Ten rules of business competition

 Whether you already have a running business or propose to open one you’d better get a hang on the “Ten Rules of Business Competition”

1.  Put the money where the mouth is: Do not be fooled by con artists and fake analysts who recommend you something as a great business idea which ultimately fails in the market. You must do your own homework before venturing into business

2. Initial sales performance does not make success story: Look at the adage “one swallow doesn't make a summer”. Unless you can get continuous sales growth in arithmetical progression do not believe an isolated event as foreboding business success

3. Profit is vital but that is one part of the equation: If you go solely by profit criteria you’d be disappointed bitterly. What is important is to understand the concept of “staying in the business throughout”. Therefore initial profit or loss does not matter in the long run

4. Product excellence is the ultimate key: Unless you have a unique value proposition in terms of product and its delivery to customers in a winning manner never get into a business in the first place

5. Build the right team: Having built a product that can work in the market next item in the agenda is to identify and select the right personnel to create and deliver the value to the marketplace. Everything depends on the team spirit rather than individual excellence

6. Be ready to make tough choices: Faint hearted cannot climb tall mountains. Each circumstances you face is different in terms of risks and rewards. Equally important is whether the circumstance pits you in conflict with adversary or collaboration with friend. You have to make the right choice and move forward

7. Marketing excellence is long game: Rome was not built in one day. Indeed it takes several months or years to scale the heights in your selected market area. Patience is therefore a virtue you must possess

8. Float between flexibility and rigidness:  In implementing business plans in production or marketing you must not take a fixed position. At times you have to be flexible regarding sales commission or tweaking features of product to an important customer bringing a bulk order

9. Market dominance is one dimensional: Monopolist can either dominate market or price not both, says economic theory. In practice, you have to choose either getting big market share or high price for product. If you aim for both ways you will be washed out by rising waves of fearful competition.

10. Out of the box: Finally unless you come out with creative thinking and seize up every circumstance and opportunity your days in the market place is numbered.

 

Cheers! 

 

Muthu Ashraff Rajulu

Business Strategist

Mobile: + 94 777 265677

E-mail:   cosmicgems@gmail.com

Blog:   Business Strategist