The Rules of Success According to Jack Ma. Part II
Do you remember our last article on how to become a successful entrepreneur in China according to Jack Ma? This one's the next chapter.
Here is the list of next 8 rules that every successful entrepreneur should follow according to the founder of Alibaba, Jack Ma.
- Make a business out of something that you enjoy. Not the other way around. You should be able to get a sense of personal satisfaction out of your business before the profits start to come in. Similarly, never let your business become a chore or something that you don’t enjoy waking up in the morning to accomplish. If you do not enjoy what you're doing in your business, in all likelihood, it's safe to assume that this will be mirrored in the success of your business, or lack thereof. The reality is that you will not succeed if you don't enjoy just what you're doing.
- Have fun, but take your business very seriously. You cannot expect to have an effective business unless you believe in your businesses products and services. Many business owners who are just starting out simply don’t take their own businesses seriously and easily get sidetracked rather than staying motivated and maintain their noses to the grindstone. They also fall prey to naysayers who don't take them seriously. If you don’t take yourself seriously, no one you want to do business with will, either.
- Plan every move wisely. Planning every part of your company isn't only a must, but also builds habits that every true business company owner should develop, implement, and keep. The art of business planning is important in each and every situation where you will need to research and compile data, then make conclusions based on the facts. A business plan also acts a secondary function to having your goals and knowing exactly how you'll achieve them on paper.
- Spend every dollar wisely. The lifeblood of any growing business enterprise is cash flow. You require money to purchase stock, pay for services, promote and market your business, replace and repair equipment and tools, and pay yourself so that it is possible to carry on your work. Therefore, all companies must plan every purchase for the business wisely. This is also a great way to build healthy business habits that will help you succeed in the future. There are two main aspects to wise money management: your earnings, or the money you receive from clients in trade for your goods and services you offer, along with your expenses, or the money you spend on bills, materials, wages and other items required to keep your business working.
- Let your business become your life. That way, whenever you meet the conversation will always circle back to your business. On that note, one must become a shameless self-promoter in order to launch a successful business. One of many fables about personal or business success is that eventually your company, personal abilities, products or services can get discovered and be embraced by the public that will beat a path to your door to purchase everything you are available. But how can this happen if nobody knows who you are, that which you sell and exactly why they should be buying? Self-promotion the most beneficial, yet most underutilized, marketing tools that most entrepreneurs have at their instant disposal.
- Let technology do the work for you. Although you should avoid getting overly caught up in technology and letting it run your life, the smart entrepreneur will be able to make technology work for them and make their lives much easier. One of the most amazing facets of the world wide web is a one or two person business operating from a basement that is capable of having a web page better than a $50 million company and nobody knows the difference. Make sure you're keeping up with the entire world of technology, the latest apps and software that can make your job – and your life – easier.
- Only hire the best. It is especially important when you’re just starting out and trying to make a name for yourself to build a team of top-notch employees. No one person can build a business that is successful. It is a tireless task that requires a united team who is committed to the company and its success. Your business team can sometimes include family members, friends, vendors, other companies, workers, sub-contractors, industry and company associations, municipality and the city. Of course the absolute most important member of your team will be your consumers.
- Invest in yourself. Top entrepreneurs buy and read advertising and business books, publications, reports, journals, newsletters, websites and industry publications, realizing that these resources will improve their knowledge of company and marketing functions and skills. They join company associations and clubs, plus they network with other company that is skilled to learn their secrets of success and help determine their very own goals and goals. Top entrepreneurs attend company and advertising seminars, workshops and courses, regardless if they will have already mastered the subject matter of the event. They do all of this because they know that education is an ongoing process. In a nutshell, top business owners never stop investing in their most effective business resource and promoting tool at their immediate disposal - themselves.
Follow these rules for success from entrepreneur Jack Ma and you’ll be well on your way to running a successful business.
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