SELF-DISCIPLINE AND BUSINESS
" THE QUALITY OF SELF DENIAL IN THE PURSUIT OF A LONGER TERM GOAL,
AND INDEED, THE WILLPOWER TO MAINTAIN THAT LEVEL OF SELF DENIAL
IS AN EXCELLENT TRAINING FOR THE BOARDROOM".
--- JOHN VINEY
MOST PEOPLE WILL WORK IN OR FOR A BUSINESS OR OWN A BUSINESS IN THE COURSE OF THEIR LIFETIMES. THE ACHIEVEMENT OF BUSINESS DEMANDS HIGH LEVELS OF DISCIPLINE FROM YOU IN EVERY AREA OF BUSINESS ACTIVITY, BOTH LARGE OR SMALL. WITHOUT SELF-DISCIPLINE AND SELF-CONTROL IN BUSINESS, NO SUCCESS IS POSSIBLE.
THERE IS NO AREA OF ACTIVITY THAT DEMANDS MORE SELF-DISCIPLINE THAN STARTING AND OPERATING BUSINESS IN OUR CURRENT ECONOMY.
THE FIRST LAW OF ECONOMICS IS SCARCITY. AS A RULE, THERE IS NEVER ENOUGH OF ANYTHING FOR EVERYONE WHO WANTS IT. SPECIFICALLY, THERE ARE NEVER ENOUGH CUSTOMERS FOR YOU TO SELL EVERYTHING YOU WANT TO SELL. THERE ARE NEVER ENOUGH SALES REVENUES TO HELP YOU ACHIEVE ALL YOUR FINANCIAL GOALS. THERE ARE NEVER SUFFICIENT PROFITS TO ENABLE YOU TO EXPAND AS MUCH AS YOU WANT. ESPECIALLY, THERE ARE NEVER ENOUGH GOOD PEOPLE TO WORK WITH AND FOR YOU TO HELP YOU ACHEIVE YOUR BUSINESS GOALS.
THE LAW OF COMPETITION
IF THE FIRST LAW OF ECONOMICS IS SCARCITY, THEN THE FIRST LAW OF BUSINESS IS COMPETITION. IT REQUIRES TREMENDOUS FOCUS AND DISCIPLINE TO DO THE THINGS NECESSARY TO ATTRACT THE SCARCE MONEY OF CUSTOMERS TOWARD PURCHASING YOUR PRODUCT OR SERVICE.
TO NOT ONLY SURVIVE BUT ALSO THRIVE, YOU MUST COMPETE CONTINUALLY AGAINST ALL OTHER USES OF THE SAME AMOUNT OF MONEY THAT YOU WANT TO CHARGE FOR WHAT YOU SELL.
THE FIRST DISCIPLINE OF BUSINESS SUCCESS IS THAT YOU OFFER A PRODUCT OR SERVICE THAT PEOPLE WANT, NEED, AND WILL PAY FOR AT A PRICE THEY WILL ACCEPT - A PRICE THAT IS COMPETITIVE WITH EVERY OTHER BUSINESS THAT THE SAME CUSTOMER DOLLER.
YOU MUST BE COMPLETELY HONEST WITH YOUR PRODUCT/SERVICE MIX TO ENSURE THAT IT IS WELL SUITED TO THE CURRENT MARKET. THIS IS AN AREA WHERE FALSE ASSUMPTIONS OR INCORRECT CONCLUSIONS CAN LEAD TO BUSINESS FAILURE. THIS ANSWER IS CONTINUALLY CHANGING AS COMPETION AND CUSTOMER TASTES ALSO CHANGE.
THE CUSTOMER IS ALWAYS RIGHT
EVERY WEEK, I SPEAK BUSINESS PEOPLE WHO ARE UNHAPPY WITH THEIR LEVEL OF SALES AND PROFITABILITY. THEY INSIST THAT THEIR PRODUCT OR SERVICE IS EXCELLENT IS EXCELLENT AND THAT PEOPLE SHOULD BE BUYING FROM THEM IN MUCH LARGER QUANTITIES. IN EACH CASE, I HAVE TO GENTLY POINT OUT TO THEM THAT THE ONLY PROOF THEIR PRODUCT OR SERVICE IS TRULY ATTRACTIVE OR VALUABLE IS THAT PEOPLE BUY IT WILLINGLY - AND THEN BUY IT AGAIN AND TELL THEIR FRIENDS TO BUY IT AS WELL.
ACCORDING TO THE EXPERTS, FULLY 70 PERCENT OF YOUR BUSINESS DECISIONS WILL TURN OUT TO BE WRONG IN THE FULLNESSOF TIME.THIS IS THE AVERAGE. WHEN YOU ARE A NEW BUSINESS PERSON OR STARTING A NEW BUSINESS, YOU WILL BE WRONG EVEN MORE OFTEN THAN THIS. IT IS NOT UNUSUAL FOR AN ENTREPRENEUR TO BE WRONG 90 PERCENT OF THE TIME IN THE BEGINNING OF HIS CAREER.
IT REQUIRES TREMEDOUS SELF-DISCIPLINE AND CHARACTER TO FACE THE POSSIBILITY YOU COULD BE WRONG IN YOUR MOST CHERISHED ASSUMPTIONS AND BELIEFS. NONETHELESS, THIS DISTAKES, CUT YOUR LOSSES, AND REDIRECT YOUR RESOURCES TOWARD OFFERING CUSTOMERS MORE OF THE THINGS THAT THEY REALLY WANT, NEED, AND ARE WILLING TO PAY FOR TODAY.
ALL BUSINESS INVESTMENT AND BUSINESS START-UPS REQUIRE A HIGH LEVEL OF OPTIMISM. YOU MUST BELIEVE IN THE FUTURE POSSIBILITIES OF YOUR BUSINESS ALONG WITH YOUR NEW PRODUCTS AND SERVICES. YOU MUST HAVE SO MUCH CONFIDENCE IN THEIR MARKETABILITY THAT YOU ARE WILLING TO UNDERTAKE FINANCIAL RISK AND INVEST MANY HOURS, WEEKS, AND EVEN YEARS TO ACHEIVE YOUR BUSINESS GOALS, AND YOU MUST DO ALL THIS WITH NO REAL GUARANTEE OF SUCCESS.
ALL THE SAME TIME, YOU NEED DISCIPLINE TO CURB YOUR CONFIDENCE, TO REMAIN OBJECTIVE AND REALISTIC. OVERCONFIDENCE IN BUSINESS CAN LEAD TO BUSINESS MISTAKES, FINANCIAL LOSSES, AND EVEN BANKRUPTCY.
