What I have Learned About Business in A Short Time

I am still quite new in business but I have learned a few things in my journey as a business person and sharing them here could be off help to someone who is reading. I am not a business or financial guru, I am just a business person learning as he grows and so, you can correct some places where you see that I am not completely right or where you see that I am wrong in total. That said, let's get to it.

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In this little journey that I have begun, I realize that it is more expensive to sell to the poor than to sell to the rich, and so it is important to sell to the rich at the beginning of a business until you are able to sell to the poor. I am not saying that the rich are the only ones that deserves to be in the consumer market, I am saying that it is more expensive to serve a large number of poor people that to serve the small number of rich people.

Tesla is a good example of this as it started with selling to a few rich people before it began to sell gradually to the middle class and then mass production. If you are going to serve the masses, you need to deal with volume and efficiency and this is not always easy for a new business because you might not be able to give the volume and efficiency. Also, when you solve rich people's problem, you get paid rich people's money but when you solve poor people's problem, you get poor people's money.

With business, there is unlimited strategy, and there are unlimited information, prioritizing what you need to do to get you to be successful is the most important. You can be running 5 companies and not get a good result as you would if you ran one. You need to understand that having a clear goal for a company, for a specific type of customer, then you are good to go.If you are not solving the problem associated to the goal, then you are not doing well.

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Your business can fail if your team isn't as good as you think they are. In a business, you cannot do everything and so you need to designate duties to people but this becomes an issue when people you have on your team aren't as good as you expect them to be. If you get people that cannot do the job, get another set of people because the best talents are yet to be found only unless your standard is low.

You need everything simple stupid because when there are too much rules, it means the people who surrounds you does not know what they are doing. If your team do not raise the bar then they are not welcome. If someone is going to dilute your team, then you should be careful not to get them into the team. While you are looking for people you are not threatened from, be sure to employ people that will move your company higher.

It is good to be better than to get bigger. If you get big without getting better then you will close shop without making impact because when you get big without being better you will only be bloating and will only be at the verge of a bubble which would burst and you wouldn't get anything out of it because people will prefer a better business at all time than a big business.

If you work all day with no result then you are doing so because there are so many things that do not matter that are distracting you. I have learned that mixing business with pleasure is a wrong combination, and anything that isn't relevant to the business of the day is pleasure when it comes to doing business.

I have learned this within the short period of time that I have spent doing business. What do you think about it, and what have you learned as a business person? Please do well to share it so we can discuss it.