When Johann Rupert makes a rare public appearance, people tend to pay attention.

This was certainly the case in December last year when he agreed to an interview on Power FM.

In the interview, he candidly shared his thoughts on topics ranging from politics to family life. The real gold, however, can be found in his insight on business and business practices.

According to Moneyweb, Rupert proposes a simple yet effective framework that can be used from a small business idea all the way to a very large investment.

So if you’ve started, or are thinking of starting a business, here are Rupert’s five steps towards business success.

1. Identify the market – Skeleton

The first thing you need to identify is whether or not there is a market for the product or services that you want to offer.

Most people do not reflect carefully enough on this crucial point. This does not mean you need to be the only one doing it or the first to do so but determine whether enough people are willing to pay you for your product or service.

To put it simply, the product might be great, but if there’s no market, it will fail.

2. Develop a strategy to meet this market need – Bones

Once you have confirmed a market for the product or service, you need to develop a business strategy that will service this market.

3. Detailed plan to execute the strategy – Meat

You need a team of people with strengths in different areas to execute your strategy.

“The plan is on paper, but the game is played on the grass,” said Rupert. Attention to detail is now required in the execution of the strategy by competent executors.

For example, executors have a different inherent nature to strategists or the entrepreneurs generating the ideas. Match people to the appropriate jobs according to their strengths.

4. Don’t be afraid to make mistakes

The trick here is to identify mistakes and correct them as soon as possible. Learn from your mistakes, but don’t be afraid to make them.

5. Have a level of paranoia

You need to be aware of what your competitors are doing.

Inaction is death. When complacency sets in, even great business houses have gone into terminal decline.

South Africa is overflowing with developing entrepreneurs, all of whom could no doubt benefit from the wisdom of a seasoned business-master.

Go forth and prosper.

[source:moneyweb]