Since biblical times, entrepreneurs who succeeded in their ideas follows some key rules to running a successful business. If you want to bec...

Ten Fundamental Rules for Success in Business

Since biblical times, entrepreneurs who succeeded in their ideas follows some key rules to running a successful business. If you want to become one of them, keep in mind the basic principles to guide your actions.

As an entrepreneur, I find the decalogues, or in general the lists of laws, of great utility; Especially when I share them with my collaborators. But attention: the important thing is not to have lists of principles or even values, but to give them life, throughout the whole organization.

Ten Fundamental Rules for Success in Business
Last week, the magazine Expansion of the publishing group of the same name published as an exclusive premiere my Decalogue for Entrepreneurs and Executives, it is evident that this material could not be missing in my blog:

The first thing is that you have to know and understand what the business is about: Know it in detail or do not get in!

Never forget that the central purpose of any business is to produce more and better products or services. Always at the lowest possible cost, thus achieving customer preference. The choice manifests itself as increasing sales, and any other indicator is the mere optical illusion.

It is essential to living and breathes an environment of extreme economics: resources never surplus.

Do not miss good growth opportunities; But be careful with the trap of over-expansion, especially avoid dreaming of new business when you do not have the staff able to execute them.

As an entrepreneur or executive, the responsibility of the business is yours, not your subordinates. When you delegate powers and duties, you must maintain close and constant supervision over delegates.

You should always be alert on how to improve processes, save costs, increase sales and lower expenses. Learn and use the Kaizen method.

You must be willing to take risks, as long as the risk is justified and the business, or proposed initiative, presents a reasonable probability of being profitable.

An entrepreneur always seeks new horizons and neglected markets in foreign territories.

You should always support your products and services with a full guarantee of customer satisfaction and in a case of doubt, always decide for the client.

If you succeed and you become very wealthy, consider that wealth is to work and put it at the service of people. Remember your responsibilities to your employees, partners, shareholders and the public (in fact my friend Carlos Slim reminds us that we are only temporary administrators of wealth ).

If we execute this decalogue, we will reduce the chances of business failure (although I suspect that most of these principles will serve our lives). I hope that entrepreneurs and young executives, who begin the great business adventure, It is useful, in any case, I invite you to share your views in the comments section.