1) The value of Time.
Actually time has no value. It is how much value you place on WHAT YOU DO with your time right ? In the struggle between time and money - time often comes second. The problem is that the supply of time is at a constant - if you need more you cannot get it. The supply of money comes in bursts - and you can always get some more - even if you have to steal or borrow it.
2) Jack of all trades.
Learning curves are a fact of life. It means that although you believe you are a smarter guy than the plumber . . . he's done it before - meaning that he's found a smarter way to do the job. Also, he's using the off-cuts from the previous job while you would have left a 3/4 length of pipe and 36 fittings lying in the backyard.
3) Complement don't Compete.
There is synergy in complementary business. That means if somebody is opening a chicken place next to your pizza den - he's not taking away your business - he's helping you both to do better.
4) More creates more.
Develop the market, have an abundance mentality. There will always be some people who believe in a limited slice of the pie to be divided. Others know that human needs are unlimited and ever-changing. They know that there is more than enough for everyone and they find new ways to make the pie bigger.
5) Don't copy-cat, be different.
Variety adds spice to life. Why do people go to the waterfront ? Because they find a variety of 50 restaurants in one place. Differentiation is a determinator of your position/place/nice in the market.
6) Specialise
Be good in at least one thing. Economies of scale, as well as best utilisation of time, is achieved by specialisation. It is for a reason that you will not find pizzas at KFC or steaks at McDonald's.
7) Give others a gap.
The economy is working because everyone has a place/function in the economy. You can't be everything to everyone and you can't fill up all the places in the economy. Use other people and pay them for their services. It is called live and let live.
8) Allow others to make money out of your business.
Robert Kiyosaki (author of "Rich Dad, Poor Dad") says that he gets excited when his accountants & advisors make a lot of money out of him . . . because they are working on commission and that means that he's making even more. If it is only you making money out of your business only you have to protect and grow it. If there are 100 people making money out of your business you have 100 people looking after it.
Some of these principles might be contrary to the human nature of greed and fear - but the rewards follow for those who live by it.
