What is the Most Important Business Rule?

[Mika]

Anyone can start a business, however, not everyone who starts a business will become successful. You need money to start a business, you also need knowledge and skills related to product development, business management, sales, marketing, etc. However, even when you have all of these you might not become successful.

So, what is the most important business rule that a business owner needs to follow in order to become successful in business?

There are a lot of things involved in ensuring the success of a business, but the most important thing is the product. The product largely determines the success of a business.

The product you are developing or selling should be something of value and benefit a large segment of society. So, how do you create a product that a lot of people will find useful?

Well, the first rule of a business is to find a need and then fulfill it.

Check what people actually want and try selling what people need.

 

[Shaf]

I like this approach to finding out what you really need to make a business successful.

At the end of the day, all of the efforts and tactics go into one final money making activity, and that is sales. You are going to either sell a product or service and if no one finds it valuable, no one will pay for it.

This is one of the most overlooked aspects of business planning though. Once a business owner gets that eureka moment, they spring into production. If there is no audience, or your audience does not really need what you have its a dead end.

I also like to consider planning as one of the most crucial things to a business. I am guilty of this too as I have never actually written a complete business plan. I have seen how it can lead to losses though where I currently work. Have a plan and then stick to it especially in the early days of your business.