7 Basics I’ve learned about doing business

I’ve learned some important basics and I want to share some of them here in this post.

I don’t pretend that these are all the basics. These are basic rules I find important.

1) The true intention of business should be: To make someone’s life better. To advance someone’s life with the particular product or service you offer.

2) You need a group, a team, business partner or assistant to help you become successful. You can not do it in isolation. No man is an island on his own. And you need to surround yourself with people who support you. Have somebody, a mentor or somebody to be accountable to.

3) Remember, people buy for their own reason, not for the reason you think they should buy. You need to know what their reason is. You need to know the problems they want to solve and offer them the solution. Build relationships. People buy from people they “know-like-trust”.

4) You need to know that money doesn’t solve problems, your thinking patterns do.

5) Losing is part of the process of becoming successful; don’t fear failure, it is part of the deal. Stop being afraid to make mistakes.

6) Know some of the important truths about money. I will write a post to talk about some of them.

7) Know the difference between Assets and Liabilities. Contrary to how I learned it in school, in his books “Rich Dad Poor Dad” and “Cashflow Quadrant”
Robert Kiyosaki, explains this simply as:
Asset is something that makes you money and Liability is something that costs you money.
This is very clear and true, because in school I learned book keeping from the point of view of the bank and the business owner I worked for. Doing business yourself you need to know what costs you money and what brings or makes you money.

Robert Kiyosaki keeps saying in the books I named earlier that Rich people know how to let money work hard for them.
Poor people will stay poor as long as they keep thinking that they have to work hard for money and make other people rich.

He also says that: “It’s not assets, real estate, stock, mutual funds, business or money that makes you rich. It’s the information, knowledge, wisdom, know how and one’s financial intelligence that makes a person wealthy.”

I agree that it is using your potential that can make you wealthy.
But unless you do something with it, take action and practice it, it will be only potential.

15 thoughts on “7 Basics I’ve learned about doing business”

  1. Wow! I can relate to everything you’ve written. I told you recently that my learning method is I take a piece here and I take a piece there. If I don’t agree with someone I still see if there is a tip or info to be learned; there often is.

    I will laugh a bit now, when I write “we have learned the same things” because I already agree with you 100% LOL Amazing we are thinking along the same lines.

  2. Hey Leigh,

    You’re the first person to react on this post again. Isn’t that cool?

    I don’t feel it’s amazing we are thinking along the same lines, you feel attracted to people you feel think along the same lines as you. That’s the reason we DM so much, we have a lot to tell each other and because in a way we support each other. We are both students.

    But I write about my experiences and maybe somebody can use some of them, don’t you think?

    I see some DM’s from you coming in. I need to go read them.

  3. Great points. To amplify Bob Burg lists five Laws for Success.

    1. Your true worth is determined by how much more you give in value than you take in payment.

    2. Your income is determined by how many people you serve and how well you serve them.

    3. Your influence is determined by how abundantly you place other people’s interests first.

    4. The most valuable gift you have to offer is yourself.

    5. The key to effective giving is to stay open to receiving.

    I think these echo what you are saying Deana

  4. Hi Eric,

    Thank you for your addition to my seven basics in this post. I couldn’t agree with you more.
    I like your no.3 law of success. I’ve seen it metioned in your emails.

    The no.5 on your list; isn’t that to compare with the vacuum law of prosperity?
    (To let go of the things which don’t suit you anymore, to receive new.)

    Feel free to come back, remember what our mutual friend John Counsel states on his blog.
    “Comments are hidden wealth”. He says “there’s a hidden wealth of useful content in the comments on many posts”.

    Feel free to get in the conversation.

  5. Hi Deana

    Re the 5th law. This is the recognition that for giving to take place there has to be a receiver – they are parts of the same transaction. A person can’t keep giving exclusively – they just burn out. So be prepared to receive so others have the opportunity to give. Even in simple things such as the giving and receiving of thanks or praise (that can be quite hard.


  6. Re the second law, I found this quite instructive. Bob looks as the role of a school teacher, in comparison with sat a sports or rock star. One might think that the role or the school teacher is more worthy, but the pay is poor. The pay is poor because they only serve a few children (at any one time on over a year). Whereas the star entertains 10s of thousands if not more, much more influence.

    Then I think of the constant push by school teachers to reduce class sizes – effectively even further reducing their influence and the number they are serving – they should be exploring ways ro serve more children not less. Different way of looking at things.


  7. Hello Deana,

    Once again, an excellent post. You have presented, in my opinion, some very sound principles.

    After reading Eric’s comments, I decided to look up Bob Burg whose name I had heard before but about whom I knew nothing. Well, I am glad I did and I have ordered some of his material. Deana, if by chance you don’t know of him or haven’t looked him up, please do. I think you would find his work quite interesting.

  8. Hi Richard,

    You’re right about Bob Burg. I know him and I do have a book written by him. “Endless Referrals”. He is using twitter too and he is a friendly person indeed. He does follow me and I follow him back on twitter. We even had communicated with each other with DM’s (Direct Messages) several times on twitter, because I’ve asked his permission to quote some things out of his abovementioned book.

    Thank you for your suggestion. And thanks for visiting again. Feel welcome to come back. I appreciate it.
    Lot’s of success to you too, I’ll come to check out your post too.
    Enjoy the weekend.

  9. Hi All
    Yes I think that Bob Burg is good value. excellent ideas. For a change At the moment I’m reading and trying to apply Appreciation Marketing by Tommy Wyatt & Curtis Lewsey.

    Interesting – the sub title is How to Achieve Greatness Through Gratitude.

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