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How to have a successful business?

Juris
Posts: 109
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1/17/2014 7:43:40 AM
Posted: 2 years ago
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.
Contra
Posts: 3,941
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1/17/2014 4:54:03 PM
Posted: 2 years ago
Fulfill an unsatisfied need. Or provide a good or service that is already provided more efficiently, and therefore at a lower cost.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
sadolite
Posts: 8,834
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1/18/2014 10:21:36 AM
Posted: 2 years ago
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

1) Know everything there is to know about the business you are attempting to start.
2) Know your competition
3) Don't go into massive debt to start your business. (THE #1 REASON A BUSINESS FAILS)
4) Start small and build up
5) Never miss dead lines or appointments
6) Know the type of people who will buy your product or service. And cater to only those people.
7) Location location location if it is retail
8) Don't do your own accounting
9) Don't do your own taxes
10) Talk to an accountant before you start a business, preferably one own specializes in the type of business you plan to start. They are a wealth of information and see businesses come and go and why.
11) Don't hire people who use drugs or out of pity or as a favor to someone else.
12) Do a background check on their workers comp history.
13) Never fall behind on your paper work, you wont remember everything later.
14) Good luck, 8 out of 10 business fail in the first year. America is very unfriendly to small business.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Leanin_on_Slick
Posts: 62
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1/19/2014 12:23:48 PM
Posted: 2 years ago
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

An idea I've been toying with, is to buy up a bunch of housing surrounding a college campus. You can make a killin' on student housing, there's a constant refreshment of demand and it can be fairly easy to maintain. Easy money baby.

I'm no expert, but I would think consistent reading is helpful. (A book I'm reading right now that you may want to check out is, The Lean Start Up: by Eric Ries) Of course with everything you also want to get your inner-game under control and take constant action.
Tophatdoc
Posts: 534
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1/19/2014 4:45:46 PM
Posted: 2 years ago
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

I have a couple of suggestions:

1.NEVER! Never take out a loan from a bank unless you know what your doing(meaning little to no assumptions). The bank does not care whether your business succeeds or fails. Money loaned out is money due in their eyes. If you need a loan ask friends and family members. Network to find someone with the money willing to sponsor your business.

2.Don't go into a sole proprietorship or a partnership if you want to have multiple stores under your firm. It really depends on what time of business your starting. But avoid a partnership like a plague because it could mean trouble in the long run if your partner doesn't want to cooperate. You will have to purchase his share of the company.

3. Also make sure you know the regulations about when you have over a certain number of employees. Or hire an attorney who knows the regulations. Try to hire family members and people you know so it easier to skirt around these regulations.
"Don't click on my profile. Don't send me friend requests. Don't read my debates. There are many interesting people on DDO. Find one of them. Go find someone exciting and loquacious. Go click on their profile. Go send them friend requests. Go read their debates. Leave me alone." -Tophatdoc
suttichart.denpruektham
Posts: 1,115
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1/20/2014 10:49:20 AM
Posted: 2 years ago
There is only 2 things that you need to be successful in business.

Vision and Courage.

Understanding the present, understanding the past, understanding the future, and the courage to put yourself in that future.

This only two things are what make business successful.
Khaos_Mage
Posts: 23,214
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1/20/2014 9:52:45 PM
Posted: 2 years ago
At 1/18/2014 10:21:36 AM, sadolite wrote:
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

1) Know everything there is to know about the business you are attempting to start.
2) Know your competition
3) Don't go into massive debt to start your business. (THE #1 REASON A BUSINESS FAILS)
4) Start small and build up
5) Never miss dead lines or appointments
6) Know the type of people who will buy your product or service. And cater to only those people.
7) Location location location if it is retail
8) Don't do your own accounting
Why?
9) Don't do your own taxes
Why?
10) Talk to an accountant before you start a business, preferably one own specializes in the type of business you plan to start. They are a wealth of information and see businesses come and go and why.
11) Don't hire people who use drugs or out of pity or as a favor to someone else.
12) Do a background check on their workers comp history.
13) Never fall behind on your paper work, you wont remember everything later.
14) Good luck, 8 out of 10 business fail in the first year. America is very unfriendly to small business.
My work here is, finally, done.
Khaos_Mage
Posts: 23,214
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1/20/2014 9:55:11 PM
Posted: 2 years ago
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

Have a vision and a plan.
DO NOT RUSH INTO ANYTHING!!! (we learned this the hard way)
My work here is, finally, done.
DanT
Posts: 5,693
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1/21/2014 9:24:43 AM
Posted: 2 years ago
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

There is no easy answer to that question. In order to have a successful business you don't just require a knowledge of economics, you also must have knowledge in management, marketing, and accounting.
Understanding economics allows you to allocate resources effectively; that is to say it allows you to effectively acquire and use capital and labor, and to efficiently produce and price your product.
Understanding marketing allows you to target the right market segment, and to effectively inform that market segment about your product. Advertising does not generate a want for a good or service, it just informs people of the benefits of that good or service. You cannot sell a product that no-one wants to begin with; no amount of advertising will make people want a useless product.
Understanding management, which like economics is a social science, allows you to effectively lead your company. An ineffective business leader will render the employees ineffective, thereby reducing productivity and customer satisfaction.

Customer satisfaction is key to a successful business, as is operation efficiency.
"Chemical weapons are no different than any other types of weapons."~Lordknukle
DanT
Posts: 5,693
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1/21/2014 9:29:02 AM
Posted: 2 years ago
Two key pieces of advice;
A.) go to college for business management.
B.) get some field experience by working in the industry first.
Preferably you should have both experience and education.

Without obtaining knowledge through experience and/or eduction, starting a business would be very high risk. Also, you should always have a business plan.
"Chemical weapons are no different than any other types of weapons."~Lordknukle
sadolite
Posts: 8,834
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1/21/2014 4:01:07 PM
Posted: 2 years ago
At 1/20/2014 9:52:45 PM, Khaos_Mage wrote:
At 1/18/2014 10:21:36 AM, sadolite wrote:
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

1) Know everything there is to know about the business you are attempting to start.
2) Know your competition
3) Don't go into massive debt to start your business. (THE #1 REASON A BUSINESS FAILS)
4) Start small and build up
5) Never miss dead lines or appointments
6) Know the type of people who will buy your product or service. And cater to only those people.
7) Location location location if it is retail
8) Don't do your own accounting
Why?
9) Don't do your own taxes
Why?
10) Talk to an accountant before you start a business, preferably one own specializes in the type of business you plan to start. They are a wealth of information and see businesses come and go and why.
11) Don't hire people who use drugs or out of pity or as a favor to someone else.
12) Do a background check on their workers comp history.
13) Never fall behind on your paper work, you wont remember everything later.
14) Good luck, 8 out of 10 business fail in the first year. America is very unfriendly to small business.

You asked for ways to have a successful business. Do your own accounting and do your own taxes. You will learn why not to. Or you can head the advice and let people who do it for a living do it. It is unlikely you would accept any answer I gave as to why you should not do your own accounting and taxes. So you must learn the hard way like everyone else who thinks they can.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Khaos_Mage
Posts: 23,214
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1/21/2014 4:54:42 PM
Posted: 2 years ago
At 1/21/2014 4:01:07 PM, sadolite wrote:
At 1/20/2014 9:52:45 PM, Khaos_Mage wrote:

You asked for ways to have a successful business. Do your own accounting and do your own taxes. You will learn why not to. Or you can head the advice and let people who do it for a living do it. It is unlikely you would accept any answer I gave as to why you should not do your own accounting and taxes. So you must learn the hard way like everyone else who thinks they can.

I have an A.A.S. in accounting and started a failed tax business out of my home, so naturally, I believe I can do my own accounting and taxes. But, we are not talking about me, we are talking about in general (or specific to the person whose thread this is).

I am curious as to why outsourcing the task is better than doing it yourself.
I would definitely say that depending on the size/type of business, an accountant would be prudent. However, I am not willing to say categorically this is the case. Why do you?
My work here is, finally, done.
sadolite
Posts: 8,834
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1/21/2014 5:01:18 PM
Posted: 2 years ago
At 1/21/2014 4:54:42 PM, Khaos_Mage wrote:
At 1/21/2014 4:01:07 PM, sadolite wrote:
At 1/20/2014 9:52:45 PM, Khaos_Mage wrote:

You asked for ways to have a successful business. Do your own accounting and do your own taxes. You will learn why not to. Or you can head the advice and let people who do it for a living do it. It is unlikely you would accept any answer I gave as to why you should not do your own accounting and taxes. So you must learn the hard way like everyone else who thinks they can.

I have an A.A.S. in accounting and started a failed tax business out of my home, so naturally, I believe I can do my own accounting and taxes. But, we are not talking about me, we are talking about in general (or specific to the person whose thread this is).

I am curious as to why outsourcing the task is better than doing it yourself.
I would definitely say that depending on the size/type of business, an accountant would be prudent. However, I am not willing to say categorically this is the case. Why do you?

Because it will consume your time. You don't sell or make things that create a profit doing accounting and taxes. Accounting and taxes are a net loss, a cost of doing business. It is an astronomical waste of your very valuable time. Ask any successful business person. No one who is successful in business does their own taxes and accounting. Oh sure, there may be a few exceptions but not many.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Khaos_Mage
Posts: 23,214
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1/21/2014 5:29:56 PM
Posted: 2 years ago
At 1/21/2014 5:01:18 PM, sadolite wrote:
At 1/21/2014 4:54:42 PM, Khaos_Mage wrote:
At 1/21/2014 4:01:07 PM, sadolite wrote:
At 1/20/2014 9:52:45 PM, Khaos_Mage wrote:

You asked for ways to have a successful business. Do your own accounting and do your own taxes. You will learn why not to. Or you can head the advice and let people who do it for a living do it. It is unlikely you would accept any answer I gave as to why you should not do your own accounting and taxes. So you must learn the hard way like everyone else who thinks they can.

I have an A.A.S. in accounting and started a failed tax business out of my home, so naturally, I believe I can do my own accounting and taxes. But, we are not talking about me, we are talking about in general (or specific to the person whose thread this is).

I am curious as to why outsourcing the task is better than doing it yourself.
I would definitely say that depending on the size/type of business, an accountant would be prudent. However, I am not willing to say categorically this is the case. Why do you?

Because it will consume your time. You don't sell or make things that create a profit doing accounting and taxes. Accounting and taxes are a net loss, a cost of doing business. It is an astronomical waste of your very valuable time. Ask any successful business person. No one who is successful in business does their own taxes and accounting. Oh sure, there may be a few exceptions but not many.

That's what I thought you would say, and I would agree in probably 70% of cases.
But, if you work a service industry by yourself (no employees/1099 workers), the accounting is minimal, and can be done on down time.

Obviously, if you are an LLC and/or partnership, dealing with cost of goods, inventory, employees and accounts receivable/payable, that is much much more of a headache.
Plus, getting advice is usually a good thing, and you'd hope your accountant can be trusted.
My work here is, finally, done.
sadolite
Posts: 8,834
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1/21/2014 5:49:13 PM
Posted: 2 years ago
At 1/21/2014 5:29:56 PM, Khaos_Mage wrote:
At 1/21/2014 5:01:18 PM, sadolite wrote:
At 1/21/2014 4:54:42 PM, Khaos_Mage wrote:
At 1/21/2014 4:01:07 PM, sadolite wrote:
At 1/20/2014 9:52:45 PM, Khaos_Mage wrote:

You asked for ways to have a successful business. Do your own accounting and do your own taxes. You will learn why not to. Or you can head the advice and let people who do it for a living do it. It is unlikely you would accept any answer I gave as to why you should not do your own accounting and taxes. So you must learn the hard way like everyone else who thinks they can.

I have an A.A.S. in accounting and started a failed tax business out of my home, so naturally, I believe I can do my own accounting and taxes. But, we are not talking about me, we are talking about in general (or specific to the person whose thread this is).

I am curious as to why outsourcing the task is better than doing it yourself.
I would definitely say that depending on the size/type of business, an accountant would be prudent. However, I am not willing to say categorically this is the case. Why do you?

Because it will consume your time. You don't sell or make things that create a profit doing accounting and taxes. Accounting and taxes are a net loss, a cost of doing business. It is an astronomical waste of your very valuable time. Ask any successful business person. No one who is successful in business does their own taxes and accounting. Oh sure, there may be a few exceptions but not many.

That's what I thought you would say, and I would agree in probably 70% of cases.
But, if you work a service industry by yourself (no employees/1099 workers), the accounting is minimal, and can be done on down time.

Obviously, if you are an LLC and/or partnership, dealing with cost of goods, inventory, employees and accounts receivable/payable, that is much much more of a headache.
Plus, getting advice is usually a good thing, and you'd hope your accountant can be trusted.

Well then the advice still stands, god help you if you screw up your tax return
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
ahqaf
Posts: 10
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1/21/2014 10:32:52 PM
Posted: 2 years ago
At First, you should choice a Business.Then make a plan to improve your business and apply it in Market for publicity. You need time to have a successful Business.
Dazz
Posts: 1,163
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1/22/2014 12:10:05 PM
Posted: 2 years ago
At 1/17/2014 7:43:40 AM, Juris wrote:
Any idea on how to become a successful businessman?

Just share it here..

I would appreciate that.

Experience the work. If you know how does the work go in routine, you're more toward the success.
Remove the "I want", remainder is the "peace". ~Al-Ghazali~
"This time will also pass", a dose to cure both; the excitement & the grievance. ~Ayaz~
kiryasjoelvillage
Posts: 190
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1/28/2014 12:12:54 AM
Posted: 2 years ago
At 1/17/2014 4:54:03 PM, Contra wrote:
Fulfill an unsatisfied need. Or provide a good or service that is already provided more efficiently, and therefore at a lower cost.
To have a successful business you should have a good strategy so that you can do good marketing of your product.
kiryasjoelvillage
Posts: 190
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2/23/2014 11:12:29 PM
Posted: 2 years ago
At 1/17/2014 4:54:03 PM, Contra wrote:
Fulfill an unsatisfied need. Or provide a good or service that is already provided more efficiently, and therefore at a lower cost.
To have a successful business you should have a ideas that you know is different and you should be hardworking.
wanderingbear
Posts: 11
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2/26/2014 4:20:43 AM
Posted: 2 years ago
Do not listen to these guys being negative!

You want to start a business and change the world! If you get into debt and it fails so what? What happens is you go back to your job. But at least you tried.

It's not the things we do in our life that we regret, it is the things we don't do.

If you want to start a business because you love it, or you are really passionate about the cause of the business I would say you have all you need right there to be successful.

And as long as the debt you get into isn't more than a new car, I would whole-heatedly encourage you to just bloody go for it!
Khaos_Mage
Posts: 23,214
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2/26/2014 10:00:46 AM
Posted: 2 years ago
At 2/26/2014 4:20:43 AM, wanderingbear wrote:
Do not listen to these guys being negative!

You want to start a business and change the world! If you get into debt and it fails so what? What happens is you go back to your job. But at least you tried.

It's not the things we do in our life that we regret, it is the things we don't do.

If you want to start a business because you love it, or you are really passionate about the cause of the business I would say you have all you need right there to be successful.

And as long as the debt you get into isn't more than a new car, I would whole-heatedly encourage you to just bloody go for it!

LOL, you don't know much about starting a business do you.
My wife's business lost $10K this year, as her revenue didn't even cover her rent, and the +$4K in advertising expense didn't come cheap.
This is our first store front, and we are in a bad location, we learned our mistake, but might come through (this winter really sucked business wise, industry wide). But, you will acquire debt if you don't save up for it, and money is spent quickly, especially with advertising.
My work here is, finally, done.
wanderingbear
Posts: 11
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2/26/2014 1:45:32 PM
Posted: 2 years ago
At 2/26/2014 10:00:46 AM, Khaos_Mage wrote:
At 2/26/2014 4:20:43 AM, wanderingbear wrote:
Do not listen to these guys being negative!

You want to start a business and change the world! If you get into debt and it fails so what? What happens is you go back to your job. But at least you tried.

It's not the things we do in our life that we regret, it is the things we don't do.

If you want to start a business because you love it, or you are really passionate about the cause of the business I would say you have all you need right there to be successful.

And as long as the debt you get into isn't more than a new car, I would whole-heatedly encourage you to just bloody go for it!

LOL, you don't know much about starting a business do you.
My wife's business lost $10K this year, as her revenue didn't even cover her rent, and the +$4K in advertising expense didn't come cheap.
This is our first store front, and we are in a bad location, we learned our mistake, but might come through (this winter really sucked business wise, industry wide). But, you will acquire debt if you don't save up for it, and money is spent quickly, especially with advertising.

Sorry to hear that, what does your wife's business do?

I guess one man's failure is another man's success.

Plenty of people would see what your wife is doing as amazing (like me).

Sure advertising expenditures suck! I've found a good deal of success with content marketing and it costs me nothing (spend 90% less than we used to 4 years ago).

My point was basically that to be successful what you need most of all is heart because fear is ultimately what stops most people being successful in business. They're afraid it wont work, they really want to do it but are afraid of debt and so on and so forth. Yet, often they don't realise that by not doing it in the first place they just fail by default.
Khaos_Mage
Posts: 23,214
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2/26/2014 11:24:53 PM
Posted: 2 years ago
At 2/26/2014 1:45:32 PM, wanderingbear wrote:
At 2/26/2014 10:00:46 AM, Khaos_Mage wrote:
At 2/26/2014 4:20:43 AM, wanderingbear wrote:
Do not listen to these guys being negative!

You want to start a business and change the world! If you get into debt and it fails so what? What happens is you go back to your job. But at least you tried.

It's not the things we do in our life that we regret, it is the things we don't do.

If you want to start a business because you love it, or you are really passionate about the cause of the business I would say you have all you need right there to be successful.

And as long as the debt you get into isn't more than a new car, I would whole-heatedly encourage you to just bloody go for it!

LOL, you don't know much about starting a business do you.
My wife's business lost $10K this year, as her revenue didn't even cover her rent, and the +$4K in advertising expense didn't come cheap.
This is our first store front, and we are in a bad location, we learned our mistake, but might come through (this winter really sucked business wise, industry wide). But, you will acquire debt if you don't save up for it, and money is spent quickly, especially with advertising.

Sorry to hear that, what does your wife's business do?

I guess one man's failure is another man's success.

Plenty of people would see what your wife is doing as amazing (like me).

Sure advertising expenditures suck! I've found a good deal of success with content marketing and it costs me nothing (spend 90% less than we used to 4 years ago).

My point was basically that to be successful what you need most of all is heart because fear is ultimately what stops most people being successful in business. They're afraid it wont work, they really want to do it but are afraid of debt and so on and so forth. Yet, often they don't realise that by not doing it in the first place they just fail by default.

You know what, I apologize. That came out arrogant and hostile.
What I was trying to say was that going into debt should be avoided when starting a business if at all possible. Borrowing too much can be very problematic.
My work here is, finally, done.
BretonStrongArm
Posts: 2
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3/4/2014 1:13:41 AM
Posted: 2 years ago
Truth is if any of us were successful businessmen we wouldn't be here.
All you'll get here is advice to guide you on the road to becoming a laborious employee.
Moroni23
Posts: 235
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3/4/2014 3:02:11 PM
Posted: 2 years ago
At 1/17/2014 4:54:03 PM, Contra wrote:
Fulfill an unsatisfied need. Or provide a good or service that is already provided more efficiently, and therefore at a lower cost.

Lol that is a quote right out of a BUS 101 book. Wherever you quote something and don't site the source your are plagiarizing FYI.
Contra
Posts: 3,941
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3/5/2014 2:36:41 PM
Posted: 2 years ago
At 3/4/2014 3:02:11 PM, Moroni23 wrote:
At 1/17/2014 4:54:03 PM, Contra wrote:
Fulfill an unsatisfied need. Or provide a good or service that is already provided more efficiently, and therefore at a lower cost.

Lol that is a quote right out of a BUS 101 book. Wherever you quote something and don't site the source your are plagiarizing FYI.

I didn't copy anything. However yeah in essence that is what a BUS 101 book would say.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
Kelvinstiles
Posts: 4
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11/26/2014 5:21:50 AM
Posted: 2 years ago
10 tips that all businesses must follow to achieve success.
1. Get Organized
2. Keep Detailed Records
3. Analyze Your Competition
4. Understand the Risks and Rewards
5. Be Creative
6. Stay Focused
7. Prepare to Make Sacrifices
8. Provide Great Service
9. Be Consistent
10.Embrace Criticism

Hope this helps!
Thanks!