What are the seven rules for building a successful business?
What will be an ideal response?
1. Recognize an opportunity. Find a problem, change, invention, technology, or competitive weakness that you can exploit.
2. Evaluate it with critical thinking. Analyze the idea: the costs, the benefits, and the opportunity costs.
3. Build a team. Two, three, or four heads are better than one.
4. Write a realistic business plan. A written business plan is necessary to get investors to provide you money.
5. Gather resources. Assemble the team and the money you have brought together.
6. Decide ownership. NOTE: This is not really explained in the chapter but it alludes to deciding the legal form of ownership of the business: proprietorship, some form of partnership, or some type of corporation.
7. Create wealth. NOTE: This is not elaborated upon either, but it refers to using the business to generate ongoing profit or to create a platform for acquisition by others at a profit to the founder/owner.
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