Life Principles and How They Apply to Business
The definition of principle is as follows: A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning. We all have principles that govern our personal lives, which inform the choices we make and how we function in the world.
Life Informs Business
There’s a decent probability that those same principles also have great applicability to the business world and how we approach entrepreneurship. With all business efforts i.e. branding, social media, sales, customer service, etc, there’s an opportunity to enrich the lives of those interacting with your product or service. Entrepreneurs can build incredible legacies that go beyond the specific expression of their business model and are ingrained into the fabric of those who resonate and continually interact with it.
And can we be honest for a second? If you’re not viewing every aspect of your business as an opportunity to capitalize on developing and sustaining quality every step of the way, for both your team and customers, you’re doing yourself a disservice. This is why we need principles. We suggest solidifying yours before doing anything major (and it’s never too late to define them). Without a rock solid foundation, your business will inevitably crumble. With that said, here are some ideas to consider:
- Be good to people; both your customers and your team. This one can never be emphasized enough: the best thing you can invest in is people. Think about all the time and energy it requires to create something extraordinary. This same effort should be given to those who help create that wonderful something. Hold steadfast in this standard and never compromise.
- “Where energy flows, attention goes”. It’s simple but profound: what you invest your time in will likely thrive as a result of your time and investment. Ensure the things that have your attention are worthy of such, and if not, shuffle some things in your schedule. There’s always room for change.
- Plan hard, but also leave room for flexibility. Life is gonna happen. Plan for it to happen. Develop a spirit of endurance. Sometimes, twists and turns can give birth to some of the most incredible things we’ll experience. Whether or not that’s the outcome, be open to that as a possibility.
- Find your flair or niche. Just like you, your business is unique and you have a different perspective to offer. Use it. Whatever your unique angle or take is on something, run with it.
- View failure as feedback. The response time after failure is critical. Learn from any mistakes, reflect on what you did well, and strive for a better outcome in the future, namely through your actions.
- Emphasize value before profit. People recognize value and hard work when they see it. Let that be the heart of your business model. Providing value by giving before you ask will grow your business and profit will come. It is your job to trust that.
- Improvement should always be the motive. Know early on that there will always be something to improve on. Get comfortable with it. Thrive with the chance to get better.
- Stop to practice gratitude and celebrate your small victories. It’s common to celebrate major milestones or accomplishments, and that’s great! Definitely keep doing that. There’s also nothing wrong with knowing you or your team have done something spectacular, regardless of size, or taking a moment to recognize something that you’re particularly grateful for. Those moments are rare gems. Don’t let them pass you by. Celebrate your victories by practicing gratitude in the big and small things.
- Remember the power of simplicity. Remember from where you started. Getting the basics right never goes out of style. Master this in both the short and long-term scope of your company or business.
Your Principles Are Your Backbone
Clearly, there are endless principles we can apply to our lives, both collectively and individually. Take great care to establish solid principles for those that you apply to your business, as they are the backbone of your livelihood and how it functions. We empower and encourage your autonomy in determining them.
This article was written by our very own Megan Carter. Learn more about Megan here.