Business Quote of the Week

MONDAY FEB 4 ’13
“The purpose of business is to create and keep a customer.” ― Peter F. Drucker

You have a choice of focusing heavily on either making money or acquiring customers. Those who focus more of acquiring customers usually do better. Treat your customers as the “engine” that drives your business. Give them a quality product or offer them impressive service. Very likely they will return for more and recommend you to friends and family. Word-of-mouth referral and repeat business will keep money flowing into your establishment.

© Tony Thomas

 

MONDAY JAN 21 ’13

“The person who starts out simply with the idea of getting rich won’t succeed; you must have a larger ambition.” – John D. Rockefeller

Successful business men and women often say “its not all about the money.” For many millionaires, the money is the “side effects” of a passion, a dream, determined effort and countless hours of hard work. Someone once said “Follow your passion and the money will follow.” Successful entrepreneurs immerse themselves in what they do, giving their best, changing lives along the way and reaping the financial rewards.

© Tony Thomas

 

MONDAY JAN 14 ’13

“When morality comes up against profit, it is seldom that profit loses.” ― Shirley Chisholm

For-profit corporations’ main goal is to make money. However when the quest to make money tramples certain basic rights, companies take a hugh PR hit. Case in point is GlaxoSmithKline, Britain’s biggest pharmaceutical company. The company has been accused of “corporate greed” by a small business group for extending the amount of time it takes to pay its suppliers to up to 90 days. This action hurts the “small business man and woman” who does not have the financial muscle of GSK. An aspiring entrepreneur need to find the right balance between making profits and supporting the business community that help keep his company in business. Read the story here

© Tony Thomas

 

MONDAY JAN 07 ’13

“The wayside of business is full of brilliant men who started out with a spurt, and lacked the stamina to finish. Their places were taken by patient and unshowy plodders who never knew when to quit.” – J. R. Todd

The very nature of business means there will be moments of success and moments of failure. There will be good times and there will be bad times. Acccept this as part of doing business and do not allow failures to derail your goals or dim your vision.

© Tony Thomas

 

MONDAY DEC 31 ’12

“Sometimes it’s hard to admit that the difference between you and your competition is your attitude.” – Y. Luke

We all have 24 hours in a day. We all have 7 days in a week. In some cases we have access to the same road, water supply, electricity and the same set of customers.

If Company A and Company B sells burgers at nearby intersections, the company with the better burger is not guaranteed to do better. Customers are influenced by quality and price but a negative attitude from employees can turn off some customers and affect sales.

Your attitude towards people and the way you deal with them are crucial to the success of your business. The following video is a story by motivational speaker Zig Ziglar about bad attitude and negative thinking or as he calls it “stinking thinking.” The video is about 9 minutes and well worth your time.

© Tony Thomas

 

MONDAY DEC 24 ’12
This week’s quote is from a very successful entrepreneur, inventor and visionary named Thomas Edison:

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” – Thomas Edison

This quote reminded me of a story that shows the importance of not giving up too quickly. As Thomas Edison found out before he produced a practical and cost-effective incandescent electric light, many hours and days of patience can pay off in the long run.

This story is called “Acres of Diamond.” As the story goes a farmer in Africa heard that other farmers had made millions by discovering diamond mines. In an effort to get his hands on some diamonds he sold his farm and set off around the continent in search of diamond. His search turned up nothing and in frustration he committed suicide by drowning.

Interestingly, a strange set of events took place back at the farm that the farmer sold. The new owner was walking by a stream on the property when he noticed “a bright flash of blue and red light from the stream bottom. He bent down and picked up a stone. It was a good-sized stone, and admiring it, he brought it home and put it on his fireplace mantel as an interesting curiosity.”

Some time later a visitor noticed the stone, examined it carefully and almost passed out. He asked the farmer if he knew what the stone was. The farmer said no and said he thought it was a piece of crystal. The visitor told him “he had found one of the largest diamonds ever discovered. The farmer had trouble believing that. He told the man that his creek was full of such stones, not all as large as the one on the mantel, but sprinkled generously throughout the creek bottom.”

As the story goes this farm that the original farmer sold in his quest to find diamonds, had more diamonds than most other diamond mines in Africa. Right under his nose were acres of diamond that he had owned free and clear. He simply failed to take the time to inform himself about what diamonds really look like. (Diamond in its raw natural state needs to be carefully cut to display it full lustre.) SOURCE: Nightingale-Conant

Moral of the story is: don’t give up easily. Persist. Persevere. You may be “sitting” on a million dollar idea. Before you abandon the idea or sell it to someone else, expand your knowledge. Learn from great thinkers like Steve Jobs, Marc Andreessen, Eric Schmidt, Marcus Garvey, Leonardo Da Vinci, Albert Einstein and Galileo Galilei. Make sure you have exhausted all avenues and opportunities, before you decide to move on.

© Tony Thomas

 

MONDAY DEC 17 ’12
Here is a quote that you can apply to your business ambitions:

“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” – Mark Twain

When McDonalds first started selling hamburgers through a drive-thru, many said the idea would not work. Fifty years later, the idea is hugely successful and it has been copied by many other fast-food restaurants. The McDonalds brothers did not allow the doubters to kill their ambitions. They challenged the way things had been done for many years, came up with a creative idea and made millions when they sold the business.

© Tony Thomas