Below are the top three principles that, according to Tal, have helped her excel in business as a successful entrepreneur.
1. Have trustable partners and a great team
Tal continues to work with her partner to date, who takes care of the business financial management function. Even then, she attributes her success to having a team of exceptional staff and partners.
“You must surround yourself with exceptional talent. This means that you should be good at choosing great people, a skill you can learn. Obviously, when you spend time with the best, you learn how to choose among them and how to think like the best. Unfortunately most entrepreneurs have an inferiority complex and this makes them keep company of people who are not better than them. In that case, your business will stagnate.”
2. Self education is great. Keep reading.
“I have a busy schedule, but I’ve to find time to improve myself through reading publications relevant to my business. You have to keep pushing yourself higher. Keep trying to do something better by improving yourself all the time.”
I started with 10 employees. Today we are over 300 employees. I have had to attain training in people management, leadership and governance. You need to improve your faculty, as your business grows. Otherwise, you will end up standing in its way. How else can you run a successful global brand using old fashioned thinking? For example, any successful entrepreneur must be able to leverage technology for business growth. How do you communicate this to your staff as a critical success factor without constant reading to improve?
3. Never cut corners
“Every morning, our first item on the agenda is compliance. I have learned that ethical business is the foundation of a successful business. You cut corners, you will pay heavily and such a fine could kill you. For long term success, avoid cheating the tax man or back stubbing business partners. It will always catch up with you when you list expect it.”
I know one of the business owners who kept under-declaring revenue for revenue tax purposes. A whistleblower, one of his disgruntled staff, reported the matter to the authorities and in the end, the bill was US $600,000! That might sound little money. When it comes to cash flow management, it is huge, as it constrains all your operations.