10 RULES TO BUILD A WILDLY SUCCESSFUL BUSINESS

🌍LEADERSHIP

This is the ability of an individual or a group of people to influence and guide followers or members of an organization.

The essentials or qualities of a good leader should be as follows:

-Integrity

-Good communication among the followers

-Self awareness

-Not quick to judge

-Learning ability

-Influence

-Should have empathy in decision making

🌍TIME MANAGEMENT

This is the process of organizing and planning how to divide your time between different activities. This helps entrepreneurs, and small business owners to achieve their goals and improving work-life balance to increase happiness.

It also reduces stress and allows entrepreneurs to achieve their goals faster and easier.

4 P's of time management are:

-Prioritizing

-Planning

-Positivity

-Productivity

KEYS TO TIME MANAGEMENT

-It creates daily planning

-It establishes daily routine

-Helps in blocking out distractions

-Its a set reminder for all your tasks

🌍PROPER BUDGETING PLAN

A budget is a plan made by an individual or an organization on how to spend either on good and services or assets and liabilities to satisfy the needs of an individual or an organization.

PREPARATION OF A PROPER BUDGETING PLAN

-Analyzing the cost of goods and services in the business or personal needs.

-Negotiating costs with suppliers.

-Factoring seasonal and industrial trends.

-Set spending goals.

-Estimate your revenue.

-Project cash flows and expenses.

-Bring it all together.

🌍DISCIPLINE

Discipline is an approach used to modify undesirable behavior and performance through the use of corrective action process within an organization.

Its quality of being able to behave and work in controlled way which involves obeying particular rules or standards of an organization or individual.

TYPES OF DISCIPLINE

This includes:

1. Corrective discipline;- This a measure taken when employees are not following the organization rules and regulations.

2. Supportive discipline;- Its a measure taken to assist employees with self-control by helping them to get back on tasks.

3. Preventive discipline;- This a measure taken to preempt misbehaviors by keeping employees engaged.

TECHNIQUES USED FOR DISCIPLINARY ACTIONS

-Habit-tracking 

-Responsibilities of an individual or an organization

-Team-Building among employees and employers

-Micromanagement 

-Pre-commitment within employees and employers

-Obedience-based commitments

SKILLS OF DISCIPLINE

-Encouragement

-Composure

-Assertiveness

-Empathy

-Positive intent

-Choices

-Consequences

🌍GOOD DECISION MAKING

This is a process of evaluating different alternatives and opinions, brainstorming solution , understanding problems and making good communications among employees and employers within an organization.

IMPORTANCE OF  GOOD DECISION MAKING

1. Improves workflow and creates an environment that promotes innovation.

2. Exercise good judgement.

3. Helps in making correct choices.

4. Helps in making good  call.

🌍CREATIVITY

This is the ability to think and generate  new ideas.

TYPES OF CREATIVITY

1. Transformational ideas

2. Exploratory ideas

3. Combinational Creativity

7 COMPONENTS OF CREATIVITY

- Imagination and originality

- Flexibility

- Decision making

-Communication and self expression

-Motivation

- Collaboration

-Action and Movement

4 P's OF CREATIVITY 

They include;

1. Products

2. Process

3. Person

4. Press of environment

🌍TEAM WORK

A group of individuals  working together to achieve a definite objective.

A team comprises a group of people linked together in a common purpose in conducting tasks that are high in complexity and have many interdependent subtasks.

IMPORTANCE OF TEAM WORKING

In many work activities people will meet and work together as teams , team members may be chosen or even appoint themselves. They may work together for longer or short period of time.

Teamwork promotes and facilitates members interaction within an organization.

Teamwork can lead to better decisions, products or services.

There are qualities or components measured among team members these includes;

-Coordination.

-Mutual support.

-Communication.

-Equality among member contributions.

-Cohesion.

-Problem solving.

-Healthy competition.

🌍Listen to everybody in your organization and make sense of approaches to make them talk.

The people on the front lines — the ones who converse with the client — are the main ones who genuinely recognize what’s happening out there. You would be wise to discover what they know. This is what quality is all about. To push duty down in your association, and to constrain smart thoughts to rise inside it, you should tune in to what your partners are attempting to tell you.One of Walton’s main objectives was to travel and talk to employees in stores. He wanted to gain insights first-hand from employees because that is where ideas happen

🌍 Exceed your clients’ desires.

In the chance that you do, they’ll return again and again. Give them what they need — and more. Tell them you appreciate them. Follow through on the entirety of your missteps, and don’t make any excuses — apologize. Stand firm behind everything you do. “The two most important words I ever composed were on that first Wal-Mart sign: ‘Satisfaction Guaranteed.’ They have always been up there, and make all the differences.

 🌍 Control your costs superior to your opposition.

This is the place you can generally locate the upper hand. For a quarter-century running — sometime before Wal-Mart was known as the country’s biggest retailer — we’ve positioned №1 in our industry for the most minimal proportion of costs to sales. You can commit a variety of errors and still recoup if you run a productive business. Or then again, you can be a genius and still go out of business if you’re not efficient.Sam knew following the cost leadership strategy combined with selling to the masses would create a sustainable formula for retail.

🌍Swim upstream.

Go the other way. Overlook the tried and true method of thinking. On the off chance that every other person is doing it one way, there’s a decent possibility you can discover your specialty by going in precisely the other direction. However, be prepared for a ton of people to wave you down and reveal you’re going the incorrect way. “I surmise in the entirety of my years, what I heard more regularly than anything was: a town of under 50,000 people can’t bolster a rebate store for exceptionally long.” Sam always knew they all were wrong.