Every Budding Entrepreneur has only one dream and that is to make their start-up a big empire one day. They put their heart and soul into the ventures in hope that one day their start-up will be counted as a big name in the business world. They make huge investments to see their business touch the heights of success.
But not everyone meets the same fate despite putting same efforts. Those who are not successful, make mistakes somewhere which do not allow their business to flourish further. Even many start-ups come on the verge of closure due to these mistakes. Many times the Entrepreneurs are not even aware of these shortcomings in their business, which slowly destroy the business.
In the book, ‘The Millionaire Fastlane’ 5 commandments have been mentioned, by adopting which any business can catch the path of success. These commandments prove to be a potent tool for emerging entrepreneurs. Most successful businesses are following these 5 commandments to scale up their growth.
The 5 CENTS Business Commandments
C – Control
The first commandment teaches us to have control over our business. To understand it more clearly let’s take an example of different platforms available like Amazon, YouTube etc. Suppose your business is dependent on any of such platform, it implies that you have no control over your business. If today that platform stops its services or does changes in policies, the one who is going to get affected badly is none other than you.
Other’s control of your business snatches your freedom and affects the growth adversely. It doesn’t recommend you to stop using these platforms but gives bits of advice to diversify the ways. Using multiple ways/platforms takes away the fear and provides opportunities to grow the business.
E – Entry
The second commandment tells you to make your business a phenomenal one so that no one can enter in between you and success. If the business you have chosen is easy to copy or doesn’t cater solutions to huge problems, then be prepared to face failure. A business that lacks uniqueness in services is an easy target of imitation and catalyses competition in the market. Competition reduces the profit margin and initiates a fight for survival. This fight may put an end to some of the new start-ups.
According to the Entry Commandment, always choose a business that solves big problems of the society and that serves a wide range of people. Put entry barriers in your business to make it difficult for people to copy the same project. Following this commandment helps in making your own place and in establishing an empire.
N – Need
The third commandment tells us to plan a business that fulfils the need of society. Start-ups following this commandment always provide the solution to existing problems and reduce the task and efforts of society by making it easier for them. Businesses that cater for the needs of society tend to succeed.
This commandment is an essential one to scale up the business. Start-ups skipping this point are unable to survive for long and they eventually get closed whereas need-based businesses remain in demand forever.
T – Time
The fourth commandment says to keep your business independent of your time. If a business demands your time to run it then it’s not more than a job for you. Your income will be proportional to the time you are giving to your business.
People following the fourth commandment save their time and let others do work for them. Their businesses run well even in their absence. Such businesses do not sell their time to earn money. In short, their businesses are independent of them and their precious time.
S – Scale
The fifth commandment recommends starting a business that has a scope of scaling up either the product or the services. Many a time we start a business that serves a limited section of customers. It ceases the growth of business in future resulting in disappointment and failure.
Businessman following this commandment ensures the scalability prospects of their business before starting it up.
These five commandments act as guiding tools to aspiring entrepreneurs and lighten up their path to success. The CENTS commandments warn about the obstacles that come in the way of success and even guide us to take appropriate decisions to become a successful businessman.