8 Ingredients for a Business Secret Sauce

Like a master chef preparing a sumptuous feast, every entrepreneur needs to know the right “ingredients” to make his or her business turn out just right.  Here are the 8 ingredients for a business secret sauce:

Here are the 8 ingredients for a business secret sauce:

  1. Everything you do makes profit.

    Business is math!

  2. Research.

    Never make decisions while you’re emotionally inclined, good or bad, always take time and review the pros and cons.

  3. Understand your destination or end game.

    Build the business as if it were for sale. If you have investors, they have to win first! Build a great track record and you’ll win several times.

  4. Do an honest self-examination.

    Understand your skill set and surround yourself with a strong team, individuals, or partners that round you out!

  5. Build a diverse, trusted Advisory Board.

    Mentors, advisers and business peers that can function as an Advisory Board to help vet concerns and ideas. It leads to better decisions.

  6. Partner with people that are hungry, passionate, exude excellence, integrity and are team players.

    If you do, you’ll build a winning team. You’ll be more likely to have success!

  7. Golden Rule:

    Do unto others as you would have them do unto you!

  8. Give a smaller customer a chance!

    Look at their ideas and their ability to execute. Sometimes small fish grow up to be big fish!

  9. Understand your downside risk.

    The upside always takes care of itself.

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Ken Frohlich

Ken Frohlich is a serial entrepreneur and co-founder in a three time Inc. 500/5000 company. He is a board member of the Angel Roundtable and co-founder of FundingSage, which provides valuable information, tools, and resources to entrepreneurs seeking to start, grow and fund a business.