10 RULES TO BUILD A WILDLY SUCCESSFUL BUSINESS
The back of Goldman and Nalebuff's book, "Mission in a Bottle," contains their ten essential guidelines for launching and expanding an equally spectacular empire. These are as follows:
1. Create a brand around something you firmly believe in since that is the first step in doing so.
My thirty plus years of business experience taught me a valuable lesson in relentless devotion, just like Goldman and Nalebuff. There is just one genuine thing that will propel you on when you're by yourself and wondering why your company is failing while sitting in a dark room: your belief in your purpose.
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2. "Create your business and brand as though you'll own it forever."
Will you ever consider selling your company? Maybe. Should you be developing it for no other purpose than that? Very likely not. You create a much more valuable company when you launch and grow a firm based on passion and purpose, with a burning desire to relieve your customers' suffering by providing them with monetizable value. People looking to make a rapid, short-term profit rarely succeed.
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3. "Stop trying to improve by 10%. Make it significantly different and better.
Certainly, via entrepreneurship, we as a society today produce fantastic goods, services, and businesses. Honest Tea was drastically different when it was originally released, but the world is always evolving. We also live in a world of "me-too" enterprises, if you look around. Avoid falling for that. Go deep and make the decision right now to create something fundamentally superior and distinct.
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4. "Compromise on everything else; don't compromise on the important things."
Vision and goal. core principles. Set these principles in stone and do not budge. But, flexibility in the value propositions, goods, and services you develop to achieve your objectives is crucial. Many business owners that I observe fail to "bend to the market" by paying attention to what their clients are saying.
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5. Maintaining your familial, personal, and spiritual well-being is important. If you aren't regularly grinning or laughing, reevaluate.
Picture the creator of a firm working nonstop for at least five years before it becomes enormously successful, averaging 18 hours per day. True? Not at all, no. In our one-on-one talk, Goldman was frank and told me the two things that kept him going over the difficult years: first, his conviction in his mission, and second, his desire for personal harmony. Tragically, it is incorrect to believe that in order to establish our own business, we must sacrifice our sanity, personal health, and connections with our family. I'll say it again: don't go there.
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6. Never, ever give up control before selling, I repeat.
I am not one of the high-impact entrepreneurs who are willing to relinquish control for the promise of rapid development brought on by venture funding. You run the danger of losing the vision and culture of the business you worked so hard to create if you give up control. Despite the fact that Honest Tea attracted investment money right away, the co-founders were always in charge. (And sure, Goldman may continue to advance his goals as CEO of Honest Tea, but his superiors at Coca-Cola have the right to object at any time. True control is therefore permanently lost.)
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7. "This is not a sprint, but a marathon."
Do they ever. Starting a business is not for the weak-hearted or the quick-witted. Mount Everest cannot be climbed in only three simple steps: Decide to do it, fly to Nepal with no prior preparation, and then race up the mountain in 12 minutes with ease. Create long-lasting systems and concentrate on little, interconnected stages. (Climbing Mt. Everest requires 26,364 steps of 7" each, beginning at Basecamp halfway up.)
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8. "Build up energy and financial reserves for misfortune and errors."
Excellent advise, but often very difficult to implement. What new or expanding business has cash lying around? Yet, Goldman and Nalebuff make a valid point: operate as efficiently as you can and don't squander time or resources. Making sure you have a good war chest full of money and energy will help you deal with the blunders and poor luck you may encounter along the route.
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9. "Determine how to accomplish your objectives on a very little budget — then decrease that amount in half."
It will cost twice as much and take twice as long as you expect, as you have probably heard before. I advise you to start using lean ideas in your company right away. No opulent offices. There are no posh full-color brochures. Your objective is to continue living until you can perfect your winning recipe. Blowing the budget will only ensure a swift demise.
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10. "Be ready for a copy. Start only if you can endure imitation.
You can count the minutes till the imitators show up if your idea proves to be genuinely revolutionary and succeeds. How will you compete against the neighborhood's 800-pound gorillas? or even from the young, inexperienced guys? A method of "constant innovation" is your key. Nevertheless, you could also choose the Honest Tea route and make friends with a gorilla so they can buy you out. (In 2011, the Coca-Cola Corporation purchased Honest Tea.)
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Put these ten guidelines from Goldman and Nalebuff on your mirror, follow them constantly as an entrepreneur, and you just could achieve their level of success. Honest.
