Earlier today, I was reading the book – “Chicken Soup for the Entrepreneur’s Soul”. I found an inspirational story of Marc Allen in that, he founded a publishing firm – Whatever publishing from the kitchen of a small apartment in Oakland, California. He started this publishing firm with a show string budget and today his publishing firm is one of the most successful independent publishers in the US. Marc changed the firms name to New World Library in the 1980’s.
From his experience, Marc claims that success in business is really very simple. He states that there are certain essential rules of business that have been unchanged for centuries. Here I share the 3 things in business that you need to have together to create success in my words (as shared by Marc Allen):
Product/Service is the key:
Marc Allen claims that the simple secret to a successful business is giving the best product or service you can. And ideally, it should be something that you love to do. Do not settle for less.
Marketing and Sales:
It is essential to find some way to market your service or product. Marc suggests a multi-pronged strategy and that there are a huge number of different ways to sell your product or service. Try something – anything – and if that doesn’t work, try something else. Try something that has proved effective in the past and then try something that has never been done. The key is to keep trying and sooner or later you will stumble upon something that works.
This is the third unchanging rule of business. Marc sugggests that you have to have the same kind of controls in your business as you have in your personal life. You have to spend less than you earn, or you head into debt. In a business, keep your expenses as low as possible, and get to the point as soon as you can where your income exceeds your expenses.
Marc Allen indeed talks about business in the most simplistic way. He concluded his inspiring story by saying that in spite, of our strengths and weaknesses we can all create the life of our dreams.