Starting a business in India is easy today. Availability of fund, a good business environment and willingness to start a business is major driving force behind it. If you are fed up with your job and planning to start a business I have something for you. Today I will be sharing 10 Golden rules for running successful business. These rules are proven rules and drive from careful research and analysis. These rules are adopted by many successful business tycoons.
10 Golden Rules for running Successful Business
Rule 1 – Select your Business idea or product carefully
A first thing you should do before starting a business is select business idea or product. You should be careful in selecting a product. A product should be unique and fulfilling customer requirement. It is good to select a product which is must to have like Aspirin. You should not select product which is nice to have like vitamin.
Rule 2 – Commitment for Work and Business
A second golden rule for running successful business is commitment for work and business. You should be committed to what you are doing. You should trust your business greater than anyone else. If you have passion for work chance of getting success in business is very high. You can take example of any successful business person and you will find that they are successful in business because they are passionate about business and work.
Rule 3 – Share your profit with others and treat employee as your partner
In order to keep your employee with you, it is good to share part of your profit with them. If you treat them as a partner, they are likely to perform better.
Rule 4 – Select your Team Carefully
Another rule which you must follow for building successful business is select your team carefully. Your team members are equally responsible for success of your business. You should always select expert in respective area and pay them nicely.
Rule 5 – Keep Motivating your Team members
You should keep motivating your team members. Money and ownership is not enough. Praise and motivation also play a big role in success of business. Motivated people will bring your business to next level.
Rule 6 – Appreciate your business associate, partner and employees
Sincere words of praise to business associate, partner and employees are fuel to business. You should appreciate the effort place by them in timely manner.
Rule 7 – Know your customers
You should know your customer and give them what they want. Knowing customer mindset and taking decision in same direction will always help your business.
Rule 8 – Satisfy your customer and always exceed your customer expectation
You should always exceed your customer expectation. Give them extra and stand behind them and do whatever reasonable is required by them. Remember one happy customer will bring other ten customers.
Rule 9 – Control your Cost
Another golden rule of success is control your cost. This is where you can always find the competitive advantage. Less cost will help you to increase your foot print in market.
Rule 10 – Build a business or brand as you own it forever
You should build a business or brand as if you will be owning it forever. You should have burning desire to solve the pain of your customer.
Hope above golden rules for successful business will help you in running your business.
If you have any query related to business, please free feel to post in the comment section.