The Strategist

Fourteen basic lessons for any business

11/10/2017 - 14:20

Do you want to create your own business or expand your existing company? Then "Fourteen basic lessons" from the founder and head of Subway Fred De Luca will surely be useful for you.

1. Start small

Some people think that if small business does not bring tangible income or does not expand to an international company, then it is no good. I disagree. On the one hand, the small can always grow big, and on the other hand, while the enterprise is small, you have time to learn the lessons necessary for future success. Therefore, if you want to create a big business, it's best to start small. Even a tiny company has all basics of entrepreneurship, and it you can get a great experience during your early days.

2. Earn a few cents

How did you earn pocket money as a child? Maybe you were selling lemonade? You've got an important lesson that says: it does not matter how much you earn at first, even a few cents, but you're learning how to earn. Here they are, the first lessons of the economy.

3. Start is an idea

Look around. What can be improved? Where is the free niche? Take an interest in the opinions of others. You will definitely come across a worthwhile idea. Now it seems to us that all the great ideas are connected with new technologies, the Internet. Some of the creators of Internet projects became billionaires overnight, but often they started with a simple idea.

4. Be farsighted

One idea is not enough. You have to imagine what's behind it. Let's say you have an idea, and what's next? This "what" is very important. What happens after we start a business? What can it become? What value can it have? What kind of emotional and financial benefit will I get from this? What exactly will make me act, invest forces and resources? Answers to these questions will help you to form an overall picture of your business. And when creating it, always think about more! Give yourself an opportunity to experience excitement from the idea and the future associated with it.

5. Believe in yourself

Creating a business is a permanent solution to problems that never end. Very often the future of your enterprise seems very doubtful. You do not have enough money, you lose customers, suppliers disappoint you, and employees use your business to their advantage. Many things go wrong. Then the surrounding will certainly advise you to forget the "crazy idea" and do something else, for example, to find a job! But even in these moments you should not lose faith in yourself and your business.

6. Get ready, fire, aim!

Do not be afraid if you don’t have much experience. You can spend your whole life on plans and dreams. It is better to shoot first, adhering to the general direction, and then to clarify the goal, than not to shoot at all. Get started. Move in the right direction and adjust the course as you go.

7. Profit or loss

You can sell a lot, but remain a non-profitable business at the same time. There are only two ways to make money: increase sales and reduce costs. Believe me, this is a lesson that should be learned as soon as possible.

8. Be positive

Do obstacles seem insurmountable? A bad mood will not help you get out of the situation, so be positive.

9. Keep improving your business

Those who achieve success constantly improve their work. Introduce new products, new ways of servicing, seek new exits to the market, new ways to overtake the rest in the industry. You cannot do this once and for all; the process never ends.

10. Trust your people

Perhaps this is not easy. But the experience of successful people shows: you need to trust your people more... or blame yourself.

11. Never spend all your money

You can make mistakes, you can have a bad day, a week or even a year. You may have little money, but you should never spend all that you have.

12. Engage new customers every day

You cannot grow if you don’t have new clients. It is important to convey information about your product. Invite them to try, and then turn a one-time visitor into a permanent. And to attract new clients every day is your main task.

13. Be persistent: never give up

Persistence helps people move and succeed. If you give up, you will never grow up. Stay true to your plan or purpose despite the circumstances. In business, you have to decide questions no matter how difficult it is. There’s one way out for those who gave up: start again and take another attempt.

14. Name your brand

This is a fact: branded products are sold better even if their price is higher.

Why are these lessons so valuable? They can increase probability of success of your business. They are learned and used by all entrepreneurs. And if you plan to expand your business and employ more than two people, then, of course, you will have to learn much more.

Based on ‘Start Small Finish Big, Fifteen Key Lessons to Start — and Run — Your Own Successful Business’ by Fred DeLuca, John P. Hayes

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