Today I read some great material reminding me of focusing on the fundamentals of business. The article is entitled “Start-up Basics: How to Master the Fundamentals.” The author talks about four things that we should learn. 1. Know where you want to go with your company and why you want to get there 2. Business can’t exist without revenue, so learn how to sell. 3. Sell what people want to buy. 4. Create cash flow, first then profits.
When reading this article I told myself; This article makes sense! I do not know about you, but I often want to run out and read the latest book or article, but it is all about the basics. Along with this article, I read parts of two other books today which come at mastering the fundamentals from another angle. One is Business By The Book: Complete Guide of Biblical Principles for the Workplace and the other is The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It.
Business by the book gives biblical and ethical fundamentals for business. Some of the things the book shares seem to be counterintuitive. For instance; being Christ-like in a business world where people are all about greed and money. Sometimes doing the right thing is not easy especially when your peers take deception for granted. I have found that clients like me not so much because what I can do, but because they can trust me.
The E-myth is my favorite of the reading I have done today; this book has shifted the way I think about business. This book exposes the myth that, in America, most businesses are started by Entrepreneurs. The author shares that most people were working for someone else doing technical work. The fatal Assumption is: if you understand the technical work of business, you know a business that does that technical work. Whoa!!
The author talks about how a business owner mistakenly thinks he is just one person, but he is three in one. The Entrepreneur, the Manager, and the Technician. All three of them wants to be the boss and none them seeks to be the boss. The Entrepreneur is the visionary the manager is the pragmatist, and the technician does all the work. Understanding how these three personas are in conflict gives understanding to the internal struggle of the business owner.
I learned that; I must master the fundamentals period. I need to discover what my basic strategy is. I need to know the principles of my business, and what I think my role is. I look forward to mastering the basics and building on a solid foundation for my business.
“Startup Basics: How to Master the Fundamentals | Entrepreneur.com.” http://www.entrepreneur.com/article/223288. N.p., n.d. Web. 9 Aug. 2012