I have a friend who has also been in business for the past few years and we were having a chat about our business ideas and business history. It came up that he's lost thousands of dollars over the years due to doing stupid stuff like getting greedy and not following his instincts. I asked him if he could warn against anything (I don't want to lose thousands too if I don't have to), so based on what he told me and my own experiences, I've compiled this list of "Business Morals" as a warning so you won't have to lose money either.
Do The Little Things Right
In anything you do, there will be the big things you need to worry about and the small details that make up those big things. Say if you were building a desk: The major goal would be to have a finished desk with working drawers, smooth surfaces, and big enough to put your computer, monitor and a tv on, plus room to do paperwork. Your small goals though are just to measure out enough wood, put enough nails in it, sand the wood, and making sure the drawers fit together. As long as you take care of the little details, your finished project will turn out exactly like you want it to.
Cover Your Bases
In business, as well as in life, there are many different variables that can affect your profits. What this means is that you need to be careful and cover all your bases. Say if you bought and sold domain names, for example, a wise decision would be to make sure you can sell a particular domain before you buy it, that way you won't lose money or be stuck with a domain name that you can't sell. The militia man, Che Guevara, said that eternal vigilance and constant mobility are the passwords of survival. This extends into business to include that constant awareness must be maintained or an entire infrastructure can collapse.
Listen To The Warning Voice Inside Your Head
You know the one I'm talking about. Everyone has that gut feeling that tells them when something is a good idea or a bad idea. When your gut tells you to get out of a business deal, get out. When your gut tells you to take someone's advice, take their advice. Something as simple as just following your instinct can save you a lot of money in the long run, as my friend told me. This can be followed in both business and life, but when it comes to monetary purposes, this is a valuable lesson that should never be forgotten.
Break It Down, Cut The Bullshit
Plenty of the marketing business is all about bullshit. In reality, any book about business can be summed up in 1-3 pages: The rest is just fluff. However, no one would buy a book that's 1-3 pages because they've been convinced that the best information can only be in a book that takes them a month to read. No one wants to believe that something can be learned easily or that making money doesn't have to involve a bunch of hard work and cold sweat. When in business, though, be sure to break things down to their core elements and then go from there. If there's no need to spend money, don't spend it; if there's no need to do extra work, don't do it. There's plenty of ways to make money, you just have to find what's the best business for you.
Don't Spend Too Much Too Early
When you start a project, remember not to rush into it. A profitable business will show its potential in time and does not need to prove anything by having a lot of assets all at once. It's best to take things slow and let them play out on their own. By all means, take chances. Invest. Just don't invest everything you have into one idea. If you can, try to put so much money into it every time you can get paid. If you do that, you should start to see improvement within the first few "payments". Also, don't choose large investment ideas straight from the get-go. Start small and work your way up. You'd be surprised what you can accomplish if you simply try to make more than you did last week.
If you follow these simple instructions, your business will have a much better chance of succeeding. That in itself should be enough reason to write these down and keep them close to your work place at all times.
It's difficult about the domain thing, I always think I can sell the domain everytime I buy it, in theory it's possible.. but most of the times it's hard to get a GOOD price for it :(
About the warnings.. Everyone told me not to start a blog about loans as there were just too much, I started a Dutch loans blog and it turns out great, an average click is around 3,43$ at the moment and I get a few each day which makes me feel a little bit rich :) I also have a lot of other plans regarding to that, but I prefer this vision on the warnings topic:
Do things you normally won't do - think outside the box - so try stuff you think you couldn't... Once it turns out well (it's gonna be hard, you'll need to try a lot) it will be fun! The owners of Google had the same thing, they started a search engine... In that time there were only a few pages with text, but making it was so fun, now look at Google, it's the #1 search engine used by tons of people daily!
But apart from those things the other things are true and this is another great article, thanks you very much ;)
Here is another few, often overlooked:
Build bridges with as many people as you can. This is so important, especially for business and it usually pays off at one time or another.
Go to network meetings.
Hand your business cards out to everyone you meet.
Originally Posted by Brandon Dennis
One thing I have learned is that people are who will make or break your business. You have to build bridges, you have to connect and take the time it takes to resolve issues with people and build positive relationships.
Originally Posted by Aquinas
Without it, you will work twice as hard and whenever you are going to encounter challenges and nobody has your back, things can potentially get ugly.
Thanks for the informative post.
In regards to this point:
Listen To The Warning Voice Inside Your Head
You also need to know when NOT to listen to the voice inside your head, for example if you were telling yourself "just one more episode of (insert tv show here) before I start work" or "I don;t have time today to write anything".