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To Succeed, Understand Basic Business Principles

All successful businesses no matter the size or type have some fundamental key principles or laws in common. Learn the basic business principles you need to follow.

You are here: Home / Slideshows / To Succeed, Understand Basic Business Principles
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August 18, 2012 //  by Isabel Isidro

All successful businesses no matter the size or type have some fundamental key business principles or laws in common. According to a book by management guru Ram Charan:

Business is very simple. To succeed, an entrepreneur simply needs to follow the universal laws of business. Whether the business is a one-person shop or a billion-dollar conglomerate, they are governed by the same business principles.

Of course, the question is: what are these basic business principles?

Greg Fisher has created a useful slideshow on the Top Ten Basic Principles. Here is his list

Top10 Basic Business Principles from Greg Fisher
  • Decide what you do (and what you don’t do)
  • Decide who you serve (and focus on them intensely)
  • Decide what makes you different (and do it)
  • Manage cash flow (very closely)
  • Manage employees (incentivize them for success)
  • Manage customer expectations (under promise and over deliver)
  • Set goals (and go after them)
  • Expose yourself (tell the market what you do)
  • Persevere (through the tough times)
  • Always maintain your integrity (in everything you do)

Dan Ramsey, in his book “101 Best Home Businesses, has a similar list of the basic business principles entrepreneurs need to follow. Below is his list of eight proven steps to starting and succeeding with a cottage company you’ve selected:

  • Know your business.
  • Know your customers
  • Know the law
  • Know your assets
  • Add real value
  • Keep good customers
  • Manage money wisely
  • Do it better

Also read the article Business Principles of Every Successful Business.

 
Recommended Books on Business Principles:

  • Business Principles and Management
  • The 80/20 Principle: The Secret to Achieving More with Less
  • Win: The Key Principles to Take Your Business from Ordinary to Extraordinary
  • Sun Tzu and the Art of Business: Six Strategic Principles for Managers
  • Principles of Business



 

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Filed Under: Slideshows Tagged With: How to Succeed in Business, Slideshow

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