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The Principles Of Business - Business To Business - Nairaland

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The Principles Of Business by nonsonnamani: 4:13pm On Oct 09, 2013
I have read about 103 books on business and they seem to have an underlying re-occuring theme, so I summarized them and decided to share it with you guys ( winks, you know I can do anything for you people )

1. Concentrate On the interested; leave the rest.

I have ran about a couple of businesses and I had always gone against this rule till I recognised how wrong my moves were. We are so concerned about getting more customers and raking in more profits - very wrong; the right approach is concentrating on our already existing customers. The thing about customers is this: 7 out of every 10 people you talk to about a product will not pay for it anyway, 1 out of 10 will not be fully convinced to pay for it and just two out of the ten will actually pay up and get the product. So the logic behind this principle is treating those two right, make them satisfied and in the long run they will get the undecided "one" to get your product, because they won't be able to stop blabbing about how great you and your product are.

2. Don't always go for your passion; go for what people want.

You see, this noise about doing what you love doing and turn it into a business is kinda outdated. For instance, I have a friend who loves watching football and thinks he loves nothing more than that; sure enough, nobody will want him to watch football matches for them and then pay him. The thing about business is not "categorically" finding what you love and doing it, but rather; finding what people love terribly and giving it to them. Owners of conglomerates don't go for the "what I love" crap; check out Carlos Slim and Dangote. Carlos Slim owns a telecommunication company and he doesn't even like computers. The thing is this; if you really love business - that's enough, let your passion for business and the desire to make an impact that comes with it drive you.

3. GO for Better rather Cost effective.

The problem with most business men is we always want to cut costs, we always want a cost effective way of doing things - its cool. But the thing is this; in business when it comes to choosing between cost effective and doing a better but costly job; choose the later. The former has a way of turning sour in the end.

Follow me on twitter for more @nonso_nnamani
Re: The Principles Of Business by Cadwallader12: 1:28pm On Apr 19
The principles of business encompass a wide array of concepts, from efficient resource allocation to customer satisfaction. At its core, successful business operation hinges on integrity, innovation, and adaptability. In today's digital age, navigating complexities like 콘텐츠이용료 현금화 (monetization of content usage fees) is paramount. It underscores the importance of leveraging content effectively to generate revenue streams. Moreover, ethical conduct, transparency, and sustainable practices are integral for long-term viability. Embracing diversity, fostering collaboration, and embracing technological advancements are key drivers of growth. Ultimately, adherence to these principles fosters resilience and prosperity in the dynamic landscape of business.

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