Manoj Bhargava is the Founder and CEO of Innovations Ventures LLC and has an estimated worth of over $4 billion. He is a Indian American Businessman. He launched 5-hour Energy in 2003. Manoj Bhargava pledged to donate 99% of his wealth for philanthropic causes in 2015 .
Here are some of his success rules which can help new startups - Minimize Risk - Manoj Bhargava personally believes that the true job of an entrepreneur is to minimise, manage and pass on the risk. Taking risk is a part of business but minimising it to the lowest level is our duties.
Enjoy your work- “Love what you do, do what you love”. The most important rule to grow your startup is to enjoy your work. The only thing one can do 8 hours a day is work and it's useless if u dont enjoy it.
Do something useful- Billions of money or success is not achieved overnight you have to do something which is related and useful for you and your organisation. Doing something useful will only help you to grow your organisation, nothing else will.
Do your maximum today- All you have is the present hour, if you don't utilize your time properly then this wastage of time can destroy you. Putting in your maximum efforts today can only lead to your growth, Success eludes those who rest in the middle of a run as the market waits for none.
Think with your head- Number of startups starts and ends up overnight. You have to think with your head if you want to do something big something different. Being practical is required if you want to stay and grow in the market. Follow your dreams but make sure they are right dreams.
Make slam dunk products- All business are same whether you are selling energy products or consumer based products till the time it's not useful for the customers it's useless. If you find or invent something useful rest everything is
Business. According to Manoj the only way to check the quality of your product is to use it by your own self, if you don't find it good nor your customers will.
Avoid aggravation- No aggravation in the startup whether its customers, Vendors or employees. If you aggravate you got to go it's as simple. If you don't aggravate its not only fun but it's a great place to work and no one quits which serves as huge benefits.
Don’t chase money- The most important rule which brought Manoj a lot of
success was he never chased money. His top priority was to increase the customer's satisfaction level which is the main point which helps in continuity of
business money is secondary.
Think things through- It means to go to the customers and find out what they need. If you ask your customers what they need they will give you wrong answer it's your duty to reach out to them and think things through.
Keep it simple- To start, provide stability and grow your business you have to
keep it as simple as possible. All businessmen only need two things i.e common sense and sense of urgency. The more you diversify your work process it will more badly affect your common sense and your sense of urgency.
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Manish Banyal is doing BBA from Guru Gobind Singh Indraprastha University. His hobbies are sports, fitness, books, food, photography and travelling.
