Becoming an entrepreneur is no easy task.
Whether you're from the Asian-Pacific Islander Community or elsewhere: it's not the traditional route that many go after to make a living for themselves.
It involves higher risks in: finances, reputation, employee relations, competition, and the greatest fear of all - failure.
Nevertheless, "When there's a will, there's a way".
The belief of persistance and determination is what keeps many entrepreneurs hopeful until their efforts lead them to their own definition of success.
If you are considering of starting up your own business or have had one for awhile and still not satisified with your current progress, consider studying up on the importance of business ethics: The applied principles to moral or ethical problems that can arise in a business environment; business code of conduct.
This is an area, including for myself, that we should always strive to improve. Not only for our businesses, but for our own personal development as well.
Below are my top principles I've personally been working on applying and have witnessed better results in my own entrepreneurial journey.
1. HAVE INTEGRITY: IN & OUT OF THE OFFICE.
I'm not referring to a literal office, but how you act in and out of "business" mode.
One thing I've learned over the past year is that you will never gain respect with your peers or community if you cannot maintain a level of integrity wherever you go.
This means to be honest, honorable, and standing firm to righteous beliefs. Following the right course of action, even when it's not the easiest decision.
Let's say your business partner, who happens to be your best friend of 20 years, tries to encourage you to cut out a small percentage of your employees' payroll for yourselves. As long as you both keep it a secret, there shouldn't be an issue, right?
Obviously, the answer to that would be no.
As hard as it would be, despite your personal relationship attatched to your friend, doing business with them would be unethical.
2. OPEN COMMUNICATION: NO ONE IS A MIND READER!
Communication is key in any relationship.
We want to work with people who have a clear, focused, and direct mindset of where they want to take their business. Naturally, we are attracted to this because it is one of the traits of what makes a powerful leader: their communication skills.
I've learned through some crushing experiences of how affective (or ineffective) relaying your thoughts with clarity can be.
A horrible past habit of mine I used to do was create meetings with people to only last minute cancel due to poor communication and planning.
It's a struggle I believe many of us face at some point, but as long as we acknowledge our mistakes and begin the process of fixing the issue - that's always something to be proud of.
3. MAINTAIN A STANDARD OF QUALITY.
Ever watched the movie, "The Founder", based off of Ray Kroc's story blowing up the multi-billion dollar company we know today as McDonald's?
You'll find that one of the issues he runs into throughout the film is the quality of the food when trying to duplicate the first few franchise restaurants.
Some of the franchise owners Ray Kroc worked with in the beginning would go off and change recipes of the menu, going against the guidelines he laid out for them. It brought many issues in the early phases of the fast-food chain restaurant due to the inconsistencies of the quality.
Staying persistent with your standards builds a sense of expectancy, trust, and confidence in your product or service.
4. GENUINELY CARE AND HAVE CONCERN FOR OTHERS.
I know it can be tempting to just focus on the profit and numbers when it comes to building your empire, but the money will come on its own timing with the proper approach.
Your potential customers want to buy from those who feel could help them solve a problem, which is where you come in.
Show (and actually mean it too!) them that you're attentive to their needs with whatever you may be providing and you'll be surprised of how much positive feedback you'll get with this simple shift in your intentions.
5. PRACTICE SELF-DISCIPLINE AND SELF-RESTRAINT.
Lastly, as the cornerstone of your business, you need to live a life of self-discipline.
When you are the boss, it doesn't matter if you're having a high or low day: every action you take reflects back on you. That's a part of the responsibility of being an entrepreneur, as daunting as it may sound.
Your mindset is everything during seasons in your life where it requires you to step out of your comfort zone.
Will you be your own asset or downfall? The choice is up to you at the end of the day.
Create new (but simple) habits, identify your weaknesses, eat healthier, eliminate distractions, have planned goals, develop a routine, etc.
The list is endless, but the most important step is to just START!
What do you think it takes to operate a successful, but ethical business?
What would you add to this list and why?
What other business and finance topics would you like to read about?
Comment down below!
Happy Sunday everyone and thank you again for tuning in for another week on the Alohahna View blog.
INSTAGRAM: Daily Updates!
YouTube: New Uploads Every Friday!