One: What are you doing?
You have to actually run the business. Your objective is to make money. You don’t necessarily need a huge team. You can still run a successful business on a small team.
Two: Your clients and your customers. What do you provide to them?
There are certain things that can’t be replicated. I’ve been in a few businesses where the customer didn’t need a new bike. They need a new set of tires. Or they want better breaks. You can replicate that from a larger customer. One thing to sell something that’s a commodity. It’s another thing to provide a premium service. It’s something that you have to think about for any business.
Three: Your products. It’s your product. What do you sell?
It doesn’t matter if it’s shampoo or brick or whatever. Whatever you sell, it’s your product. You have to figure out what you’re selling, and how you sell it and make sure that you deliver it.
Four: Your success. How do you measure success?
Your success is measured by your client, your market, your customers, and your success. So if you have something that you’re really excited about, then your success is measured by your customer. If you’re not making a dime, then your success is measured by the market. So if you have something that’s a commodity, that sells for $30, and you’re making $2, your success is $30. The market determines your success.
Five: The people. So your employees.
We have to run the business as a business, so it’s about running the business the right way. You can’t run it the same way you run a personal business, They can’t run it the same way you run a non-profit. We have to run it professionally. You have to run it with discipline. Most of you have to run it as an employee and not as a boss.
One of the key things in the way I run my businesses is I’m the boss. My staff works for me. You’re working for other people. It’s not a small thing. So my key thing is that I run the business as a business. I understand that my success is measured by my clients, my market, my customers, my team, and my success.
It’s about the other five. It’s the same thing in my personal life. You run your business as a business, but ultimately it’s about your personal success. That’s the bottom line of running a successful business.
