Belonging to a Business background, I have always been inclined to know technicalities of running a Business. Naturally, Business tycoons have always intrigued me. When I look around, I see Vijay Malya (in India) and when I look globally I see Richard Branson, an outstanding businessman. Richard recently launched his Business Bible ‘Business Stripped Bare’ and boy, I was waiting for it!
I loved the book so much so that I decided to share all that I earned from it with any and every one, who has even a bit entrepreneurial bacteria in blood.
I am about to squeeze the book into a brief power dose which I will print and put on by office desk and read it every morning till I understand the simple fact that Business is not equal to algebra, ‘it’s just what concerns us’.
1. Social Responsibility: “Ordinary businesses are aimed at making money…. There is no consideration of how people benefit, its all about making profits. Social business, on the other hand is all about social benefits, not personal gain. Profits are important to social businesses, which seek to sell products at prices that make it self-sustaining. A social business is not a charity – but profits are not its ultimate goal. When a social business turns a profit, the original investors are repaid, but the rest of the profits stay with the company in order to achieve its long term goal of helping the poor.”
2. A fact hard to digest: No bribes, no backhanders and no hidden payments to oil the wheel of commerce. If you can think small, you can grow big and by small it means modular and successive. It’s Ok to be yourself.
3. Find good people and set them free: The more you free your people to think for themselves, the more they can help you. You don’t have to do this all on your own.
4. Branding: Branding is saying that you are promising something special. Establishing a brand is fulfilling those promises. Never promise what you can never deliver because if you don’t define what brand means, your competitor happily will. For Brandson, publicity is absolutely critical for any business and effective branding can help you achieve that.
5. Delivery: Good delivery depends upon two basic and most ignored business aspects – It’s your ability to give attention to small details that would set you apart from your competitors. Make short notes every day for what you notice in your delivery system. If you are a CEO (yes, I said CEO) of a hotel chain, your daily notes should look, like choice of menu not good, rice too dry, etc.
6. Attention to details: Don’t waste your precious time on useless communication. Don’t let phone calls and emails eat your working hours. Smile if you manage to keep your phone calls brief. No one would think less of you if you get to the point quickly to save time. Face-to-face conversations are more efficient and videoconferencing will always come a poor second to a shared pot of tea.
7. Innovation: Courage to think way out of the box makes successful leaders. When Richard wanted environment friendly fuel for its engines, he invested on making fuel from coconut that can grow in Sahara deserts and developed an engine that can run on it.
8. Learning from Mistakes: Manage in good times for the bad times. We learn more from our failures than from our success. You and everyone around you will make mistakes. When you are pushing the boundaries, this is inevitable – and it’s important to realize this. Always, always have a disaster protocol in place because you do not want to diminish.
9. Leadership: Leadership is about saying clearly and unemotionally- why a decision has been taken. The world is much much bigger than you and no amount of worldly success is going to change that fact. To achieve goals, you need to be able to bring thinkers and actors together for a collective outcome.
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