Let us discuss here the fundamentals of business:
- First and the foremost question is: are you ready to face the challenges in business emotionally? A businessman should have a strong Emotional Intelligence. Your emotional health is measured with Emotional Quotient. All those businessmen who do not know how to tackle tensions and worries in business, they usually die young.
- The way you keep your customers happy, in the same way you should also keep your vendors/ suppliers happy. Your vendors / suppliers need payment from you. Stop giving them cheques. Pay them online.
- Save yourself from three coats– white coat (doctors), black coat (lawyers) and khaki coat (police).
- Run for success, not money. Whatever profession you choose, make yourself focussed and best in it. Money is a by-product of success. Once you are successful, money will automatically follow.
- Avoid giving credit. In the beginning you may have to give credit but avoid it as much as possible. Giving credit may become a hurdle in your business expansion. Always give a bill to your customer.
- Set your goals. Each second of yours is important for your business so wear a watch which shows you seconds also. Be punctual. Make yourself regimented and disciplined.
- Change your habits. A good businessman is always in a learning mode. He does everything right in time. Stop procrastination now.
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