Business discussions often cover various topics, but adhering to core principles is crucial for achieving success. In this article, we will explore seven essential principles that should be remembered when running a business.
1. The ‘Who’ is More Important than the Product
When starting a business, people often emphasize the importance of the product. While the product is important, the real key to success lies in the ‘who.’ Even with the same product, some succeed while others fail. The reason lies in the person behind the business. The capabilities and attitude of the leader ultimately determine the success or failure of the business. Many of the issues that arise in business stem from the leader themselves.
2. Shift from ‘Seller’ to ‘Consumer’ Perspective
To grow a business, it is more effective to adopt the perspective that consumers choose us rather than the mindset of merely selling something. Claiming originality and superiority is a seller’s viewpoint. Instead, consider why consumers should choose us—this will be much more beneficial. Capturing the consumer’s heart is the key to success.
3. Build the Best Team
The most important aspect of achieving business success is building the best team. Unless you are a solo entrepreneur, you will need to work with others. Marketing, branding, and sales are all important, but none of these can succeed without a great team. Successful entrepreneurs have one thing in common: they knew how to make their employees perform at their best.
4. Don’t Blame Employees for Problems
When sales issues arise, it is easy to blame employees. However, this is merely a way to rationalize your own failures. Remember, you hired those employees. Their issues are ultimately a reflection of your own. It is essential to reflect on yourself and make efforts to resolve the problem.
5. Consider Spending as an Investment
Purchasing a desk for your business is an expense, but the critical criterion is not the price of the desk. Instead, consider how that expense can generate greater revenue. For example, it is wiser to buy a $300 desk that leads to $600 in revenue rather than a $30 desk that generates only $20 in sales.
6. Business is Ultimately About Making Money
Changing the world and solving customer problems through business is important. However, never forget that business is ultimately about making money. Many entrepreneurs who disregarded the importance of profit are now lost in obscurity. It is crucial to make money through your business and use that profit to create even greater value.
7. Avoid Failure Instead of Learning from It
While learning from failure is a common business mantra, unless you are someone with substantial capital like Lee Jae-yong or Chung Yong-jin, it is more important to avoid failure as much as possible. Before diving into something with the mindset of learning from failure, carefully consider your assets and approach with caution.
Conclusion
To run a successful business, it is essential to remember these key principles. By adhering to these guidelines, you can steer your business toward success.
Reference: Martina, “7 Stories About Business”