Startups

7 Bulletproof Business Fundamentals Needed for Success

Published

9 years ago

Dec 13, 2015

Have you ever seen those “top books to read for cs” lists? It’s frustrating to see 50+ books that you have to finish reading before moving on with your startup. They make you feel like, if you don’t read them a disaster will happen.

Although that is somewhat true. I have good news for you. You don’t have to read them all! I’m going to give you 7 of the most powerful tips needed for a great start. But, am I giving you everything you have to know? Of course NOT, and that’s where the bad news comes in…

You will have to read them eventually, but just to buy you some time I’ve summarized the important starting points from all the books I’ve read, so you can get a well-informed head start. I’m doing this so you can start now and stop with the “I have to learn” excuses. Sound good? Then, get a pen and paper because you’re going to be starting sooner than you think.

Here are the seven bulletproof business fundamentals needed for success:

1. It’s all a test

You won’t get everything right the first time. Many entrepreneurs think they’ve failed whenever their product doesn’t work out. It feels terrible… I know. You work for months on a product and then no one buys it. In fact, that’s why they tell you to launch as soon as you can.

So, you can get feedback and update your product fast. Listen to feedback carefully, modify the product and then launch again. Keep repeating this process until you get better and better. You’ll never stop enhancing it since nothing will ever be perfect. Remember that a startup is an experiment lab and there’s always something to improve.

You just have to improve one thing at a time. Oh yeah, one more thing… Don’t just accept feedback. Rather you should demand it and reward for it!

2. Give them the fish

Customers don’t want to learn how it’s done. Let me give you an example, imagine you enter a barbershop and the barber gives you scissors and teaches you how to cut your own hair. I’m guessing, you wouldn’t be happy at all. All you wanted was to get a quick haircut and then get out of there. Right? You don’t want to learn how to cut hair. You want your haircut. That’s why you should never teach your customers how to fish. Instead, sell the fish to them!

“It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” – Steve Jobs

3. Target, Lock and engage

Be specific. Don’t try to do everything and don’t try to target everyone. If you think your product is too general then make it specific. I don’t care if you’re selling pizza or an online course.

Here’s an example, Would you rather be a bodybuilder’s pizza restaurant or just the next boring pizza restaurant? Obviously the first one because it stands out and it’s specific. Bodybuilders who love pizza will rush right through your doors because you told them that this place is for them, you focused on them and you welcomed them. Unlike the general pizza place that makes them feel like the next customer. When you specifically create something for someone they will feel special.

That’s not all. Have you ever considered how much it would cost to promote your products to everyone? Hint: A LOT! Selling to everyone isn’t logical either. I mean, you wouldn’t try to sell a car to a 10 year old or candy to a 70 year old, would you? Ok, you get the point.

4. Playing the monopoly game

If you really want to make it big in the business, you need to have an advantage. Not just a tiny advantage, but, a great one. You need to stand out and be different. Remember that bodybuilder’s pizza place I told you about? That stands out to bodybuilders like no other pizza place ever will.

Contrary to what you learnt at school, competition is actually a bad thing and you need to try your best to avoid it. Exactly like the bodybuilder’s pizza place did. They differentiated themselves from the competition and began operating in the bodybuilder’s pizza market. It is a pretty small niche market, but they now have a monopoly in it.

As long as no one starts competing with them early on and they scale fast, they’ll still be the dominant business in the market. So what’s so bad about competition?

The problem with competition is that it wastes people’s efforts and forces them to survive rather than innovate. Innovation is what keeps our economy moving forward. Look at all the huge companies out there that are taking lead in all the innovation, they all have some kind of monopoly.

For example, Facebook, Google and Microsoft. Each of those companies have a monopoly:

According to Smartinsights, Facebook owns 80% of the social network market.
According to Theeword, Google owns just over 88% of the search engine market.
According to Time, Microsoft owns just over 90% of the computer operating systems market (not for smartphones).

Although no company owns 100%, they do own the majority share and that’s what makes them super successful. However, these companies did not start big. They took over a small market and then scaled up from there (just like the pizza place). Facebook became popular in Harvard College then other colleges and then the whole world. It didn’t take over the whole world over night. The same with Google and the rest of the world’s largest companies. That’s exactly what you should do too.

5. How much will you get paid exactly?

Your income is proportional to the value you provide. First, let’s define value. Value simply put is answering the following question: How can I help people more? That means the more you help people the more you’ll get paid in return. It’s as simple as that. Whenever you want to create a product, always ask yourself, how can I help my target customer even more? Just make sure it’s something they really need help with.

6. What’s in it for me?

Who cares about features! People want to know what’s in it for them. What benefit do they get out of it? What problem does it solve for them? There are two types of benefits, logical and emotional (also known as the head and the heart benefits). People simultaneously weigh whether something fits well, is affordable, addresses a need – head part – and whether it makes them happy, look good and loved – heart part.

Features fall into the logical part. As an entrepreneur you should figure out what emotional needs you can fulfill along with the logical ones. You’ll stand out when you do that since a lot of entrepreneurs only focus on logical features. Remember, the power of emotions!

7. Are they talking about you?

You’ve probably heard of “word of mouth” or referral marketing and it’s greatness. That’s true, every business needs some sort of “word of mouth” marketing especially in the start.

Want to know how NOT to get it? Be boring! People don’t talk about boring. Have you ever talked to someone about what you had for breakfast last week? No, you wouldn’t even care to remember it, let alone talk about it. But, you can guess it was probably the same old boring breakfast.

Want to know how to get people to talk about you? By surprising customers. That’s because people talk about surprising out of the ordinary experiences. It usually sounds a bit like this:

“You can’t believe what happened yesterday! I ordered a Latte from the XYZ café and oh man, the interior design is just out of this world, I’ve never seen anything like it. I even got a free blueberry muffin and it was the best muffin I’ve ever tasted. You should really go and check it out.”

It doesn’t have to be something too big and expensive. In fact, it shouldn’t. Something as little as a hand written thank you card or tiny gift will go a long way. Whatever you do make sure you’re not boring, otherwise everyone will forget about you.

“Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.” – Steve Jobs

So there you have it. The 7 business fundamentals needed to run a successful business. Nevertheless, knowing them won’t help. You need to act! You can read all the books you want, but it won’t mean anything if you’re not taking action.

Write them on a notepad and refer to them whenever you’re making your business decisions. It’s not what you know, it’s what you do that counts. If you don’t act now, someone else reading this post will.

Which tip do you think is the most important and why? Please leave your thoughts in the comment section below!

Related Topics:Business Failing Failure Innovation Inspiration motivation personal growth Success target value

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15 Business Lessons From Napoleon’s Playbook

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Joel Brown (Founder of Addicted2Success.com)

Business Lessons and strategies from Napoleon Bonaparte for Entrepreneurs and CEO's

Image Credit | Joel Brown

Unleash your business potential by harnessing Napoleon’s strategic genius.

From dreaming big and thinking bold to moving fast and staying agile, these time-tested tactics are your blueprint for success.

Learn how creative leadership, detailed planning, and relentless execution can transform your business landscape. Boost morale, lead with clarity, and embrace hard work to conquer your industry.

Don’t just survive—thrive with the power of Napoleon’s lessons.

Here are 15 Powerful Lessons You Can Learn From Napoleon Bonaparte

1. Dream Big, Think Bold

Napoleon wasn’t just playing small; he believed that “Imagination rules the world.” In the business world, boldness and creativity are game-changers. Don’t just aim to fit in—push boundaries and set ambitious goals that make you stand out.

Think of Steve Jobs, who didn’t just want to make computers; he wanted to revolutionize entire industries. Your vision should be so grand it almost feels unreachable. When you dream big, you inspire those around you to believe in the impossible and work together to achieve extraordinary outcomes.

2. Move Fast, Stay Agile

Napoleon’s quick and secretive moves gave him an edge. In business, you gotta be nimble. Adapt quickly, move fast, and you’ll often find yourself ahead of the game, capturing opportunities your competitors miss.

Companies like Amazon and Tesla thrive because they constantly innovate and pivot when needed. Speed is your friend; it allows you to react to market changes and customer demands faster than the competition, ensuring you remain relevant and ahead of the curve.

3. Creative Leadership

Napoleon thrived on chaos and wasn’t afraid to switch things up. Unlike rigid leaders, he was flexible and adaptive. In business, embrace change and let chaos work for you. Being adaptable can turn unpredictable situations into opportunities.

Think of how Netflix transitioned from DVD rentals to a streaming giant. Flexibility and creativity in leadership allow you to navigate through turmoil and emerge stronger, transforming challenges into stepping stones.

4. Organize Like a Pro

Napoleon’s mind was like a supercomputer, processing vast amounts of info to make smart moves. Businesses should do the same—stay organized, use real-time data, and adapt strategies based on fresh insights to keep that competitive edge.

Utilize modern tools like CRM systems, analytics software, and AI to manage information efficiently. Staying organized and informed means you can make better decisions, foresee potential issues, and react promptly.

5. Keep It Simple

Napoleon knew the power of simplicity. Overcomplicating things can bog you down. In business, streamline processes and focus on what truly matters to hit your goals efficiently.

Apple’s product design philosophy under Jobs was about simplicity and user-friendliness.When you remove unnecessary complexity, you reduce errors, speed up processes, and make it easier for your team to focus on what’s important, driving efficiency and effectiveness.

6. Execute Relentlessly

Once Napoleon decided on a course of action, he went all in. In business, once you pick a direction, pursue it with full commitment. Execution is where success is truly made.

Look at how Elon Musk commits to his vision for SpaceX and Tesla. Relentless execution means overcoming obstacles, staying focused on your goals, and not getting distracted by setbacks. It’s the determination and persistence in execution that ultimately leads to triumph.

7. Play to Your Strengths

Napoleon only fought battles he knew he could win. In business, focus on your strengths and avoid head-to-head fights in areas where you’re weak. Know your advantages and leverage them.

Microsoft leverages its strength in software development and cloud services rather than trying to compete directly in hardware. Understanding and maximizing your strengths ensures you play a game you can win, using your unique capabilities to outshine competitors.

8. Plan in Detail

Napoleon planned for every possible scenario. Businesses should do the same—conduct thorough planning and prepare for various outcomes.

Detailed planning helps you stay ready for anything. Scenario planning and SWOT analysis are tools that can help you foresee different futures and prepare accordingly. When you’re prepared for multiple scenarios, you can adapt smoothly and continue to drive forward, no matter what challenges arise.

9. Seize Opportunities

Napoleon saw luck as the ability to capitalize on accidents. In business, be prepared and ready to grab unexpected opportunities. Agility is key.

Companies like Uber and Airbnb seized gaps in the market by being ready to pounce on opportunities when they arose. Always be on the lookout for opportunities, and when they come, don’t hesitate. Preparation and readiness to act quickly can turn unexpected moments into major breakthroughs.

10. Learn from the Past

Napoleon studied the greats who came before him. Entrepreneurs should always be learning from the successes and failures of others. History is full of lessons waiting to be applied.

Warren Buffett is famous for studying businesses and market histories. By learning from the past, you can avoid repeating mistakes, understand what works, and build on proven strategies. Continuous learning from history helps refine your strategies and improve decision-making.

11. Boost Morale

Napoleon knew how to keep his troops motivated. Business leaders should do the same—keep your team inspired and engaged. High morale leads to high productivity.

Companies like Google and Salesforce invest heavily in employee well-being and motivation. When your team feels valued and motivated, they are more productive, innovative, and loyal. High morale fosters a positive work environment where people are excited to contribute and excel.

12. Lead with Clarity

Napoleon believed in the power of a strong, decisive leader. In business, clear direction and strong leadership are crucial. Ensure everyone knows the plan and follows it.

Leaders like Jeff Bezos provide a clear vision and direction, ensuring their teams know what they’re working towards. Clear, decisive leadership aligns your team, fosters trust, and drives coordinated efforts towards achieving your business goals.

13. Reflect on Failures

Napoleon analyzed both his wins and losses. Businesses should review their successes and failures to keep improving. Learn from mistakes to avoid repeating them.

Ray Dalio of Bridgewater Associates emphasizes the importance of learning from failure in his book Principles. By conducting post-mortems, you can understand what went wrong, make necessary adjustments, and continuously refine your strategies to avoid future pitfalls and drive success.

14. Action-Oriented

Napoleon was all about turning thoughts into actions. In business, decisiveness and execution are vital. Don’t just plan—act on those plans with energy and determination.

Entrepreneurs like Richard Branson embody this principle by constantly moving from ideas to actions. Action orientation ensures that you don’t get stuck in analysis paralysis but instead drive forward, making things happen and turning visions into reality.

15. Embrace Hard Work

Napoleon lived and breathed work, saying, “Work is my element; I am born and built for work.”

In business, a strong work ethic and relentless dedication are key to success. Think of how Howard Schultz rebuilt Starbucks through sheer hard work and determination. Embracing hard work means being willing to put in the necessary effort, staying dedicated to your mission, and continuously pushing towards your goals, no matter the challenges.

By implementing these lessons from Napoleon, businesses can sharpen their strategies, strengthen leadership, and execute with precision, driving sustained success.

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