Rules for Success: Part 3
We have been running a series of posts sharing rules for success in business, as noted by prominent people from the business, sport and entertainment industries.
So far we have considered guidance from arguably the greatest male tennis player of all time, Roger Federer, and renowned entrepreneur Richard Branson. This week we are looking at guidance provided by Entrepreneur magazine.
Entrepreneur magazine first published its 5 Secrets for Success in Business in 2017. However, they remain as relevant today as then. Additionally at this time it is vital that businesses are able to focus on the key factors that will best enable them to survive the current crisis, and to thrive after it.
Entrepreneur Magazine – 5 Secrets for Success in Business
- Create something of real value
- Improve the lives of others
- Be authentic and transparent
- Focus on positivity
- *Follow the 80-20 rule
*For those of you that are unfamiliar with the 80-20 rule, or the Pareto Principle, it states, in its most simplistic form:
80% of results will come from just 20% of the action.
The key then is to apply your efforts in the right direction.
On the face of it most of these rules may seem simple. However, simplicity usually is the key to success. It is easy to overthink the problem and resultant strategy but…
Why reinvent the wheel?
In Rules for Success: Part 2 we noted that Richard Branson’s guidance could almost be used as a structure for a business plan. Perhaps the rules for success provided this week could be used to help lead your business plan evaluation process.
All strategies and procedures should be subject to regular review and scrutiny. This helps keep you and your business on track whilst allowing for the incorporation of any changes to your business model. It will also help navigate any changes within your industry or sector as well as helping to absorb the impact of an economic crisis, such as we have now.
The Final Word
Time is of the essence, particularly given the current pressures on businesses. As such it is vital that you maximise your efforts and energies. If you haven’t already, re-visit your business plan now and ensure that it is realistically aligned with your vision.
Most importantly, if you need guidance, seek it out. There are multiple support services available for business. At the very least, start up a dialogue. It costs nothing to ask a question.
We would like to remind you that Funding Track continues to operate a full service, although remotely. As such if there is anything we can assist you with at all please do not hesitate to get in touch.