As another class graduates from high school, we marvel at how they’ve mastered twelve years of learning. But if holding onto a dozen years of knowledge sounds tough to you too, just remember a dozen of these business basics, courtesy of NFTE Founder Steve Mariotti .
1) The importance of mental and physical health: Your network and the community are crucial to your success, but the most important client you will ever have is yourself. Eat right, sleep, exercise, and build strong ties with friends, family and community.
2) The joy of business and opportunity recognition: Train your mind to see opportunities in any obstacle. With this drive, thousands of young people have made their families proud, built good communities, gone to college, and escaped poverty via entrepreneurship.
3) The economics of one unit: Before getting carried away thinking of how you’ll make millions, concentrate on selling one product or one hour of service to make a profit.
4) The laws of supply and demand: The most important economic concept to know is that the forces of supply and demand interact in a free market economy to determine prices.
5) Don’t compete, CREATE a comparative advantage: How will you beat your competition? What’s your edge in business? How can you CREATE a winning business model with an advantage?
6) Wealth creation: Wealth is created by combining opportunity with ownership, so build a business that has a profit and can be sold for a multiple of earnings.
7) Marketing; putting yourself in the customer’s shoes: You can learn so much about someone’s needs if you put yourself in their shoes by asking good questions and really LISTENING.