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Essential Rules for Building a Successful Business

Successful businesses are built on a solid foundation of various types of capital, including human, financial, network, and vendor/supplier capital. Key elements for success include maintaining an experienced and active board of directors, recruiting a strategic advisory board, and ensuring profitability. Daily cash management and effective accounts receivable collection are crucial for stability. Developing tailored performance metrics and nurturing a business mindset are vital to overcoming challenges, such as the "Death Valley" phase, and achieving long-term success.

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Essential Rules for Building a Successful Business

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  1. PACKARD BUSINESS RULES Success Rules for Successful Businesses

  2. Successful businesses must be adequately capitalized: Human Capital Financial Capital Network Capital Vendor/Supplier Capital

  3. Experienced, Active Board of Directors Recruit a Strategic Advisory Board Operate at a Profit

  4. Manage Cash Daily / Collect Accounts Receivable Develop business-specific Performance Metrics Business Capital / Business Experience

  5. Develop the mindset of a successful business Must be able to Survive Death Valley – Staying Power

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