The Fundamentals of a Successful Business

In the modern day era where everything is changing at a very rapid pace mainly due to technological advancements, what is considered state of the art today will be obsolete tomorrow. In such a world the initiating and continuing of a profitable business seems an Everest challenge.

The foundations however will remain be the same no matter what the challenges. If the base criteria are followed there is no reason in the world, why a business should not be successful. Below are some of the items which if followed by a business could make it massive success regardless of the size, a fortune 500 corporation or a small grocery shop.

HUMAN ELEMENT

Just like an object is composed of invisible units called atoms, a business is composed of units called human beings. If the human element is considered properly in all segments of a business it will play a pivotal role in the success of the business. Human are everything whether customers, employees, vendors, associates, partners etc. So if the base principal of humanity is observed it will ensure success of a business. There is a well known philosophy that one should not worry about number (Profits and assets) and should focus on people as when people are happy numbers automatically grow.

MIDDLE PATH

One should always choose a middle path avoiding extreme of anything. The word extreme is defined as anything beyond one’s own needs. That could be money, status, luxuries, aggression, love, passion and so on. A balanced approach would enable a person to continue in long run and flourish his professional and social life. By adopting a moderate approach one always remains within the so called “Protection envelope” and does not indulge himself/herself in undue hassles. This will result in more productivity and resultantly growth and nourishment of business.

RISK TAKING

Business is all about risk taking and seizing the right opportunity. However there is very fine line between calculated risk and outrageous risk. The corner stone in risk taking is the calculation of probable benefits and opposing them with probable risks. This careful calculation with always keep a business in the middle path described above. In this way it would not lose its innovation as well as leverage. History has proved that sizable businesses which have not adopted themselves with the approach have shrink-ed sizably. A notable example of a brand known to all is “Kodak” which was big name in consumer market but now has only shrank to medical and entertainment industry.

NO ENEMIES

In the business world there should be no enemies. Within the organization and outside the organization there should be an environment for care, professionalism and respect. All the persons that the world shows us as “Enemies” can become our allies in the cause. The biggest example of such fact is competitors. Past practices have shown us the business who have involved themselves in back biting and leg pulling politics have not been fruitful in the long run though might have some temporary success while the organizations that have embraced themselves in a mutually respectful relationship with their competitors have benefited as an industry.

Before Parting some honorary ingredients of a successful business must be mentioned in addition to the above core basis. These include faith, hard work, passion, knowledge, social stability, focus, luck and above all help from ALLAH (SWT).