We are going to talk about the seven rules of building a successful business. We’re also going to use an example company that everyone knows: Airbnb.
The number-one rule for building a successful business is to recognize an opportunity. Airbnb founders, when they were starving students in San Francisco, realized that there are many citywide combinations where people cannot get hotel rooms. So, they came up with an idea.
They bought an air mattress for their apartment and made money off of it. That’s why it’s called Airbnb.
The number-two business rule to creating a successful business is to evaluate said business with critical thinking. Airbnb’s founders — one is an artist, another is an engineer — evaluated the offers after they got their first customers for a citywide convention. They thought “Hey, wait a minute! This might be an opportunity. How can we make it bigger and better for everyone?”.
Number three is building a team. It is one of the most important things in business because, as a leader, you’re as successful as your team. So, Airbnb owners started hiring older and talented individuals in the San Francisco area.
Number four is to write the business plan. It is the roadmap to success. So you have to write it with its components to show your company’s mission and idea’s vision.
Number five is gathering resources, and one of the most important resources is financial. They are what you need to create your company; anywhere from human to material resources.
Number six is to decide the ownership. Airbnb founders didn’t start the company by themselves. They had different partners. So, you have to decide the owner, the ownership structure, and the main shareholders. This is important, especially when you start with a friend or a colleague.
The last rule is to create wealth. Once you start creating value for any industry, people will recognize that you and your company are solving an existing problem and that you’re creating solutions with your ideas. Consequently, you’re going to create wealth, not only for yourself but for society as well.
To summarize the seven rules for creating a successful business: Start with an idea; recognize the problem, how to solve it; who can help you solve this problem, and then, write a business plan. Once decided, look for resources; anywhere from financial to human resources. Lastly, create wealth and value for your market and your society.
