There are five commandments that every business should observe. These also serve as good indicators for a healthy business. These are Need, Entry, Control Scale, and Time with the acronym NECST.
This commandment states that every business’ sole purpose should be to satisfy market need(s). An entrepreneur who is driven by their desire to make money or serve their own needs soon crumble. The market is not concerned with your needs and will never pay you to satisfy your own needs. The market respects the one that provides their valuable needs.
How hard or easy or complicated is it to start your business? Does everyone find it easy to enter your market? The law states that the easier it is to start the business, the more people will enter it, the more competitive it becomes, and the less profitable it becomes as the market won’t depend you to satisfy its needs. A congested road slows the movement.
He that holds the key calls the shorts. Demand for the driver’s seat.
No one can run your race, and no one wishes you well. Everyone thinks about himself. Never surrender control if you have to succeed. Every final decision concerning your business should be made by you.
Success in a business depends on scale or magnitude. Scale being quantity and magnitude being profit per unit. He that sales hundreds make hundreds and him that sales in millions make millions.
Can your business run without you? Does your business go to sleep when you sleep? Does your business go with you each time you travel? Does your business fall sick when you fall sick? If your business can’t outlive you then it’s called a job. Your business should be divorce from you.