As a student in High school, I am still undergoing and foggy to many subjects pertaining to business. Although, I am no fool and I am quiet knowledgeable on the topic.I am still learning many things and I keep an open mind.For learning is the key to success. I’ve held a few things on my own such as a candy business and have acquired skills such as keeping my inventory, financing, and the best part, managing my own business. I read quite a few articles and I also take courses in my high school, marketing, that applies me with knowledge as well. Now, my commandments are based on the many things I’ve read and I have applied to my own experience or mentality. I am aware there are many business tips that are just as vital as the commandments I am about to post. Feel free to comment and provide me tips and expand my horizon even more in the business atmosphere.
1. Don’t work for money. Have money work for you.- Do not spend your life working after paycheck. Use that money and have it multiply through investments.
2. Be Willing to learn.- In business, you cannot come into the field as if you know it all. You never know enough or all for things change in this field constantly. You must come open minded and ready to explore the endless road of information in business.
3. Patience- Things do not happen over night. A business can take five years before it is as lucrative as you want it to be. You must be patient yet know when to make a move and a firm decision.
4.Invest instead of spend.- Why spend precious money and not have none at all when you can make it multiply?
5.Save 15% of what you earn before helping yourself. – Before you spend your capital on goods and services, make sure you put money on the side that you can save and invest with.
6. Don’t be a slave and own your future- If you are comfortable working for others, that is fine but if you know that you can go beyond a employee level and become an employer yourself, then follow that path and DO NOT GIVE UP!
7. Educate yourself- Read books, articles, take classes, watch YouTube videos. Make sure you are constantly learning.
8. Take risk and learn how to manage them.- Do not make tactless and irrational decisions for that can jeopardize your business. You must know when to make good decisions, take risk and make sure you are able to manage any problems that may come with your decision. Always be prepared and think steps ahead.
9. Make sure after spending, you are able to return your loss,doubled.- If you spend money, make sure you are able to regain that money and extra on top of your loss. Do not blow money frivolously to then suffer in debt.
10. “Do not put all eggs in one basket.”- Do not invest your money in just one area. Invest in multiple areas so that you have money flowing in many different directions. This method will help you when one area you placed your capital in collapse, you have other areas that is providing you with capital as well.