Daniel Pessin’s 5 Golden Rules for a Successful Business
Daniel Pessin is the founder and CEO of Digital Mind Inc. Here are his 5 Golden rules to help your business grow successfully.
The Five Golden Rules from Daniel Pessin
1. Be Brave
It’s ok to feel afraid, but don’t ever let fear be the reason why you made a bad decision. Everyone feels afraid sometimes, it’s normal. Every business has risk and opportunity. As the saying goes, with great risk comes great reward.When it comes to business, it’s no different. Don’t be afraid to fail, instead be willing to learn. All successful companies have had their share of obstacles and failures along the way. It’s not possible to build a million dollar company without having setbacks along the way. Change your mindset. Don’t view a setback as a failure. View it as an opportunity to learn and improve. Remember, you only fail when you stop trying.
2. Learn to Say No
This is another key for success.When you’re trying to grow your business, you might feel the pressure to say “yes” to every opportunity that comes your way. However, it’s important to measure each opportunity separately in terms of value for your company (short-term and long-term value). If someone asks you to do something for free, but it won’t help your business in the long term, don’t be afraid to say no. If a client or customer gives you an unreasonable request that you know you can’t complete,be honest and let them know respectfully why you can’t complete their request.
3. Have an Exit Strategy
When you create a new business, you should always consider your exit strategy. Ideally, you should have an exit strategy in place before you even start your business. An exit strategy is a strategic plan to sell the ownership of your company. Not only will having an exit strategy help you increase your future sale price, but it will also give you concrete goals to work towards. A few important things to consider when creating your exit strategy is finding potential buyers, having your accounting and financials in order, and having operations in place so your business can operate successfully without you.
4. Find a mentor
Finding a good business mentor means finding someone who has more business experience than you do. Someone who is willing to help you learn from their past mistakes (so you don’t make the same ones) and introduce you to their network with more senior decision-makers who can help you further your business. Find a mentor you can work with for the long term. Make sure it’s someone you enjoy speaking too. A good mentor will continuously challenge you and push you towards your goals and give you meaningful advice.
5. Learn from Competitors
Bench marking is a great way to learn from your competitors and improve your business. Bench marking is the process of comparing what your company is doing compared to other competitors in your industry. By analyzing what your competitors are doing you can study their business and see what makes them successful. For example, if a competitor has a product that’s similar to yours, ask yourself, “What makes their product better than mine? What advantages does this company have that makes them successful?” Try to figure out what makes your competitors successful. Then, you can try to reverse engineer that information to help you think of innovative ideas to improve your own business.
The following answers were given by Daniel Pessin in regards to rules business owners want to follow to help be successful. These five golden rules are applicable to any business, sector, and industry.