Publication number: ELQ-64055-1
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How to Stay Successful In Business
10 Rules For Business Success That Haven't Changed
Introduction
In this world of constant change, new technologies, and a thousand cultures, it’s evident and somehow comforting to me that the basic rules for business prosperity really haven’t changed in the last hundred years. Business success is still more about the people than the technology or idea involved. As an angel investor and a mentor to entrepreneurs I still see this every day.
I was just reviewing a collection of essays by and about Napoleon Hill, “The Science of Success,” who is most recognized as the author of the best seller “Think and Grow Rich” from way back in 1937. Hill attributes his ten rules of success to Andrew Carnegie, who was in his prime well before that, over a hundred years ago, but I believe the principles are still critically relevant.
Since language and implication have changed a bit since then, I’ll restate Carnegie and Hill’s original rules here, with my own current-day commentary and recommendations added:
- Step n°1 |
Definiteness of purpose
Every entrepreneur needs to start by setting a major purpose for embarking down a specific business path. This objective needs to go beyond making a parent or spouse happy, getting rich quick, or advancing a technology. For success these days, the purpose better focus on people, and solve a real problem for customers.
- Step n°2 |
Master-mind alliance
Building successful businesses still requires the ability to find and inspire the best people who “have what you haven't,” whether that be skills, knowledge, connections, or funding. Then you must extend these alliances to vendors, partners, customers, and even competitors (coopetition) - Step n°3 |
Going the extra mile
Hill's eagerness to serve others gave him greater opportunities, and this Law of Reciprocity works the same today. Doing more than you have to do is the only thing that justifies raises or promotions, and puts people under an obligation to you. This is still one of the most important competitive differentiators that you can offer.
