10 Rules of Business Every New Businessperson or Entrepreneur Should Know

Sam Walton may not be a globally recognized name, but the brand that this man created

is recognized throughout the world. Wal-Mart Stores and Sam’s Club Stores are some of the most profitable shopping centers in the world, and the Walton family has built a retail empire that is almost untouchable by other retail establishments. Many people don’t realize that Sam Walton created a list of business rules that he believe helped him turn his first small store into the powerhouse that it has become. If you’re interested in Sam Walton’s business rules, you can view them on the Wal-Mart website by following the link. Taking advice from the wise and the successful is a great way to get a head start running your own business. Here is a list of 10 rules of business, a great supplement to Walton’s obviously successful list, that every new businessperson or entrepreneur should know.

Commit these rules to heart, and implement them constantly as you run your business. You’ll immediately start to see a difference that will carry your business to greater levels of achievement.

1. Running a Business is Like Committing to a Relationship

Understand at the get-go that running a business is best compared to a relationship commitment. Committing to a relationship requires the investment of time and energy. Whether you’re thinking of a marriage, a lifelong friendship, or the relationship between a parent and child, these relationships cannot be successful without some form of investment. Successful business owners never considered backing out of their business endeavors if they failed to succeed in the first few years. Successful entrepreneurs weren’t stingy with the time and energy they sacrificed on behalf of their business. Entrepreneurs who achieve success treat their businesses like a family member, giving without expecting anything in return. Well, at least at first.

2. Communication is Irreplaceable

In the business world, communication is irreplaceable. Communication is the foundation of business success. Without effective communication, a businessperson cannot hope to share ideas, goals, and dreams with a team of investors or partners. Without adequate and regular conversation, a businessperson cannot evaluate the performance of his or her team members. Conversation enables a business owner to communicate expectations with employees. It also enables employees to communicate their concerns or complaints with the business owner. If conversation ceases, business growth ceases. It’s as simple as that.

3. Celebrating Small Milestones Keeps Businesses Moving

Many times, entrepreneurs become so bogged down with achieving big, significant goals that they forget to celebrate the small and seemingly insignificant milestones achieved every day. Regularly celebrating small achievements can keep a business moving forward. Measuring progress in small doses helps to alleviate frustration and prevent discouragement from creeping in. The job of an entrepreneur is filled with enough discouragement to last a lifetime. Instead of focusing on what hasn’t been reached, focus on the goals that have been fulfilled.

4. Efficiency is Paramount

If you want to beat your competitors, figure out how to operate more efficiently than they do. Lower operational costs, make deals with suppliers, find cheaper marketing strategies, save energy each month, and stop spending money on wasteful things. These changes may seem small, and perhaps your business will only save a few dollars each month, but even a minute adjustment in efficiency can increase your business’s likelihood of succeeding.

5. Change is Necessary and Unavoidable

Entrepreneurs who are terrified of change or resistant to adaptation have no hope of transforming a business from a small endeavor to a powerful profit generator. Change is unavoidable. Even more than that, change is necessary for a business. If a business never changed, growth and development wouldn’t occur. Until entrepreneurs start seeking opportunities for change and embracing adaptations in the business world, their endeavors will remain firmly stuck in the past.

6. Stepping Outside the Norm Can Make All the Difference

One great way for a business to succeed is to embrace something that is slightly outside the norm. If all of your competitors are doing one thing, consider doing the opposite thing. It’s important, of course, to research what a target audience wants and needs, but a certain element of surprise and independence can help you stand out from your competitors. Consumers love uniqueness, and adopting business practices outside the norm is a great way to present your business as a unique entity. Additionally, no businessperson or entrepreneur ever discovered a new, more effective business practice by doing the same thing that had always been done. Accomplishments are made by taking risks and being unafraid to experiment.

7. Forced Optimism Generates Real Positive Results

Even if you have to glue a smile to your face, keeping a positive attitude can dramatically improve a business’s chances of success. Failures and obstacles might tempt you to despair, but forced optimism can actually generate real positive results. When your employees trust and rely on your optimism, they’ll be more likely to work on your behalf to achieve the results you need.

8. You Can’t Please Everyone

Entrepreneurs need to abandon the idea that a business can be created that will be pleasing to every consumer in the market. It’s simply not possible. Instead of focusing your efforts on trying to please a massive audience too varied and expansive to reach, consider subdividing your target audience and marketing to a smaller group of people. Don’t be afraid to create a specialized and intimate business.

9. Giving Praise Where It’s Deserved Creates a Profitable Work Environment

Another important business rule is the importance of doling out praise when it’s deserved. Giving praise where praise is due inspires workers to work harder. This can only benefit your business. Praise costs your business nothing, but can earn your business everything.

10. Generating Success Takes Time

Trying to rush the business success process won’t help you in the long run. Long-lasting and sustainable success is achieved at a slow and steady pace. Setting your expectations too high, creating timetables for your business that are too ambitious, or focusing on setbacks rather than steps in the right direction will encourage you to succumb to despair. Patience is a business virtue, and every businessperson needs to know that.

These 10 rules of business can prepare you for the entrepreneurial journey and improve the chances of your own business’s success.

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