- The Three Fundamental Rules of Business
Subject: Jul-Sep 2006 eZine: The Three Fundamental
Rules of Business
Value Framework® Institute
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July 5, 2006 *5,500 subscribers* Volume
8, Issue 3
Online at http://ValueFrameworkInstitute.org/publications.html
This Issue online at http://ValueFrameworkInstitute.org/Jul-Sep2006/
In this issue, I
wanted to share with you the three fundamental rules of business.
was never mentored as a kid and never had a boss that helped me in a way that
truly allowed me to unleash my potential. I was lucky enough to be working for
Sun Microsystems when they introduced a mentoring program in my division and I
grabbed the most senior exec that participated. In one of our sessions, he introduced
a concept that allowed me to break-out of the rut I was in and truly unleash my
potential. At the point (around 1995), I decided to help as many others unleash
their potential as I could.
Nine years later as my son turned
6 (he's 8 now), I thought I must share some key thoughts on business that he can
use to focus his business efforts. Kids don't like complexity (unless it's bundled
inside a video game), so I decided to create a framework that could guide his
efforts. After giving this a lot of thought, I came up with three business rules
that really encapsulate the fundamental tenets of what I've learned in business
and the concepts that steer my activities on a day-to-day basis. They are:
Make as many friends as possible and do as many favors as possible
Help those with needs get hooked-up with those that can fulfill those needs
Enjoy business, experiment often, and learn from your mistakes
rule #1 is a variant of the "Golden Rule". The premise is that you can
never have too many friends. As you get older, the reasons you make friends is
not too different then when you're younger, it just seems a little harder. In
youth, you make friends because the person is there and they want to play with
you. In business, most people make friends when they think the person they meet
can help them. I'd like to add to that thought process. You should make friends
not only when you feel that someone can help you, but when you can help them.
Learn about the needs and wants that people have. Learn about how you can help
them. Be prepared to do as many favors as you can to help people succeed. It's
personally very rewarding and pays off in the end in ways you may not be able
to imagine today.
Business rule #2 is one that I call "supply
and demand.". If you've done a good job in business rule #1, you have many
friends and have learned what they need and what they are good at. As you meet
new people and learn about their needs, wants, and capabilities, you will find
opportunities to connect them with your older friends. As you help solve problems
and fulfill needs, you will be creating economic benefits for your friends that
will pay off both directly and indirectly over time.
rule #3 is based on the fact that noone knows it all and that life keeps changing.
As such, business practices that work today may not work tomorrow. It's important
to experiment, to try new things and new ways to deliver your products and service
to the market. It's important in this experimentation to realize that it's ok
to fail. Failure is good, particularly when you can do so in a pre-defined experiment
that allowed you to fail in the most efficient manner possible. To make failure
positive, you need to learn from it and have it be a guideline in your next set
of experiments. Most paramount in this rule is the fundamental fact that you should
enjoy what you're doing. I try to create a world where business and play are the
same. I enjoy both and bundle them together. If you do not enjoy what you're doing
today for work, try to change that. Try to experiment making money doing something
that you really do enjoy. Trust me, it will be a lot more fun.
(and life for that matter) is not easily packaged in an article or highlighted
as an example in the back of a book. It's complex, it keeps changing, and the
rules continue to shift as we and society mature. If you make many friends which
you help succeed and continue to experiment and learn what works in delivering
your product or service to market, you will be successful financially and emotionally
and it will show in all aspects of your life.
Go out and make
it happen for you and let me know if there's anything I can do to help!
Mitchell Levy, Publisher &
CEO, Happy About
Chief Strategy Office, The Value Framework Institute
publisher @ happyabout.info, 408-257-3000
We just released a new book that's relevant. Here's a quick paragraph on it.
About Joint Venturing" is a recently released book that can help
you in the joint ventures you create. After reading the book and reflecting on
the three business rules, I'm pleasantly surprised that a number of the rules
are embodied in the text. This says something about the author Valerie Orsoni-Vauthey
and is my subtle way of encouraging you to read it. If you do pick up a copy at
the Happy About site or
on Amazon or some other retailer, please let me know what you think. I'd be curious
to know if it helped you create or succeed in an existing joint venture or if
you shared the book with a friend where it helped them succeed.
Reviews of "Happy About Joint Venturing"
venturing is an essential part of successful entrepreneurship. Most people, though,
do it by the seat of their pants and out of sheer necessity. Valerie's book provides
an eight-part strategic framework for building a successful joint venture, from
finding the right partner all the way through to exit strategies when the partnership
has run its course. The section on integrating human resources is especially strong,
and that is perhaps the most important, but least understood aspect of successful
joint ventures. An essential guide for the entrepreneur who's realized they can't
go it alone."
Scott Allen, About.com Entrepreneurs Guide, Coauthor,
"The Virtual Handshake: Opening Doors and Closing Deals Online"
"Reading 'Happy About Joint Venturing' is
like having your own business coach sharing all her expertise on how to launch
and grow a successful joint-venture. Valerie truly knows her subject. I found
Valerie's analytical and easy to understand thought process to be the most creative
and illustrative in the industry. If you are dedicated to change and want to be
challenged by a very experienced coach, Valerie may be just what you are looking
for." Two thumbs up!
Mark Minevich, Co-Chair Nobel Fullbright
BTM Institute, Chief Strategy Officer Enamics Inc, former Sr. Executive IBM Corporation
- Albert Einstein Award Recipient - author "Six Billion Minds" and CTO
"Three years ago, my income
from joint venturing was zero. Last year, it was over 33% of my total revenues.
Not knowing about joint venturing in the 21st Century is like not knowing about
about computers in the 20th Century. After you read 'Happy About Joint Venturing'
you will know what every successful business person must know."
Conrad Levinson, The Father of Guerrilla Marketing, Author: "Guerrilla Marketing"
series of books, Over 14 million sold; now in 42 languages
the business world becomes global, more complex, and as technology rapidly changes,
being able to form successful joint ventures becomes a must. Valerie's book is
a great concrete tool toward that goal and guides entrepreneurs, managers and
business owners to get better armed to execute on the art of partnering."
Bouissou, Ph.D., Managing Director, Astra Venture Partners
you've participated in a number of joint venture's (JV's) or are just starting
to make one work for you, there are a number of tips, techniques and rules of
thumb you should be thinking about and applying to help you achieve success. Having
created over 20 JV's in the last 5 years, there are many things I've learned.
Even with this knowledge, reading the book opened my eyes to new tips and techniques.
It's worth picking up and reading yourself"
Mitchell Levy, Partner,
Orsoni-Vauthey is the CEO and Founder of MyPrivateCoach.com, a leading USA
and European coaching organization. Her experience in banking and venture capital
has allowed her to participate in a number of successful joint-ventures, including
ventures in the artificial intelligence field (sold) and online retailing business
(sold). She is a regular guest on the Good Life Show, invited on business radio
shows in Europe and frequently interviewed by the press.
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testimonials and war stories from those that have "Been There and Done That!".
Check our books or white
us if you are a company that would like us to write a book for you or an author
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is a membership organization based in Silicon Valley that puts 6-8 CEOs
in a room once a month to talk about issues and brain-storm ideas. These highly-facilitated
meetings are geared toward helping CEO's and their companies achieve success.
It is a quick way of creating a peer-based virtual board that does not have a
vested interest in your company. Not only will you help your company reach the
next level, you'll have the chance to give feedback, share advice, and watch other
companies succeed. Let us know if you'd like to test-drive a meeting.
more at "CEOnetworking", contact us about
membership by e-mail (firstname.lastname@example.org)
or phone Mitchell Levy, or Thomas Hong, at 408-404-6758.
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Students learn from and understand what CEOs are looking for in their people and
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