Business Magazine

Ten Rules For Business Success Survive A Century

Posted on the 17 October 2014 by Martin Zwilling @StartupPro

Napoleon_HillIn 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 perusing a new book, “The Science of Success,” a collection of essays by and about Napoleon Hill, 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.

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:

  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.

  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).

  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.

  4. Applied faith. This is a level of belief that has action behind it. Anyone can have ideas, passion, and faith about an important business opportunity. Yet for most people it’s only a daydream, since they are not willing or able to commit the actions required to deliver. Results are still the only true measure of success in business.

  5. Personal initiative. Successful entrepreneurs do what they need to do without being told how to do it. Asking for insight is not the same as asking for the next step, or asking an advisor to make the decision. Great entrepreneurs are proactive, not only in selecting the right idea, but in implementing a product, setting a price, and choosing customers.

  6. Imagination. This is the number one skill required for creativity and innovation. Without imagination, entrepreneurs cannot look at a problem from a new perspective. Without imagination, entrepreneurs cannot visualize how various solutions to a problem would work. Without imagination, entrepreneurs can never dream up new ideas.

  7. Enthusiasm. This is the contagious quality that great entrepreneurs have to attract correlative passion, commitment, the best people, and customers to their idea and solution. Enthusiasm is one of the most powerful motivational tools in an entrepreneur’s arsenal, and no success will accrue without it.

  8. Accurate thinking. Accurate thinking is the ability to separate facts from fiction via deductive reasoning, and to isolate and use facts effectively that are pertinent to your own challenges and problems. When the necessary facts are not available, accurate inductive reasoning or hypothetical thinking is required to fill the gap.

  9. Concentration of effort. In current terms this is called focus and determination, to never give up and never be diverted from your purpose. With focus and determination, you and your team will understand what's most important for success, and drive your motivation through the execution steps required.

  10. Profiting by adversity. This simply means remembering that there can be an equivalent benefit for every setback. Successful entrepreneurs learn from funding failures, economic adversity, ruthless competitors, and lethargic customers. They insist on greater efficiency, try new business models, organizational improvements, and better cash management.

Carnegie and Hill understood how business success rules were tied to the entrepreneur way back in the early 1900’s, and the evidence is that those rules are still as applicable now as they were then. Business models and technology have improved dramatically, but the power of people with foresight, passion, and determination continues to supersede all these elements.


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Frank Turner, Sam Coffey, and Bad Cop / Bad Cop Takeover Toronto!

    Frank Turner and The Sleeping Souls played the middle show of a three-night takeover of The Phoenix Concert Theatre in Toronto on Thursday night, and things... Read more

    The 23 September 2018 by   Phjoshua
    LIFESTYLE, SELF EXPRESSION
  • Our Favorite TV Shows of All-Time

    Even though we live in Los Angeles where the weather is nice most of the year, during the fall we sometimes just want to stay in, prepare a cup of hot cocoa... Read more

    The 23 September 2018 by   A Girl In La - Style Blog
    DIARIES, LIFESTYLE
  • Finished Boys Bedroom Makeover: Ethans Blue, White And Red Big Boy Room

    Finished Boys Bedroom Makeover: Ethans Blue, White Room

    Our little boy Ethan's, bedroom makeover is now finished and it feels so good to finally be able to say that! If you've been following our renovation journey,... Read more

    The 23 September 2018 by   Alex_bumptobaby
    DIARIES, SELF EXPRESSION
  • How to Worsen Diabetes: Follow the ADA and CDA Advice

    Worsen Diabetes: Follow Advice

    If you have a new diagnosis of type 2 diabetes, or have been dealing with the condition for years, where's a natural place you might go for support and... Read more

    The 23 September 2018 by   Dietdoctor
    DIET & WEIGHT, HEALTH, HEALTHY LIVING, MEDICINE
  • Safely Stored Away

    Safely Stored Away

    A bit of a panic today when I saw that temperatures might go down to 3C tonight and tomorrow night.  Whilst I had started to move some of my tender plants... Read more

    The 23 September 2018 by   Patientgardener
    GARDENING, HOME
  • 14% of American Adults Have Diabetes According to CDC

    American Adults Have Diabetes According

    A new report, just released by the Centers for Disease Control (CDC), pegs US diabetes rates, as of 2016, at 14.0% of adults. This includes cases of both... Read more

    The 23 September 2018 by   Dietdoctor
    DIET & WEIGHT, HEALTH, HEALTHY LIVING, MEDICINE
  • 20 Boots & Hearts 2019 Artist Predictions

    Boots Hearts 2019 Artist Predictions

    Every year we look forward to the packed schedule of country music that takes place at Boots Hearts. We also sit and think and guess at who we're going to... Read more

    The 23 September 2018 by   Phjoshua
    LIFESTYLE, SELF EXPRESSION

Magazines