I must choose a
business I like. The reason for this is
that my interest will be sustained through
the long hours
I will have to put in at first. If I don't like
what I am doing, I will soon neglect my business, grow to hate it
and eventually fail at it.
doing what I am best at. If I am good at sales, my time will be more
valuable selling than pushing paper at
the office. I should hire someone to do this in my place.
I will start
I must know and
fulfill my duties well first, the rewards will follow naturally.
Listen more than
talk. This way I will learn more about what the customer wants, more
about what my supplier can offer and learn more about business.
Always keep my sense of humour.This does not mean telling
dirty jokes, but it does mean that I
can always laugh at myself
and not take myself too seriously.
This will help me when I make
mistakes, or when I am negotiating,
it will help defuse tense
situations and give me an edge by
I must be patient or learn to be. This is useful in most
situations, but especially, when there is
trouble. Patience will help
me assess the trouble, learn what
others intend to do about it
me time to come up
with my own solutions. Above all I will avoid
I must not be afraid to ask for help. There are situations I will
not know how to take care of, no
matter how I try. This is
the time to ask for help, from someone
not involved. This
person can be my
wife, a trusted friend or
businessman. Not being
they will be able to give me a totally objective
point of view and disinterested advice.
Learn all I can of all aspects of business. Depending on what I need to
learn, there are all types of
seminars, night courses and
books on all aspects of business. It
is up to me
to find time to complete my knowledge.
Take some time off with my family. I must make time to be with my wife and children, otherwise, I
will be neglecting my greatest source of support and risk losing that
support, at a time, when I may need it most. Who am I doing
all this for, in the first place? I must not forget my
I must ask questions when I do not understand. I am never expected to know everything, even when I am in the
middle of negotiations. No one can object to a relevant question,
this way I will learn and be
better next time.
Keep my banker informed of my situation. From my plan, I have
determined how much money I needed to start
and run my business. There
may be a time when my forecasts fall
short, my banker is entitled
to know this, early. As a lender, he
has a stake in my success,
and through his experience, he can
make useful suggestions.
This will reinforce the bond of
us and help me take timely corrective action.
- I will not extend credit (if possible). I will use credit cards
instead of credit, I need all my cash to
run the business. If I must
extend credit, I will first make a
through my bank and follow its advice.
If faced with
delinquent accounts I will take action within 90 days and tell this to
my clients. Unfortunately, some clients
take advantage of a new and small
business. I must not give in
to this type of blackmail. A sale
not collected results in a
net loss to me. I cannot afford this.
The delinquent client should,
in the future, be made to pay cash.
If he refuses, I will send him to my competitors, maybe they can
afford this type of business.
If and when I hire
personnel, I will explain what my business is all about, as part
of the training. The result is that, instead of an employee, I might get a
colleague, it will also make the job more meaningful to
employee, who will feel trusted and part of the team.
I won't hire
personnel unless I really need it. If the need for personnel
is apparent, I will try to combine jobs
- I won't make large capital purchases until my business can afford them. I will get by with the
least possible in equipment machinery or
will keep my overhead low and will pick up what I
need as the business expands.
If I need a
partner, I will assess him carefully. My best friend may not
be my best business partner. Partnerships should always be in the best
interest of the business, resulting
from a sound business decision and not for emotional
If later I decide to add a new product or
service to my line, I will make sure it is destined to the same customers I
serve now. I don't want to chase two
rabbits at the same time.
I won't get discouraged. I have done my
homework well and am willing to learn as I go. I
will use my enthusiasm, my brains
and persistence to overcome all
obstacles. I will use all my resources and contacts to seek help when
I need it and I will succeed.