basically, many people see business as the art or act of buying and selling. well, while they are not completely wrong, business has a whole lot to with just buying and selling and the knowledge of some of these little things that matters will go a long way in help those who own startups or are thinking about opening a new business.
what is business? business can be said to be the sum total of proportional combination of people, processes and products in order to not just deliver but also to give great value and satisfaction in exchange for every income.
this simply shows that for ever successful startup, there are certain rules, dos and don'ts which I will further explain and they are:
1 PEOPLE, this refers to THE BUSINESS which you must treat as a different person from yourself in order to be successful! yes, your business must be a separate entity who owns cash, and can keep living without you. (b) YOU who owns the idea that powers your business (c) the WORKERS who help in running the business from sweeping floors to customer care to security to every person whose effort pushes the business forward! (d) CUSTOMERS who are the main reason the business is there in the first place. they are also called market or target market .
2 PROCESS this is the sum total of the models, plans, methods , employed in executing the business objectives and hence must be accurate or else the success of the business will be a mirage. your kind of business has certain models and methods which must be in place, find and use them and your success will be there for all to see. this does not mean that creativity is not important, it simply emphasizes on the need to follow the right and established path because you are just starting!
3 PRODUCTS this is not just your goods and services alone, this includes after sales services, customer care support, consistency and a whole lot of things which boost the brand and business among competitors.
The availability of these 3 Ps will greatly ensure that your new business will stand out and grow over time.
other things include
GOOD BOOK KEEPING yes, accounting is very important in any business as it shows the financial direction and standings of the business so, DONT JOKE WITH IT!
PAYMENT SCHEME don't pay yourself more than what the business can, let your payment be fixed. and pay yourself only after every worker has been paid. if the business makes higher profit, let your payment remain fixed, don't increase it but, if profits go down, cut down your own pay. remember, your business is a different entity and hence should be allowed o grow . also, don't borrow from the business without approval from co owners or proof that you can pay back in record time. finally, only pay yourself compensation from the profits once in every 4 years and cap it at 25% reinvesting profits ensures growth and expansion!, keep that in mind!!
GIVE BACK TO THE SOCIETY no need to talk much here, givers they say never lacks!
THE BUSINESS IS A BABY, LET IT MATURE BEFORE YOU DIVERSIFY into other things especially if they are not related to the current business. just as we have child spacing in human babies, so also in business. let your startup mature and stand before going into new business ideas!
NEVER GIVE UP! nothing good comes easy, keep planning, keep striving, keep working hard and smart. that is the only way!
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thank you everyone