In the business world, in order to increase your chances of success from the outset, an entrepreneur should follow and maintain 7 principles. These seven steps outlined in this slide presentation have been derived through personal long-term experience along with a touch of academia.

1. The 7 Key Principles of Business Success
A PERSONAL BELIEF THROUGH YEARS OF PRACTICAL EXPERIENCE
by James D. Roumeliotis

2. The enterprise should fulfill a need, offer a benefit, be
innovative and differentiate itself. It's also imperative
that the entrepreneur and his/her team are passionate
about the product/service, empowers his/her staff, as
well as applies business ethics. To excel in the
business, the entrepreneur must have the right
mindset and attitude. This includes drive,
perseverance, tenacity, and an undying belief in
himself/herself and the value he/she adds. Must also
be willing to embrace the concept that he/she takes
Complete ownership for his/her results. He/She can't
blame the marketplace, the economy or the
employees for failure. In the end, it’s the entrepreneur
making the decisions.
James D
Roumeliotis
[1] VIABLE PRODUCT OR SERVICE WITH A PASSIONATE PERSON BEHIND IT

3. Critical and can vary depending on the size of the
undertaking. Capital search should begin with a good
business plan that shows investors and lenders a
company's potential along with management strengths.
Furthermore, there are government loan programs
created for start-ups which should be fully exploited.
An owner can realistically be prepared to invest about
30% of his/her personal funds based on the total value
of the project (where applicable)
Last but not least, cash-flow is the lifeblood of the
business if the operation is to be sustained financially.
James D
Roumeliotis
[2] Capital

4. A proactive business person should advertise,
publicize, be first, different and daring, as well
as, deliver on those promises and remain
constantly focused on the customer.
Sales, on the other hand, is part of the
marketing function. It includes business
development and account management.
Sales is crucial to business because it is the
bottom line, whereas marketing is about
getting a product known. However, at the end
of the day, it's about the need for a constant
stream of new business which brings in the
necessary cash flow.
James D
Roumeliotis
[3] Sales & Marketing

5. Simply hiring well educated and experienced
people is not adequate. Seeking candidates who
are motivated, dedicated, coachable and posses
interpersonal skills is equally, if not more,
important. Moreover, employees should fit-in with
the corporate culture. An organization must foster
an atmosphere of innovation and creativity
through leadership. Work for staff should be
meaningful rather than a chore. These conditions
can’t help but breed success. An orientation
workshop for new hires should be implemented
along with occasional training sessions. A
business ought to invest in key employees with
special skills who are deemed a challenge to
replace in a timely manner.
James D
Roumeliotis
[4] People

6. An “Operations Manual” should be
created and its contents continuously
enforced. Without any structure, the
chances of failure increases.
Everyone should be on the same
page and embrace best practices with
consistency.
James D
Roumeliotis
[5] Systems ‒ Structure

7. Must be supervised closely, borrowing wisely and
spending conducted within a prescribed budget. In
certain industries, such as manufacturing and
food establishments, financial ratios and yields,
respectively, should be strictly adhered to.
The success of any business is, in many ways,
measured by the bottom line. Even if one hires a
full-time accountant, the entrepreneur would still
need to have a fundamental knowledge of
accounting - how it works and how to apply its
basic principles with the aim of operating a
flourishing business.
James D
Roumeliotis
[6] STRICT INTERNAL FINANCIAL CONTROLS & CASH FLOW

8. This is by no means a one-time event but
rather an on-going process.
James D
Roumeliotis
[7] CONTINUOUS IMPROVEMENT, INNOVATION AND SUSTAINED GROWTH

9. A Final Word of Advice: - Focus on serving a niche market. It’s more efficient and less competitive
when one specializes in a certain domain and meets a specific need. This way, a loyal following is created
from clientele. An entrepreneur should endeavor to excel at his/her defined mission.
Businesses exist solely to make money while serving a need. Profitability is
everything and Cash is king. In public companies, shareholder return is considered
essential. Operating from this mindset is a measure of success in business.
Content by
James D. Roumeliotis
http://about.me/jdroumeliotis
www.unconventionalbusinesswisdom.co
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10. This is a book about implementing
Refreshing business strategies in the
marketplace including:
• Strategies every successful leader must
know.
• Sales Management Tactics for the goal-
oriented executive.
• Executive Leadership.
• Effective Marketing and Branding
techniques.
• Design, Innovation, and the Luxury
Domain.
• What you don’t know could hurt your
business – Food for Thought.
• Additional thoughts about post-recession
marketing.
• Effective political campaign strategies by
utilizing marketing techniques along with
the personal brand.
www.entrepreneurialessentials.com
James D. Roumeliotis