Tao Zhu Gong's 12 principles of Business Success

Golden Rules of Business Success

The Twelve Golden Rules are as follows:

• Ability to know people's character. You must perceive evidence of characteristics from experience.
• Ability to handle people. Never prejudge a prospect.
• Ability to stay focused on the business. Have a definite focus in life and business and avoid jumping around.
• Ability to be organized. A disorganized presentation is unappealing.
• Ability to be adaptable. Make sure you are organized enough to respond quickly.
• Ability to control credit. Do not allow nonpayment. Make sure you collect what is owed.
• Ability to use and deploy people. Use employees in ways which bring out their potential(s).
• Ability to articulate and market. You must be able to educate customers on the value of goods.
• Ability to excel in purchasing. Use your best judgement in acquiring stock.
• Ability to analyze market opportunities and threats. Know what is selling according to areas and trends.
• Ability to lead by example. Have definite rules and standards. Make sure they are followed to ensure good relations.
• Ability to have business foresight. Know market trends and cycles.

The Twelve Golden Safeguards are:

• Don't be stingy. Never confuse efficiency with inhumanity.
• Don't be wishy-washy. Be confident in pursuing opportunities. Time is of the essence.
• Don't be ostentatious. Do not overspend in order to make an impression.
• Don't be dishonest. Truth is the only basis for business. Without it someone will get hurt.
• Don't be slow in debt collection. Without collections, liquidity is affected.
• Don't slash prices arbitrarily. This will only trigger a price war in which everyone will lose.
• Don't give in to herd instinct. Make sure the opportunities are real and not part of a craze.
• Don't work against the business cycle. When things fall in price, they will then rise and vice versa.
• Don't be a stick-in-the-mud. Keep up with things and make progress. Examine new things objectively.
• Don't overbuy on credit. Credit is not license to spend wildly.
• Don't under-save (keep reserve funds strong). When business is slow, one with money can expand while others close.
• Don't blindly endorse a product. Make sure your vendors are still following standard operating procedure.

Source: Wikipedia