The 10 Golden Rules For Business Success

Business success, at least in parts, is related to how efficiently a business solves other people’s problems. And along the way, make a profit to sustain it. The logic is, the more problems a business solves, the more profit it makes. The market runs on the supply and demand principle. It can only be saturated when humanity experiences complete satisfaction. Which clearly isn’t the case.

This points at how potent the market is. With little imagination, we can spot tens of problems. The inefficiencies. The Shortfalls. The frictions. And an opportunity in each of them. There are certain rules that can help us discover those hidden opportunities. And lead us and our businesses to success.

Here are 10 of such golden rules for business success:

1. Do Something Well

• Success is hard to define. But in essence, what it really means is just doing something well.
• Jack of all trades, master of none, is an outdated aphorism.
• The modern world often doesn’t reward people who are average in 10 different trades. This system awards outliers—a master.
• When we observe the people who have the biggest impact on their field, it becomes clear that success comes out from laser focusing on one thing and then doing it well.

How to do something well?

Gary Vaynerchuck, American Entrepreneur, seems to have the answer. He says, “focus on your strengths. Triple down on them and ignore the rest.”

When we put our minds to doing something well, we can become so much more than just good at something. Applying that to business could lead to tremendous success.

2. Leverage Innovation

• Nokia isn’t around anymore. Xerox is gone. Yahoo is a talk of the past. And where is Kodak?
• All of these mammoth businesses failed because they failed to innovate. The idea is as potent for an individual as it is for the business world.
• The technological advances are a moving spectrum. You can’t hold out on one feature and expect it to last years.
• Businesses with that approach leave themselves limping behind the competitors.
• Stay ahead of the curve or step aside rings truer in these times than ever before.

Leverage innovation.

3. Execution

• Entrepreneurs are filled with ideas.
• The internet is filled with ideas.
• While good ideas still hold a supreme value in our society, what’s more valuable is how we execute these ideas.
• In this world, everything is predicated on the action, not thought.
• People often talk about ideas, and true! That’s how you develop an idea. By expressing it and brainstorming it with other people.
• But often people stop at that step and never make it to execution. It’s easy to talk about things. What tests the salt is an honest execution of an idea.

Execution is everything.

4. Have Patience

• Business success isn’t a sprint race in track.
• We all intuitively know it’s a marathon. And the long game and long-term thinking are its fueling force.
• Hacks and shortcuts forget to teach us that the real strength comes from a brave journey, not by skipping to the results.
• The rules for sustainable success are the same as they were a hundred years ago. Working and having patience.
• The anecdotes of outliers make it evident that it takes years of working day in and day out before anything resembling success appears.

So, have patience.

5. Take Professional Advice

• One can never know it all. This could be because we are often so deeply immersed in a subjective world that the objective truths of businesses don’t reveal them to us.
• The solution is simple. Take advice when you need it. Someone else’s experience could help you see the world beyond your inefficiency.
• Business success has always been a group task, where people come together to solve the most important problems of their times.
• It’s a smart move to leverage someone else’s expertise to your benefit.

Take professional advice.

6. Hire a Team of Varied Personality Traits

• The hiring professionals tend to hire people like themselves. If you’re a wild-eyed creative personality, you tend to like people who are a wild-eyed creative type. And the next week, the workplace may get crowded with flip flops and ‘Free Marijuana’ posters.
• If the hiring manager is a conservative type who prefers old school organised individuals with polished shoes, then maybe there might not be much excitement in the room.
• We need both personality types.
• A healthy workplace is where people of all types of personalities can co-exist and form a dialogue. So, they can pinpoint each other’s inefficiencies and work on them. See if you can manage to do that.

Hire a team of varied personality traits.

7. Timing is Everything

• Solutions that come along at the right time tend to outshine all the other solutions. Even small solutions of timing could result in a huge impact.
• If your business has an outstanding product, and it’s timed right, you can almost count on its success. On the other hand, the best products go to waste, no matter how well-intentioned, if they weren’t timed right.
• Timing plays a crucial role. We learn the importance of action, but we forget to learn the significance of timing.
• Since you have limited energy, you must focus on what’s important and organise your business more sufficiently to get in tune with the current world. Because none of us wants to miss the next big thing.

Timing is everything.

8. Do the Undoable

• The most inspiring stories of business success are often about people doing the undoable.
• You can take the most difficult ideas and turn them simple so the masses can access them. If you can sustain that approach for long enough, you could become the closest the business world has to outliers.
• Whether it is Apple revolutionising the mobile industry or Netflix redefining what streaming platforms can do - A smart business doesn’t just optimize itself with the current opportunities but also stretches the boundary between what is and what is not possible.
• When your business sets its back on innovation, then it stands out and earns respect.

Do the undoable.

9. Build Credibility

• The American expression, ‘Put your money where your mouth is,’ is humorous yet an effective idiom to demonstrate how to build credibility.
• Everything your business says or does ideally should come out from a credible place. People intuitively realise when a business or an individual isn’t being authentic.
• The business credentials strengthen your claim of mastery. It could be earned through industry awards, testimonials, or an honest review.
• It’s trust that brings a customer back. Building trust seems to be a reliable mantra for wealth and success in business.
• Relying on facts and a research-based approach is recommended. Let your work be the social proof of your credibility.

10. Build your Legacy

The idea is simple. How you make your business profitable is more important than how profitable your business is.

Ethics matter.

• At times when the business world is packed with imitators who would do anything to make a little profit, traits like honesty and authenticity play out a big role.
• As we know, it’s not a sprint race in track.
• One of the major concerns of a business should be to answer, as often as possible, the question, ‘how will history look back on what we are doing?’

Legacy matters.

• The modern world is deceptive. Often it convinces us that the only way one can define success is through capitalist terms like status and money.
• In an ideal world, success is about doing something well. It’s a bonus if one couples it with a good intention.
• Once we shift ourselves from the front seat of this high-speed race of dominant status, we could define the success of our business on our terms.
• And then, the statement that everyone and every business can be successful wouldn’t look as absurd as it currently does.

Also Read:

1) What Is IPO? Definition, Types, Eligibility, & Process.
2) What is a Business Emergency Plan? Time To Review Your Finances
3) Things You Should Know Before Co-Signing a Loan for Someone Else
4) Where To Get Your Insurance Policy – Online Or Offline?

Stay updated with new business ideas & business tips with OkCredit blogs in English, Hindi, Malayalam, Marathi & more!
Download OkCredit now & get rid of your bookkeeping hassles.
OkCredit is 100% Made in India.

FAQs

Q. If we have to choose one single thing to be successful, what would it be?

Ans. Solving other people’s problems seems to be the right answer. Since humanity still seems so deeply dissatisfied with their personal and social tragedies, we truly believe that there is no shortage of ideas to start new businesses. Especially if you follow these golden rules for business success.

Q. How to conclude if a business is successful?

Ans. There are many ways to define success. Apart from the obvious annual profitability, the answer that makes the most sense to us is to be useful to people at large. And while being useful, it provides satisfaction to both the employees and customers.

Q. Why do I embrace the web?

Ans. No matter what type of business you run, your customers will turn to the web to read up about your products and services. If you’re not online, those customers are very likely to give their business to your competitors. Specifically for business success, it seems like a smart choice to have an online presence.

Q. Is finding a niche still significant in 2021?

Ans. A small business with limited staff and resources can efficiently serve a niche. It comes back to the same point of doing what you are good at and becoming an expert in that field until you’re ready for bigger challenges. And yes, it still applies in 2021.

Q. Why should you listen to my customers?

Ans. A good business listens and reacts to its customer's needs. If you do that effectively, they will become loyal customers and recommend you to others. Personal recommendation is still the most effective market tool there is for your business.