Every day I hear of one failed business or the other and it’s quite disheartening. The fact remains that in order to be successful; you should be ready to take some risks.
over the weekend, I had the opportunity of reading an amazing book by Seth Goldman and Barry Nalebuff titled ‘Mission in a bottle’ the book is a must read for the rookie entrepreneur and also the old timers in the game . Goldman and Nalebuff shared some rules that helped them build their $10 billion enterprise and I in turn will share some of them with you today.
1. Build something you believe in: that’s the first and permit me to say, the most important step to building a lasting brand. When the chips are down, when everyone you know seems to have turned their backs on you, when you are sitting in a dark room wondering why your business is failing, there’s only one true powerful thing that keeps you going-you believe in your purpose.
2. Don’t aim for 10% improvement: create a brand or product that is radical and provide solution to the prevailing need. Do not try to create something that’s a slight improvement to what’s already on ground. Dig deep and decide now to build something radically different and radically better.
3. Prepare to be copied: in their book, they expressly stated “do not start unless you’ll survive imitation”. If your idea is truly amazing and takes off, you can count on it that copy-cats will try to overtake you. The only way you can put them in their place is by constant innovation or you can also take the same path Honest Tea took- make friends with one of the biggest copy-cats and let them buy you out. For instance, Coca-Cola Company acquired Honest Teas in 2011.
4. Build up reserves of money and energy for bad luck and mistakes: this is a wonderful piece of advice but at the same time, one of the hardest to follow. How many new businesses have enough cash sitting around? But according to Goldman and Nalebuff, you should run as lean as you possibly can and do not waste money or energy. You’ll encounter mistakes and bad luck along the way. So having a good reserve of cash and energy will help along the way.
5. Don’t compromise on the big things: the vision, purpose and core values are non-negotiable. These things should be set in stone. You can be flexible in any other aspect.
6. Figure out how to achieve your goal on a tiny budget: apply this principle from the-day-one of the business. Your goal is to stay active till you become a success. Blowing the budget will insure nothing but a quick death.
7. It’s a marathon, not a sprint: building a business empire is not for the faint of heart or the speed demon. Starting a business empire requires planning and perseverance.
8. Take care of your family, personal and spiritual health: Imagine the path to a wildly successful business: the founder works at a feverish pace for 18 hours each day, for at least 5 years straight bet most of you would think, he’ll end up being the next whiz kid on the entrepreneurial block right? No, it does not work that way. You need to strive for balance. The notion that we need to kill our family relationships, personal health or level of sanity to build our own business is sadly misaligned.
Stick these eight rules from Goldman and Nalebuff to your mirror, look at them and live by them every day of your life as an individual chasing your dreams or as an entrepreneur and you might end up as successful as they. Honest.8 Ways To Build Your Business by Stellamaris Obomanu