Strategy The ten commandments of business (Part 2)

In the first part of these series, we touched on important aspects of business such as profit, value, investing in your business, the kind of people you surround yourself with, and learning.

  • Published:
Follow the commandments of business and you'll be on the path to succeed play

Follow the commandments of business and you'll be on the path to succeed

(52haiwai)
24/7 Live - Subscribe to the Pulse Newsletter!

Just like there are certain rules that govern religion and society, there are rules that govern business too. 

In the first part of these series, we touched on important aspects of business such as profit, value, investing in your business, the kind of people you surround yourself with, and learning. 

Here are the remaining five of the ten commandments of business:

Ideas without execution is a waste play

Ideas without execution is a waste

(innovategov)

 

  • Thou shalt execute: Every entrepreneur (and every other person for that matter) has great ideas, but they don’t mean squat until you execute. Idealism is great, but its nothing without an equal dose of realism. If you have a business idea, take the chance and go for it (business is all about risks anyway). Of course, you can’t just go in blind — you idea has to be supported with facts, a solid business plan and tons of research. If you are afraid to go for it, someone else will and you will be left with .. well, ideas. 

  • Thou shalt not sleep on marketing: Regardless of the size of your business, marketing (and sales) are important to every single kind of business. So many businesses fail because they are not promoting and selling themselves. Your business/idea may be innovative but if no one knows about it, what do you have? Wasted efforts.

ALSO READ: The ten commandments of business (Part 1)

  • Thou shalt hold flexibility in high regard: Running a business is not beans. You’re competing with millions of people and other businesses which means you have to be flexible and adapt as the need arises. Every entrepreneur starts out with a plan, but that doesn’t mean that has to be the only plan you follow. Your plan must be flexible enough so that you can adjust as the need arises — when a social media campaign goes bad, a defective product makes it to the customers, or just general customer feedback. Being too rigid in your approach is a giant mistake. Even if you don’t follow all the other “commandments”, you can’t disregard this one. 

  • Thou shalt strive for excellence: When starting a business, it is easy to get lost in building the whole thing from ground up. You may even over-promise some stuff without realising that you cannot deliver. Nigerian businesses are notorious for crappy customer service but you can choose to be different. Never over-promise and under-deliver — that is the easiest way to fail. Strive to be excellent in all you do, but never compromise your bottom line.

Dream big and be realistic. play

Dream big and be realistic.

(Pastorjoe)

 

  • Thou shalt dream big: Dreaming big is part of what makes you a true entrepreneur. Your imagination has to be big enough to push the boundaries of what is or isn’t in your industry. That is what powers innovation and creativity. You have to believe your dreams are achievable (which is why they have to be realistic as well). Go out and take charge!

Being trustworthy, professional, courteous, respectful, honest, transparent, competent, ethical, honorable and confident aren’t just important values in life, they also are just as important in business. 

There is no “sure” way to succeed as an entrepreneur but with the right set of core values, you’re well on your way. 

Do you know any other important rules of business which could be helpful to other entrepreneurs? Share them in the comments section below. Happy hunting!

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.