Sam Walton's 10 Rules for Success in any business:

Rule #1 :
Commit to your business. Believe in it more than anything else. If you love your work, you’ll be out there every day trying to do the best youcan, and pretty soon everybody around will catch the passion from you - like a fever.


Rule #2:
Share your profits with all your associates, and treat them aspartners. In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations.


Rule #3:
Motivate your partners. Money and ownership aren’t enough. Set highgoals, encourage competition and then keep score. Make bets withoutrageous payoffs.


Rule #4:
Communicate everything you possibly can to your partners. The more they know, the more they’ll understand. The more they understand, the more they’ll care. Once they care, there’s no stopping them. Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors.


Rule #5:
Appreciate everything your associates do for the business. Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They’re absolutely free and worth a fortune.


Rule #6:
Celebrate your success and find humour in your failures. Don’t takeyourself so seriously. Loosen up and everyone around you will loosen up. Have fun and always show enthusiasm. When all else fails put on a costume and sing a silly song.


Rule #7:
Listen to everyone in your company, and figure out ways to get themtalking. The folks on the front line - the ones who actually talk tocustomers - are the only ones who really know what’s going on out there. You’d better find out what they know.


Rule #8:
Exceed your customer’s expectations. If you do they’ll come back over and over. Give them what they want - and a little more. Let them know you appreciate them. Make good on all your mistakes, and don't make excuses - apologize. Stand behind everything you do. ‘Satisfaction guaranteed’ will make all the difference.


Rule #9:
Control your expenses better than your competition. This is where you can always find the competitive advantage. You can make a lot ofmistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient.


Rule #10: Swim upstream. Go the other way. Ignore the conventional wisdom. Ifeverybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction.
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I came across this on another forum and decided to share here with the EDC community. I hope you enjoyed it!http://en.wikipedia.org/wiki/Sam_Walton

How to succeed in B2B trade: A checklist

1. Collect corner samples,sample books and price info with pictures from old factories, since you've been worked with those suppliers for so long when you worked as an employee. You may also develop some new factories as they may have lower price but the same quality.


2. Make advertisement on B2B like alibaba or popular searching engine like google,kilim search, ect. Recommend yourself on the net is relatively economic to lower cost when your company's not so big at the beginning. To ensure your products info in the advertisement are correct,detailed,attractive. Buyers will come to you by these advertisement. You could also look for buyers on the net actively. It'll be best if your previous clients wanna do business with you even though you've left the previous companies. Yet, I don't suggest that because it's not good if your previous company treats you well. More important, you must be clear if your clients had good relationships with you in previous work, mostly because they trust your company and the products which you may not be strong enough to compare with now when you're boss yourself. Find the proper buyers! Big buyer maynot be the most propriate one for you!


3. Fix your aim buying groups and markets and recommend different quality and price accordingly. Please be sure to make prompt and responsible reply to every clients. Making records of all the inquiries and analyse who and where your products attract more. Adjusting your aim market and buyers according to your experience and new discoveries through the inquiry records.


4. Keep creating new designs, new quality, and new process. For textile industry, I believe excellent designing staff help a lot for your company development. Good sales are also very very important.


5. Keeping eyes on your local market to see where you are among competitors. Try to ensure yourself own at least 2-3 advantages all the time. Maybe your advantage's in the price, maybe in the quality, maybe in designs, maybe in service. Anyway, the more advantages you have, the more competitive you are.


6. Be cautious when quoting price and fixing payment terms.


7. Last but not the least, keep promise to both customers and suppliers. Good credit helps you to get more good clients and suppliers.

Entrepreneurship ideas: A beginning for beginners

Hello everyone,

This is my first time on any blog. I want to start a discussion thread on the Entrepreneurship ideas especially thru the online medium & in India scenario. I welcome all ideas which can include collaborative partnerships to help each other in various aspects of a startup.


I am looking forward for an overwhelming response.