by MADphilips

Created on: December 09, 2010   Last Updated: December 10, 2010

10 RULES OF BUSINESS SUCCESS

BY oil tycoon J. Paul Getty (1892 – 1976)
Extracted from his book “How to be Rich”

Footnotes contributed by Tito Philips, Jnr.

“It is not easy to build a business and make millions. It takes hard–extremely hard–work. There are no nine-to-five working hours and no five-day working week for the boss. Work is round the clock; 247/365 days!”

Jean Paul Getty (December 15, 1892 – June 6, 1976) was an American industrialist who founded the Getty Oil Company. He was named in 1957 by Fortune magazine as the richest man in America. At his death, he was worth more than $2 billion.

From World War II until his death Getty was considered one of the richest men in the world, in this post I share his 10 winning formulas for business success. These rules were extracted from his legendary bookto be Rich”, I have added footnotes to each of the rules to make it more relevant to our age and time. I hope you find this as useful as I did and make a commitment to apply these rules to your business.

There are no absolutely safe or sure fire formulas for achieving success in business. Nonetheless, I believe that there are some fundamental rules to the game which, if followed, tip the odds for success very much in the businessman’s favour. These are rules which every millionaire businessman in history has followed. The rules have worked for them–and for him (J. Paul Getty) and they will work for you too!

Here are the rules;

1)    Adequate knowledge of the business: Almost without exception, there is only one way to make a great deal of money in the business world–and that is in one’s own business. The man who wants to go into business for himself should choose a field which he knows and understands. Obviously, he can’t know everything there is to know from the very beginning, but he should not start until he has acquired a good, solid working knowledge of the business.

Footnote

There’s no way one can run a business successfully without having adequate knowledge of the nitty gritty of the particular business he or she is venturing into. Take your time to learn as much as you can about the particular industry, market and peculiar characteristics of the prospective customers your product or service will serve. Also, make sure you have the necessary skills needed as the leader of the business. Remember, “time spent learning and planning is considered an

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