Simple Business Rules for Success

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Many people think starting a business is difficult, but this is not true.  It’s actually very easy to start a business.  Almost anyone can do it.  Making a business successful, scaling a business, and keeping it running is where it can be difficult.

For advice and inspiration, I turned to one of the most successful British entrepreneurs, Reuben Singh.  If you don’t know who I’m talking about, he is the man who started the Miss Attitude retail chain at the age of 17, and then went on to establish numerous other businesses, including Isher Capital and alldayPA.  He was appointed by former PM Tony Blair as an “Entrepreneurial Ambassador” alongside other big names such as Sir Richard Branson and Sir Alan Sugar.

Some of Singh’s most important insights into best business practices can be found at his article archive, however I have summarised some of the most important concepts from this and other sources, to provide a nicely encapsulated and digestible format in this article.

Focus

The first really important aspect of entrepreneurship is to be very clear about your objectives and to understand exactly what product or service it is that you are providing.  Once this is established then you should focus on perfecting this product or service.

Many entrepreneurs make the mistake of attempting to diversify too much and too early.  Good business efforts require focus and discipline.  For example, the concept of alldayPA is that it is a company where according to Singh: “We do one thing, and we do it very very well.  We answer your phone.”

Integrity

Singh is clear on the point that to be successful you have to be true to yourself.  That can be interpreted in many different ways, but let’s face it, if you can’t be honest with yourself at least, then what chance do you have?

When you know yourself, and you are honest with yourself, you can trust yourself.  This will lead to self-confidence.  When you have confidence, then other people feel reassured, and will put their trust in you too.

Once you have the trust of anyone, including yourself, it is a precious commodity and should not be squandered.  You have to protect it and take care of it.  This means always being honest.  Not necessarily that you never make mistakes, but being humble enough to acknowledge mistakes and take responsibility for them.

There was actually a pretty interesting study performed by Data-Label. They asked 1,986 people if they have ever stolen anythign from their workplace and over 20% responded yes! You can see more about the study here: http://www.smallbizviewpoints.com/2015/10/13/how-prevalent-is-stealing-in-small-business/

Good Company

This is actually several items rolled into one, but basically it boils down to ensuring the people around you are always the best.  This means the best mentors, the best advisers, the best employees, and the best clients.  When you do this, your business will run smoothly.  When you don’t do this (which means if any of your mentors, advisers, employees or clients are not simply fantastic) then you will find troubles along the way.

Reuben Singh certainly did, which is why he warns against trusting cheap advice, and instructs that you should give a lot of attention to sourcing the very best employees and then treating them well so you can retain them indefinitely.  He is passionate on the subject of loyalty, and it’s important to build loyalty in your team, to strive for it from your customers, and also to give loyalty in return to those who give it to you.

 

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