10 Golden Rules from Chapter Seven
1. Value Creation: In order to achieve financial breakthrough, you must be determined to create and offer value. People are ready to exchange their financial resources to obtain value whenever such values are needed.
2. Develop Entrepreneurship Mindset: To make headway in offering your value – Product or Service, you must develop the mindset of an entrepreneur. The mindset to market the value to attract patronage from potential clients and customers.
3. Multiple Sources of Income: Never put all your eggs in one basket. Be determined to create a system that generates multiple incomes, especially passive incomes. Having alternative sources of income increases cash flow and enhances capital formation.
4. Savings and Investment: No matter how much you earn as income, make sure you don’t spend all your income. Cultivate the habit of regular saving. Regular savings helps in building financial fortress to respond to financial needs and emergencies.
5. Financial Plan and Budgeting: Always make necessary plans and budget for your financial resources.
Financial planning and budgeting help you to track your spending and minimize unnecessary spending.
6. Needs and Wants: There is wisdom in your ability to differentiate your needs and wants. Be careful not to spend your hard-earned income on luxury goods. Spending money on luxury goods puts your finances in distress and reduces your ability for saving and Investment.
7. Manage People Well: No business can survive without people – Employees, Customers, Suppliers etc. You must develop interpersonal relationship skills to manage individuals whose involvement and influence can have direct or indirect impact on your business.
8. Business and Charitable Deeds: As much as you need to be kind and nice to people with your products or services, you must understand that business is meant for charity. Be careful not to turn your business into charity organizations.
9. Keep to Your Non-negotiable: Never compromise your non-negotiable for whatever reason. Learn to be firmed on issues and factors that can spell dooms for your business, especially on credit and negotiation policies.
10. Nothing But Quality: Adhere strictly to excellence. Let your product or service offer the best quality that customers can ever get. Quality products and services help you to build customers’ loyalty, attract potential customers, and help you retain the existing customers.
*Worth Thinking About:*
As an entrepreneur, you will face some challenges as you are working on your business idea, but be rest assured that success is attainable only if you don’t give up on your dream.
*Note:*
Successful business people are tenacious; knowing that obstacles are temporary barriers that they
must face and overcome. Therefore, I charge you to go forward and have success in your business.
I Wish You A Great Week!
*Gbenga Emiloju (DMPII)*
