10 Rules of Long-Term Business Success

Running your own business takes sacrifices, especially when you’re managing a family business. My Wongchuking family knows that very well and has built a strong foundation for our venture —Mighty Corporation. If you have a business or just starting to build one, here are 10 pieces of advice you should stick with to succeed.

These 10 rules are based on my decades-long experience as the head of Mighty Corp and being a member of Wongchuking, a clan of businesspeople and philanthropists.

1. Foresee the future and create a plan for it.
One of the biggest problems facing companies is how to plan for the future. What to invest in and where to place bets. We may not have the ability to predict the future but we can study and analyze it based on trends and what we have right now.

2. Always work in harmony.
Business can only do well and last longer if you have harmony and you can work well together with family members and other people.

3. Always choose the right path.
If you’re afraid to risk and undergo hardships even when you know that it can help your business grow, you’re not walking on the right path. When making choices, keep in mind that succession should always be based on meritocracy.

4. Keep the patience, ignite the perseverance.
There should be a high degree of patience and perseverance. It is like courting a girl, a lot of patience is required. And ignite determination in every step of your way.

5. Have faith and be confident.
Faith is important to any business or profession because faith gives you spiritual development and direction. Meaning, faith keeps you cool all the time, whatever happens to your business, profession or life.

6. Take care of one’s people.
Mighty Corp‘s success is also because of very prudent and very dedicated people around us and we respect them just as how much they give respect to us.

7. Respect your elders.
In business, our Wongchuking family also adhere to a Confucian reflection by offering love, respect, support, and deference to one’s parents and other elders in our family.

8. Be innovative.
We always have to make sure that Mighty Corp will have its innovation every year by modernizing manufacturing equipment, and in addition to our line is the Mighty Sports Apparel and Accessories.

9. Be compassionate.
Goodwill is vital to a long-term success of any business. It strengthens your business connection, opens and create opportunities for expansion in business.

10. Stay focused.
Allotting time, money and energy to multiple tasks can slow down or interfere to your focus to execute well. You have to organize everything based on what should be the priority.

Mighty Corporation will surely have a long way to walk through, challenges to overcome and people to meet. Success doesn’t just come and find you, you have to go out and find it.

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