Achieving real success should be the goal of any good businessman. But what is real success? I believe that it is no just money, or instant growth. In my opinion real success is composed of the following factors. Good growth, good reputation and above all peace of mind. In this short exposure I try to elaborate on five factors pertinent in achieving this real success.
1. Do your homework and planning
Before starting a business you should study the background carefully. Many people ends up as losers only because they starts a business seeing the outside glitter. So talk with people doing similar business, customers and various others who are involved in similar business lines.
2. Be straightforward.
Even thought businessmen are believed to be cunning, a cunning person never gets peace of mind. It is always better to do things in the clean way. This does not mean that you should be foolish or to be cheated by others. You should be intelligent enough to understand others cunningness, but should be straightforward in your dealings.
3. Don’t be greedy
Greed in any form is likely to cause peril in the long run. Taking huge profit from an unaware customer base may increase your growth temporarily, but will surely affect you in the long run and may even result in the collapse of a business. History shows that many business empires achieving such abnormal growth tend to terminate quickly. So insist on steady growth even if it is slow.
4. Insist on quality
Delivering a low quality product or service at a lower cost may increase your profitability, but is likely to obliterate to you in the long run. The customers now satisfied will turn against you when low quality shows out. Also remember that bad reputation travels faster and is difficult to remove! So insist on quality products and services even at a higher price.
5. Don’t gamble in business.
Remember that Murphy’s Law applies in business many times. So indiscriminate gambling may result in the collapse of your business. This doesn’t mean that you should not take a calculated risk. But you should be able to survive even when things turn against you.
Kannan Balakrishnan is a faculty in Computer Science from an Indian university. He can be contacted on firstname.lastname@example.org .