My lawyer once told me that business is just taking a product or service and selling it for more than you obtained it for. And I believe that. Sometimes I think all of this business theory is more than a little overdone. Truth be told, you can go a long way without any of it. Sam Walton made it pretty far on his own instinct. Here are the basics you need to start a business as I see it.

Strategy

I think the most important idea is strategy is summed up in Jack Welch’s Winning:

“In real life, strategy is actually very straightforward. You pick a general direction and implement the hell out of it.”

Marketing

All you really need is The World’s Shortest Marketing Plan to get started. (I found this via Guy’s blog.)

Accounting/Finance

Get a decent accounting program and track your revenues and expenses. Be meticulous and keep your books up to date. When you need help with government filings and other complications — retain an accountant that knows your software package.

As for financing — start with your savings and beg your friends and family to help you. That will get you started. Just watch those expenses — build it on the cheap.

Operations

Don’t be reckless. Design operations to be as efficient as possible by stepping back and thinking about your business as a whole. Work to automate those tasks that take up most of your time. Don’t worry about those that cause minor inconvenience. And again — watch those expenses.

HR

Even when you’re tired or moody, try to treat your employees like gold.

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