Every successful business is all about you, the entrepreneur with an idea which you deploy as a product or service in the marketplace to earn the income, impact, and success.
You pick and choose the idea that appeals the most to you the most and you invest your time, money, and other resources to win the customer in the marketplace.
Here are the top 25 rules you can follow to rule the market with products and services that offer advantages to the customers so that they choose your offer and buy your product rather than you pushing hard to sell to them.
1. You must have got your business idea carefully observing the needs and wants of yourself or other people.
2. Before you take a plunge you must feel substantial needs and wants of others to gauge the size of the opportunity and ideas develop confidence about the ideas worthiness.
3. There must be a significant market gap as well as market creation opportunity.
4. Establish service and quality fanatic to deliver maximum value to your customer.
5. You must develop your ability to get started and keep going.
6. You must offer your investors a chance to make a handsome profit and your employees a rewarding career.
7. Instead of thinking of taking a giant leap, you can start small and scale when you have traction.
8. You must have the system and communication channel to constantly take customer feedback and evolve your offering to align your product with what customers want.
9. You must hire people with entrepreneurial acumen and generate entrepreneurial excitement in them aligning them with your dreams and visions.
10. You must have revenue and price visibility. If you can, try to bind some early customers who agree to pay you early on.
11. You must develop a strategy that helps your customers grow, improve, or profit.
12. You must aim constantly to innovate your offering to present yourself as a dominant player in your industry.
13. Never compromise on your honesty and integrity — and pursue the highest level of authenticity in all your dealings.
14. Try to build your business with your own resources instead of being too dependent on fund-raising, grants or subsidies.
15. Be generous to your employees giving them a good salary, profit-sharing, and other benefits.
16. While building your business you must see keep revisiting your strategies to take your company from local to regional to national to global.
17. Develop tenacity and perseverance to survive unfavorable situations.
18. Closely monitor your competition, market trends, and social-political developments.
19. Instead of treating customers as one time opportunity, you must win your customer’s heart and cross-sell, upsell and resale to them.
20. You must have a reporting dashboard and information management checkpoints and controls and constantly monitor business performance on key metrics.
21. You must be guided by a strong mission that aims to help you achieve reckoning as a quality product and service provider.
22. You must follow the governing laws, pay taxes and maintain compliances to keep your company in good health.
23. While spending 70% of your time in managing your current business, you must take actions on obsolete and non-performing areas and diversify into adjacent opportunities that fit and supplement your existing
business.
24. You must find something worthwhile to do with the money you earn.
25. Run your business till you are no longer excited about what you do.