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Monday, March 5, 2012

Build a Truly Rich Business

Build a Truly Rich Business

Just want to share a business wisdom in making a successful business using the acronym TRULY RICH from Dean Pax Lapid.

T R U L Y R I C H acronym.

T= Talent and time. Everyone, regardless of status in life (rich or poor, young or old), has been given by God a rich pool of talent and time largely untapped. Business (Life) success is a choice, not a game of chance.

The real successful people are those that made the choice to use well their God-given talents and maximize their time for positively changing their lives and that of others. Therefore, find time to find your passion/talents to create your treasures.

R= Reason to go into business. One of the most important secrets for success (business or any personal endeavor) is to understand clearly your reasons for doing what you’re doing. If a person has a very strong reason for achieving a certain dream or goal, then that person will find the resources and time to achieve it. There is nothing wrong if you’re coming into business for financial reasons, but to sustain it, you have to go beyond the money.

U= Understanding the logic of the business (probing). Allow me to share with you my adaptation of Rudyard Kipling’s poem

“Six Honest Serving Men.”
Six Honest Serving Men
I think of six honest probing men
They’re who, what, why, how, where and when
They have worked for me all the time
In making my products a gold mine
Business is always a success
When products stand out above the rest
I thank my six honest probing men
They’re who, what, why, how, where and when

L= Luck is the combination of preparedness and opportunity. The first element of luck is preparedness. This can come from your educational background, formal or self training, or experience gained from your vast corporate stint. The second element of luck, which is opportunity, can come from crisis (as the Chinese say, danger is either crisis or opportunity), competence which is the result of preparedness, and finally creation (invention), which is a product of your imagination or inspiration.

Y= Why buy from me? What’s your product differentiator or innovation? Do not be scared because I have redefined innovation as “Copying with a difference.” You need to find your ER factor. However, a word of caution that if your differentiator is “cheaper” then your business would not last. Either the competitor will just bring down his price (considering he already has a base of customers) or you’d be bleeding with your profits. It has to be cheaper from the perspective of the producer (you). Better, faster, stronger, and nicer from the perspective of the customer.

R= Regular customer segments. The secret for having regular customers lies in the fact that there are only two things that people buy: solutions to their problems, and a good or happy feeling. Your product or service must solve your customers need or gap. However, the suki (regular loyal customers) are created when they buy from you with good or happy feeling. The total cost of buying from you goes beyond just price; it also has to do with how easy it is to buy from you which are convenience and comfort.

I= Invest in people. Business is not a one-man show. It is not you and your product only. Successful businesses is really about creating products for customers, creating jobs for others (so that you do not prison yourself in the business) and creating a system so that you’ll be able to manage and multiply. Investing in people has to do with relationship with your employees, your suppliers, partner network, and most especially your customers.

C= Cash flow. A successful business must both have profitability and positive cash flow. Whether you like it or not, as an entrepreneur you need to equip yourself with the basic financial knowledge to understand and manage your financial statements. This knowledge will determine if you’re earning, growing and moving day to day. Remember that debit and credit equals profit in order to grow otherwise, debit and credit becomes kupit from unscrupulous partners or employees.

H= Heaven (God) is really the giver of all our treasures. Our talents and a truly rich business is really Heaven’s gift to us to bless our family and loved ones as well as being able to help others. Starting and growing a successful business is going thru the five rings of life: engagement ring as you court the business idea; wedding ring as you legally produce a baby business; suffering as you wean in the early months of your young business; enduring as you live with the ups and downs never giving up; and finally, business is God’s love offering as you become successful.

I wish you all a TRULY RICH business!

Dean Pax Lapid is the former Dean of Entrepreneur School of Asia. He is also a Professor of Entrepreneurship at Asian Institute of Management, one of the most prestigious business schools in Asia. He is a prolific entrepreneur, creating one new business a year.

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