Wednesday, December 28, 2005

Rainy Day

It's a cold rainy day here. I can't surf the internet enough with my new babe, being deprived of all the usual softwares and programs that I was so used to back in Singapore. Despite the excitement of surfing in virtual space, I finished reading "The Martha Rules" by one of my inspirational role models, Martha Stewart.

As a successful business woman and self made billionaire, she shared her knowledge and wisdom in entrepreneurship with people who are interested to start their businesses. Here's the 10 rules as stated in the book:

Rule 1: What passion got to do with it?

Build you business success around something that you love- something that is inherently and endlessly interesting to you.

Rule 2: Ask yourself, what's the Big Idea?

Focus your attention and creativity on basic things, things that people need and want. The look for ways to enlarge, improve and enhance your Big Idea.

7 neccessities for assessing your business idea:
1. Is your idea better than alternatives on the market?
2. Is your idea simple for you to develop and simple for customers to understand?
3. Are you in a geographic location where your idea will work?
4. Is your idea affordable?
5. Is your idea too big?
6. Can you expand and extend your idea?
7. Does your idea make the world better?

Rule 3: Get a telescope, a wide angle lens, and a microscope

Create a business plan that allows you to stay true to your Big Idea but helps you focus on the details. Then remain flexible enough to zoom in or out on the vital aspects as your business grows.

Rule 4: Teach so you can learn

By sharing your knowldege about your productor service with your customers, you create a deep connection that will help you learn how best to build and manage your business.

Rule 5: All dressed up and ready to grow

Use smart, cost-effective promotional Techniques that will arrest the eye, tug at the heart, and convey what is unique and special about your business or service.

Rule 6: Quality is everyday

Quality should be placed at the top of your list of priorities, and it should remain there. Quality is something you should strive for in every direction, everyday.

Rule 7: Build an A team

Seek out and hire employees who are brimming with talent, energy, integrity, optimism, and generosity. Search for advisors and partners who complement your skills and understand your ideals.

Rule 8: So the pie isn't perfect? Cut it into wedges

When faced with a business challenge, evaluate or assess the situation, gather the good things in sight, abandon the bad, clear your mind, and move on. Focus on the positive. Stay in control, and never panic.

Rule 9: Take risks, not chances

In business, there's a difference between a risk and a chance. A well-calculated risk may well end up as an investment in your business. A careless chance can cause it to crumble. And when an opportunity presents itself, never assume it will be your last.

Rule 10: Make it beautiful

Listen intently, learn new things everyday, be willing to innovate, and become an authority your customers will thrust. As an entrepreneur, you will find great joy and satisfaction in making your customers' lives easier, more meaningful, and more beautiful.

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