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10 Rules of Business for Success

10 Rules of Business for Success

 10 Rules of Business – Today I’ll tell you the 10 basic rules of business which help you to run your business successfully. These empire rules of a successful business are needed to grow every business. this is the formula for success in business.

How To Build a Business

 

1. Missing Innovation Customers Money Making Model

This is the rule number one – When people start their business they do this mistake, they only calculate their own profit margin they never think about their customer margin, customer profit and after that, no one can their product I’ll tell you how to grow customer money-making model.

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  • Profitability
  • Liquidity
  • Growth Productivity
  • Gross Margin
  • Revenue
  • Inventory Turn Over
  • Cash Flow
  • Brand Equity
  • Customer Acquisition
  • Retention
  • Speed of Transaction

You have to understand your money-making model of your customer and its revenue.

One of the biggest mistake people do they don’t understand the meaning of Innovation, people think innovation means something different but this is not the meaning of innovation, innovation means solve your customer’s problem which they do not solve by himself.

2. Negative Cash Flow and Negative Working Capital

A check-in hand is nothing you need cash you need both in your business, profit as well as Cash maybe your balance sheet shows a profit but it doesn’t mean it will provide cash. Cash and profit both are different things, people have a profit in its balance sheet but they have no cash in their hand’s cash is needed to run your business without cash you never run your business.

negative cash flow

Most of the people do the same mistake they didn’t get back their revenue from the market and after that, they suffer with without cash and after that, they find fund agency but at one stage agency will not give them fund and finally, they will shut down their business.

 

3. Expansion With Negative Margin

Most of the people didn’t prepare for their margin they make their focus only on

  • Market Acquisition
  • Loss of Leading Strategy
  • Selling Cheap

If you don’t clear your vision about your margin, means how to make your margin profit? at which place, these all the questions but people haven’t their answer regarding these question and finally they have to pack up their business.

4. Lack of Talented Man Power

As we all know nobody will achieve success in their business if they have not talented manpower, it is important in every business because you do not do all work with your self but if you have a talented manpower team your chances of success will increase 50%. Highly talented manpower team means which have

  • High Performance
  • High Talented
  • High Skill
  • High Will

after these all you have to remember one more thing about your talented team which is they have to be

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  • Competency Mapping
  • Competence Assesment
  • Ideation Into Execution
  • Most Talented

5. Scalability With High Revenue Mode

Scalability and High revenue model they both are different things. Scalability means the ability to grow.  Most start-ups have profitability, margin and regional strength but they don’t know how to scale up your business, how to generate recurring revenue and attract the attention of customers.

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Most of the people try to acquire new customers but they don’t focus on their previous customer, they make new customer but they lost the previous customer and because of this they haven’t a regular customer with generates regular revenue for their business.

6. Mixed Market signal And Wrong Positioning

The problem with people is they don’t know how to position their product in the market. They don’t know what is their identity who are they. they also don’t know which one is their perfect customer and which one is not, which product is perfect product and which one is not. People didn’t focus on their

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  • Product Planing
  • segmentation
  • Market Demography
  • Market Psychography

You have to search for your product which one you are among them

  • Identity
  • Newest
  • Problem Solver
  • Best
  • Convenient
  • Cheapest
  • Best Value
  • Most Prestigious
  • Maximum Feature
  • Most Reliable

If you know these things then after that you will decide onwards which type of

  • Packaging
  • Branding
  • Marketing
  • Presentation
  • Scheme
  • Policy
  • Back End Team

7. Releasing Product as a Laggard

This is one of the biggest reason people will fail in their business because they delayed releasing their product. They release their product when the market is saturated and after that, they have to be given

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  • Discount
  • Releasing Scheme
  • Compromise with margin
  • Credit their business

They will do these all for surviving in the market because their product timing is bad and they don’t understand the adoption curve of the market.

8. Save Yourself From Getting Outcompeted

As you all know in every business have a competition, Now it depends on you how to overcome your competition. Remember your competitor keep tracking you. They observe you. You want to avoid your enemy you have to do these things

  • Intellectual Property Rights
  • Patent And Licensing
  • Proprietary Technology

You have to create a barrier in your business.

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9. Missing The Process of Converting Feedback Into Feedforward

This is another biggest reason for the failure of a business, People doesn’t convert feedback into feedforward. If your customer complaining about your product it means it wants to be with you but, Expecting some change from you.

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Most of the people think their first is their final product, but remember your first product is only for the trail after the first product you have to do some changes in your product after that it becomes your final product.

10. Business Model Of Making Ecosystem

You hear about the food chain, In the food chain, one animal eats another and they all are depended on with each other. Similarly in the ecosystem, everyone is depending on each other.

What Startups Need to Understand About The Booming Corporate Entrepreneurship Ecosystem

Examples of the ecosystem: Google, Facebook, Amazon, Microsoft, youtube, google android

They all are created a web on this web each and every person depends on each other so no one will even think about to harm others because, If they other people they preparing for their own loss because they all are dependent and connected to each other.

Use these 10 Rules of Business to achieve success in any business

Conclusion

If you don’t know these 10 Rules of Business you never will be successful in business. These empire rules increase your Financial IQ and you know what strategy should you apply in your business.

Business is also a type of science but you have to first understand the law of business.

If you have another important basic rule of business comment below.

 

 

 

 

 

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