.
Estimate the amount of cash you need and keep an additional 30% in reserve for emergencies and unforeseen expenses and you should do all right.
If you need $100,000 to cover your expenses and open your business, add an additional $30,000 to cover the things you can't predict.
And I like to add this axiom: "If you can't afford the marketing, you can't afford the business."
Customers
Nothing happens until you sell something. You may have a first class product (in your mind) but if no one else wants it, you will just have a lot of products taking up space. Research your market, locate that gap - that essential item that people want and you can deliver and begin marketing it.
We are all familiar with the many hundreds, thousands and perhaps millions of websites offering products and services for sale. The only websites that make money are the ones that have a steady stream of customers buying something.
If you don't have customers, you don't have a business, it's that simple.
Product
The only reason you are in business is to sell something. Whether it's a tangible product or an intangible service, you must have a high quality product to offer your customers in order to keep them coming back for more.
You could always rip off your customers. But we all know this is wrong and, in most countries, illegal. Besides how often can you rip someone off? Sooner or later you will reach a point of diminishing returns where your ability to rip people off meets against the awareness of the marketplace and you won't be able to sell anything. All thieves reach this point sooner or later. Don't be a thief. Produce and market the highest quality product or service you can and the market will always accept you and reward you.
Systems
A business is a system of systems. This requires organization, planning and creativity. If you start a small business and you don't have the systems in place to free yourself from working that business, your business will enslave you just as thoroughly or even more thoroughly than any job.
One of the reasons many people cite as the reason they start a business is to enjoy their lives and have more free time, but one of the biggest reasons for people giving up their business is that they find they are working from dawn to midnight 6 or 7 days a week. The time they thought they would be obtaining is in fact an illusion, a chimera they can not hope to find.
There is a book that can help you develop the systems you need to free yourself from working in your business everyday. This book is "The E-Myth Revisited" by Michael Gerber.
Management
No business will survive without someone having the skills to operate that business successfully. Whether the owner has these skills or he/she hires people who do have these skills, the requisite skills are necessary for the business to carry on.
All these principles are necessary for a business to be successful. Almost no one has all these principles alone. Each person must partner or team up with others who can bring something to the table. Find others who want what you want and who can fill in those principles you lack. This may require just a few people or it may require hundreds. But whatever it takes is what it takes. Do it and be successful, do not and fail.
For current posts, please go to http://millionaire1000.blogspot.com
I include some home/online biz ops that are making money for me. I hope they work as well for you.
Copyright 2005 by Perry Jones
All Rights Reserved
There are only 5 principles you need to learn and follow in order to be succesful in business.
These principles are in no particular order, rather, all must work together in order for you to succeed in business. These principles are as essential for small business as they are for large business. Fortune 500 companies follow them as does any successful Mom & Pop store.
Capital
Capital is the money you need to operate your business. The US Small Business Administration estimates that 75% of all businesses that fail cite lack of capital as their primary reason for failure. Without the cash you need to pay for advertising, materials, utilities, taxes, insurance, licenses & permits, wages, etc. you won't be in business.
Estimate the amount of cash you need and keep an additional 30% in reserve for emergencies and unforeseen expenses and you should do all right.
If you need $100,000 to cover your expenses and open your business, add an additional $30,000 to cover the things you can't predict.
And I like to add this axiom: "If you can't afford the marketing, you can't afford the business."
Customers
Nothing happens until you sell something. You may have a first class product (in your mind) but if no one else wants it, you will just have a lot of products taking up space. Research your market, locate that gap - that essential item that people want and you can deliver and begin marketing it.
We are all familiar with the many hundreds, thousands and perhaps millions of websites offering products and services for sale. The only websites that make money are the ones that have a steady stream of customers buying something.
If you don't have customers, you don't have a business, it's that simple.
Product
The only reason you are in business is to sell something. Whether it's a tangible product or an intangible service, you must have a high quality product to offer your customers in order to keep them coming back for more.
You could always rip off your customers. But we all know this is wrong and, in most countries, illegal. Besides how often can you rip someone off? Sooner or later you will reach a point of diminishing returns where your ability to rip people off meets against the awareness of the marketplace and you won't be able to sell anything. All thieves reach this point sooner or later. Don't be a thief. Produce and market the highest quality product or service you can and the market will always accept you and reward you.
Systems
A business is a system of systems. This requires organization, planning and creativity. If you start a small business and you don't have the systems in place to free yourself from working that business, your business will enslave you just as thoroughly or even more thoroughly than any job.
One of the reasons many people cite as the reason they start a business is to enjoy their lives and have more free time, but one of the biggest reasons for people giving up their business is that they find they are working from dawn to midnight 6 or 7 days a week. The time they thought they would be obtaining is in fact an illusion, a chimera they can not hope to find.
There is a book that can help you develop the systems you need to free yourself from working in your business everyday. This book is "The E-Myth Revisited" by Michael Gerber.
Management
No business will survive without someone having the skills to operate that business successfully. Whether the owner has these skills or he/she hires people who do have these skills, the requisite skills are necessary for the business to carry on.
All these principles are necessary for a business to be successful. Almost no one has all these principles alone. Each person must partner or team up with others who can bring something to the table. Find others who want what you want and who can fill in those principles you lack. This may require just a few people or it may require hundreds. But whatever it takes is what it takes. Do it and be successful, do not and fail.
For current posts, please go to http://millionaire1000.blogspot.com
I include some home/online biz ops that are making money for me. I hope they work as well for you.
posted by starfleetx1 at 6:50 PM
75 Comments:
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The site I have is a work from home in the uk site. Its all about, need I say it, working from home. I think people should have the choice to build their own income instead of somebody else’s. Freedom of well being and all of that...anyway I was on your site looking for ways to help my business. I'm really looking for ways of building better rapport between recruits.
Anyways starfleetx1 thanks for the great blog. I'll just have to carry on my search till I find what I'm looking for. Take care.
5 Principles of Business Success... I've enjoyed reading your blog. I was searching for legitimate home business sites. I have a home based business and I wanted some ideas and tips. I also have a blog, it is www.adminsupervisor.blogspot.com it’s new and it’s getting better all the time. Have a look if you want, but I'm moving house and have not posted in a while. I'll get back to it soon.
My other site is a legitimate home business site. I recently decided to build my own income and I thought I searching for tips would help me become a better mentor.
Keep up the great work starfleetx1, I'll be back soon.
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I was reading your post and believe it or not it’s helped me. Every tip I get helps, even if its just new phrases I have never used before, its helps me be a better mentor. This is my business link - work from home pc - check it out and see what you think.
Anyways starfleetx1, you have a good site. I'll be back.
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The site I have is a in-home business site. Its all about, need I say it, working from home. I think people should have the choice to build their own income instead of somebody else’s. Freedom of well being and all of that...anyway I was on your site looking for ways to help my business. I'm really looking for ways of building better rapport between recruits.
Anyways starfleetx1 thanks for the great blog. I'll just have to carry on my search till I find what I'm looking for. Take care.
starfleetx1, why can't more sites be as good as yours!!! You see I am changing my life at the moment and I have decided to start a legitimate home business site. I am trying to get inspiration so I can become easier to talk to. You site has given me some ideas. I talk to a wide range of people and I need to relate to everyone I come across so thanks for your posts! The title '5 Principles of Business Success' caught my eye so I thought I'd post on this one. Cheers.
starfleetx1, I was searching around for info on how to start a home based business. I found your blog.
I was reading your post and believe it or not it’s helped me. Every tip I get helps, even if its just new phrases I have never used before, its helps me be a better mentor. This is my business link - computer from home work - check it out and see what you think.
Anyways starfleetx1, you have a good site. I'll be back.
Dropped by on my way around the net trying to find Blogs with a business connection. I've a new site about building your
home business, that has some great free site tool links. Please stop by and check us out. Also, this local idea
Step13, a drug and alcohol rehab facility, has potential for other areas, perhaps including yours.
Hi, I'm new at this Blog stuff and just found you. Neat Blog. In keeping with the spirit of the season, we'd like to alert folks to a couple of organizations that do great work and are worth checking out. Step13 is an
organization that helps those with drug and alcohol dependency problems. It's local but has potential as a model for other places.
Rainbow Rewards is a community based shopping rewards system, local also.
We'd also like to invite you to stop by our new website where we help people interested in starting or building rebate checks. Stop by and help yourself to the free site tools.
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starfleetx1, you have a great blog here. 5 Principles of Business Success caught my eye and I thought I would put a post on it. I'm looking for help.
The site I have is a work for stay at home moms site. Its all about, need I say it, working from home. I think people should have the choice to build their own income instead of somebody else’s. Freedom of well being and all of that...anyway I was on your site looking for ways to help my business. I'm really looking for ways of building better rapport between recruits.
Anyways starfleetx1 thanks for the great blog. I'll just have to carry on my search till I find what I'm looking for. Take care.
I was searching around for info on how to start a home based business. I found your blog starfleetx1.
I was reading your post and believe it or not it’s helped me. Every tip I get helps, even if its just new phrases I have never used before, its helps me be a better mentor. This is my business link - work at home moms business idea - check it out and see what you think.
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starfleetx1, why can't more sites be as good as yours!!! You see I am changing my life at the moment and I have decided to start a work from home site. I am trying to get inspiration so I can become easier to talk to. You site has given me some ideas. I talk to a wide range of people and I need to relate to everyone I come across so thanks for your posts! The title '5 Principles of Business Success' caught my eye so I thought I'd post on this one. Cheers.
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I like to set up a link to you. What you think about?
It does will be a pleasure, if you contact me. Perhaps we have some same ideas. Wish you success with your site.
Fritz
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Fritz
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By my SEARCHING out FOR THE LATEST INFORMATION about work from home business I have found your site.
I was looking out for work from home business related information. Sorry, I have see that your 5 Principles of Business Success isn't a perfect match. But, anyway, I am glad I have stopped by even though this isn’t a perfect match. What you have in your content is very interesting for most people.
I like to set up a link to you. What you think about?
It does will be a pleasure, if you contact me. Perhaps we have some same ideas. Wish you success with your site.
Fritz
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Sorry, I have see that your 5 Principles of Business Success wasn't exactly, what I was looking for, but, certainly got my attention and interest. If you like you can contact me. Your page I see row why I found when I was looking for working at home related information. Anyway, I am glad I stopped by even though this isn’t a perfect match. Wish you success with your site.
Fritz
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Hi starfleetx1, If you would like to make great money online please click here homebased business, for more info on making The Best Marketing,Resell Right,AutoSurf and Affiliate Programs On The Net http://www.incbizz.com. homebased business
Hi starfleetx1, I just wanted to say that I think your blog is pretty neat! 5 Principles of Business Success was particularly interesting to me as I have a website home based business opportunities that I am always looking for new ideas for, and that post got my brain hopping!
Hi starfleetx1, I was just blog surfing and found 5 Principles of Business Success! If you are interested, go see my affiliate marketing related site. It isnt anything special but you may still find something of interest.
Hey starfleetx1 this is a pretty cool blog! You make some very good points in 5 Principles of Business Success. If you have any interest,take a look at my internet marketing site. I hope you might find something to interest you there.
Mary Rita Earle here. I really found your blog interesting, starfleetx1. I am always looking for good content for my site make money from home, and with posts like 5 Principles of Business Success I think I might be returning to you blog often. Keep up the good work!
Hi starfleetx1, I just wanted to say that I think your blog is pretty neat! 5 Principles of Business Success was particularly interesting to me as I have a website make money at home that I am always looking for new ideas for, and that post got my brain hopping!
Hey starfleetx1 this is a pretty cool blog! You make some very good points in 5 Principles of Business Success. If you have any interest,take a look at my home based business site. I hope you might find something to interest you there.
Hi starfleetx1, I was just blog surfing and found 5 Principles of Business Success! If you are interested, go see my work from home related site. It isnt anything special but you may still find something of interest.
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Wow, starfleetx1, I just ran across your blog while surfing for blogs related to mine make money from home. I really found your post 5 Principles of Business Success quite absorbing and look forward to more.
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Hi starfleetx1, I was just blog surfing and found 5 Principles of Business Success! If you are interested, go see my work from home related site. It isnt anything special but you may still find something of interest.
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Mary Rita Earle here. I really found your blog interesting, starfleetx1. I am always looking for good content for my site internet business, and with posts like 5 Principles of Business Success I think I might be returning to you blog often. Keep up the good work!
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Hi starfleetx1, I really like what you have done with your blog! Very interesting content you have with 5 Principles of Business Success. Good, quality information can be hard to find, but I am always looking for it, and ways to improve my site internet business. Great job here.
Wow, starfleetx1, I just ran across your 5 Principles of Business Success while surfing for blogs related to mine make money at home. I really found your post 5 Principles of Business Success quite absorbing and look forward to more.
Mary Rita Earle here. I really found your blog interesting, starfleetx1. I am always looking for good content for my site work from home, and with posts like 5 Principles of Business Success I think I might be returning to you blog often. Keep up the good work!
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Hi starfleetx1, I just wanted to say that I think your blog is pretty neat! 5 Principles of Business Success was particularly interesting to me as I have a website make money from home that I am always looking for new ideas for, and that post got my brain hopping!
Hi starfleetx1, I really like what you have done with your blog! Very interesting content you have with 5 Principles of Business Success. Good, quality information can be hard to find, but I am always looking for it, and ways to improve my site home business entrepreneur. Great job here.
Hi starfleetx1, If you would like to make great money online please click here homebased business, for more info on making The Best Marketing,Resell Right,AutoSurf and Affiliate Programs On The Net http://www.incbizz.com. homebased business
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Hey starfleetx1 this is a pretty cool blog! You make some very good points in 5 Principles of Business Success. If you have any interest,take a look at my make money from home site. I hope you might find something to interest you there.
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