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7 Principles Of Business/Entrepreneurial Success
 

7 Principles Of Business/Entrepreneurial Success

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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 ...

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.

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    7 Principles Of Business/Entrepreneurial Success 7 Principles Of Business/Entrepreneurial Success Presentation Transcript

    • The 7 Principles of Business Success A PERSONAL BELIEF THROUGH YEARS OF PRACTICAL EXPERIENCE    by James D. Roumeliotis
    • 1) VIABLE PRODUCT OR SERVICE The enterprise should fulfill a need, offer a benefit, be BEHIND IT WITH A PASSIONATE PERSON innovative and differentiate itself. Its 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 cant blame the marketplace, the economy or the employees for failure. In the end, it’s the entrepreneur making the decisions. James D Roumeliotis
    • 2) CAPITAL 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 companys 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
    • 3) MARKETING & SALES 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, its about the need for a constant stream of new business which brings in the necessary cash flow. James D Roumeliotis
    • 4) PEOPLE 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
    • 5) SYSTEMS - STRUCTURE 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
    • 6) STRICT INTERNAL FINANCIAL Must be supervised closely, borrowing wisely and CONTROLS & CASH FLOW 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
    • 7) CONTINUOUS IMPROVEMENT, INNOVATION This is by no means a one-time event but AND SUSTAINED GROWTH rather an on-going process. James D Roumeliotis
    • Businesses exist solely to make money while serving a need. Profitability iseverything and Cash is king. In public companies, shareholder return is consideredessential. Operating from this mindset is a measure of success in business. Material herein is Copyright 2012 by James D. Roumeliotis http://about.me/jdroumeliotis for www.businesswisdomacademy.comA Final Word of Advice: - Focus on serving a niche market. It’s more efficient and less competitivewhen one specializes in a certain domain and meets a specific need. This way, a loyal following is createdfrom clientele. An entrepreneur should endeavor to excel at his/her defined mission.
    • 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.comJames D. Roumeliotis