A few weeks ago I got some timeless advice from a guest speaker in my TOC program, an on-campus forum for MBA students to interact with classmates and seasoned executives to better manage one’s business and career. The guest speaker, who requested no attribution for this post, gave me and my classmates the below advice. This is one of the best, succinct, lists of management principles I have come across, so I thought it would be nice to share it here for a broader audience. The italics are my own notes.
Lessons Learned Along the Way
The three critical elements of a company are: Market, Management and Money. You need all three for a good business. Never forget, growing companies need money. Growth is affected by external financing needs, margin, ROE, etc.
- Know now your company’s value proposition (i.e. why customers should do business with you). (more…)