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10 Principles for Good Business

If you are in the field of design, you must know the “10 Principles for Good Design” from Dieter Rams – a legendary designer.

Here is why, he expressed them.

Back in the late 1970s, Dieter Rams was becoming increasingly concerned by the state of the world around him – “an impenetrable confusion of forms, colours and noises.”. Aware that he was a significant contributor to that world, he asked himself an important question: is my design good design?

Today all entrepreneurs, especially the ones creating new enterprises (aka Startups), should ask themselves:

Is my business good business?

I am not as significant contributor to the World of Business (yet!) as Dieter Rams is to Design, nonetheless I am creating my “10 Principles for Good Business” today.

Here they are,

1. Good business is honest
It does not over-promise and under-deliver. It does not make promises that cannot be kept. It does not project itself more innovative, powerful or valuable than it really is.

2. Good business builds over a time
It is never an overnight success. It takes time to learn – relearn, apply – reapply, fail – succeed. It is relentless focus.

3. Good business is a great execution of an idea
A million dollar idea with mediocre execution is not worth a penny. In most cases a mediocre idea with great execution builds a good business.

4. Good business is not glamorous
It is not what we see in movies. You don’t become rich in 2 hours. You don’t close multi-million $ deals in a day. You don’t rub shoulders with honchos but you still love what you do.

5. Good business outlasts the competition
It is futile to worry about competition when you are building something for 100 years.

6. Good business is inclusive growth
It means growth for everybody. It makes this world a better place to live for some people.

7. Good business has a purpose
It is not only about money. It has a much greater purpose. It solves problems, makes customers’ lives easier and brings happiness to employees.

8. Good business is not about pleasing everybody
Pleasing everyone with our work is impossible. It wastes the time of our best customers and annoys our staff. Forgive us for focusing on those we’re trying to delight. (Ref: Pleasing by Seth Godin)

9. Good business is agile
It embraces the change and adapts to it. It never becomes a goliath, who can’t move and can’t see.

10. Good business brings you peace
If you can’t sleep well, it’s not a good business. If you worry all the time, it’s not a good business. Good business brings you inner peace and makes you happy.

What are your principles for good business?