The 4 laws of business by Dr. Myle Munroe is a simple guide to developing a successful business from scratch.
4 Laws of business
There are several principles guiding creating and building a successful business.
If you do it the way it is being done, you will have the same result like others.
This is not just a saying but a proven principle which has shaped the life of successful businesses.
These 4 laws of business are evident in all successful businesses that we have today.
- Be fruitful
There is a huge difference between a fruit and a seed.
A fruit is always much bigger than a seed but there cannot be a fruit without a seed.
Your seed in business refers to that business idea that you have.
According to the first law of motion, an object will remain the same unless there is an external force.
If you did not work on those business ideas that you have, you cannot never determine whether you will be successful or not.
The basic feature of a seed is multiplication.
I am not promising you a fun filled business development process but a business that does not multiply might go into extinction.
The business environment is constantly changing and it takes a multiplying business to survive it in the long run.
From your initial plan, inculcate your plan to multiply as well.
This is as simple as saying “create a distribution system”.
The same coca cola that is being produced in Nigeria is the same as the coca cola in any part of the world.
Cocacola did not have a single factory but they are able to repeat the same formula in many places.
As you are increasing your business and enlarging the scope, do not forget the initial standard that you created.
This did not imply that you should not be creative and adapt to changes and needs but your business should be known for upholding the same integrity.
This is the most difficult stage in developing a successful business that can last for years.
If you are in need of anything, the first option that will come to your mind is the leading company in that business.
You will only consider other alternatives if the market leader is unavailable.
Dominate your business industry and become the market leader.
Achieving it at a global level might be too risky for a growing business so start small and think global.
Dominate your immediate environment first and dominate other spheres as your business grows.