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:
- Everything you do makes profit.
Business is math!
Never make decisions while you’re emotionally inclined, good or bad, always take time and review the pros and cons.
- 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!
- Do an honest self-examination.
Understand your skill set and surround yourself with a strong team, individuals, or partners that round you out!
- 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.
- 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!
- Golden Rule:
Do unto others as you would have them do unto you!
- Give a smaller customer a chance!.
Look at their ideas and their ability to execute. Sometimes small fish grow up to be big fish!
- Understand your downside risk.
The upside always takes care of itself.