60 lessons from, "LIKE A VIRGIN"
1. If you don't enjoy doing business, you won't stick to it because it takes great time and hard work.
2. Great customer service will make you stand out in an already crowded business segment.
3. If you can make people proud to be associated with your company, then you will stand out in a world of mediocrity and indifference.
4. As a leader in your company, know that no one has a monopoly of good ideas or good advice. Always listen.
5. Never openly criticize people, never lose your temper, and always be quick to applaud a job well done.
6. People flourish on praise - always praise your employees and staff.
7. Talk to your staff and customer at every opportunity, listen to what they tell you, and act on it.
8. Establish a business culture - one built around people.
9. It is counterproductive to be ruthless/aggressive in the way you conduct business. You don't have to be aggressive to get ahead.
10. Going the extra mile for customers builds massive customer loyalty and brand -enhancing benefits.
11. You must be quick to accept that a business is not going well and either change tactics or close the business.
12. As a startup you do not have advertising power to out - market big competitions so you have to do everything to be visible; sell yourself first, then the business.
13. A company's employees are its greatest asset.
14. A company where the staff overuse the word 'they' instead of 'we' is a company with problems.
15. There's no better way to learn how to succeed in business than to learn from mistakes -- yours or someone else's.
16. There's nothing wrong with making mistakes as long as you don't make the same ones over and over again.
17. No matter how you run your company, there are always going to be a few chronically unhappy customers who cost more to maintain than to lose.
18. Your ultimate goal has to be 'The customer always thinks you are right' not 'The customer is always right'.
19. It is far better to 'underpromise' and 'overdeliver' than vice versa.
20. Pursuing your vision means that you will have to ignore others' warnings and even jeers.
21. In business, creating a favorable impression at the first point of customer contact is an absolute imperative but don't blow it with the second impression.
22. Empowering employees so they can make good decisions is one of an entrepreneur's most important tasks.
23. Once your company matures you will have to make a decision about which role is right for you: an entrepreneur or manager?
24. Once your company matures you have to remove your self from the business's day-to-day functions so that you will have enough uninterrupted time to look at the big picture and plot the company's future direction.
25. The way to foster employee commitment is to mold them into intrapreneurs within the company. The key is to enable them to pursue their vision. What if CEO stood for 'chief enabling officer'?
26. In business asking questions may not save lives, but it can save you a lot of time and money.
27. The fact that your business partner is also a friend cannot be an excuse for turning a blind eye to recurring mistakes.
28. Two obvious ways to fund a new business is to borrow from your family and friends or to apply for a bank loan.
30. When senior managers in a company make the effort to foster relationships with employees and colleagues, a real community spirit results.
31. The only certainty in business is that one-day things will go wrong. Be prepared.
32. You always have to be ready to capitalize on opportunities when they come along, and not be afraid to pounce.
33. When a business does well, many owners/chief executives start to focus solely on increasing profits, no matter what the cost - leaving behind everything that originally made the business special.
34. As you make your presentation to prospective investors, how you listen to feedback can be just as important as what you say.
35. Never forget that overcoming adversity is the mark of a true entrepreneur.
36. Success in business is best measured by whether or not you have created something of which you can be truly proud - and whether or not you've made a real difference for others.
37. You don't need to slather money over a good idea. A good idea will grow by itself.
38. Nurture the entrepreneurial spirit in children. Early endeavors can pay dividends later in life.
39. Change is good; as long as it is managed.
40. Managers should never rule by fear. Enthusiasm, genuine openness, and camaraderie with staff are far better.
41. Recognizing failure and recovering from mistakes are essential skills for any entrepreneur.
42. A successful business should never lose its focus on its customers and maintaining its standards.
43. When you are evaluating a proposed investor/partnership, do not focus solely on the capital you need to kick-start your business. Ask: will this person or group give us space and time we need to build a great business?
44. The retention of customers is important to any company; after all, it makes more sense to keep the good customers you have than to continually chase new ones.
45. Keep in mind this classic statistic: an unhappy customer will tell ten people about a problem, while a satisfied customer will only tell four people about a good experience.
46. Be flexible, because, just as lack of planning can be a problem, adhering blindly to your plan is a sure-fire way to steer your company off a cliff.
47. Don't short-change your start-up when estimating the funds you will require - you will just diminish your chances of success.
48. Hire the people you need, not the people you like.
49. Always have legal backings for your deals/contracts. Get your lawyer involved in the details.
50. Earn your customers' trust and their loyalty will follow.
51. Mentors make your dreams happen faster than you imagined.
52. Conventional wisdom holds that companies should see to their shareholders' needs first, their customers' second and their employees' last of all. The reverse is far better!
53. Watching your waistline will help the bottom line. That is to say, watching your personal health and wellbeing will help your company's well being.
54. Time for family and friends is of utmost importance irrespective of your business's demands.
55. Always celebrate success because success breeds success.
56. Education starts at school but goes on forever.
57. 'For those who think business exists to make a profit. I suggest they think again. The business makes a profit to exist. Surely it must exist for some higher, nobler purpose than that.' Ray Anderson (founder of Interface, inc.)
58. Luck doesn't just happen, you have to work at it.
59. Be visible: Market the company and its offers by putting yourself or a senior person in front of the camera as often as possible.
60. Pay attention to the little things and the big stuff will be just fine. This will separate you from the competition.
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Comments
Lesson 45 just got me, the statistic makes it clearer and validates "bad news spread faster than good ones" even in business.
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