Five laws of success in business and the success fee business model

Last week, I had the pleasure of attending a talk by Penina Taylor at the Jerusalem Business Networking Forum (JBNF). A gifted speaker, Penina’s catch phrase is: ” A person can do the impossible if she has enough reason to make it happen”.

Penina revealed her “5 laws of success in business”, which apply to much of life in general. To briefly summarise:

  1. Your potential worth is determined by the difference by how much more you give than you receive.
  2. To determine your level of compensation, you must surround yourself with more and more people, who you want to serve.
  3. Place people first and watch out for their good.
  4. When you are yourself, you are at your most valuable.
  5. The key to effective giving is to be open to receiving.

In many ways, this is a circular set of reasoning. Nevertheless, each attribute deserves much consideration by the individual. They can open each and every one of us up to much inner commercial introspection.

I felt compelled to ask a question about the laboured business model, “success fee only”. This is when the provider of a service is remunerated only when they have fully completed all the tasks required. Thus, if somebody is trying to secure an investment for a company, they may spend months creating the contacts, massaging the negotiations and talking for hours on the telephone. However, if the money is not transferred between the sides, then all their effort will convert to a round zero in the bank account.

However, according to Penina’s laws, this is a healthy process because it represents a large element of giving. You are creating value, at least in theory. So. how could this apparent ‘misfit’ be explained? Interestingly, I found two responses from the audience to be insightful.

One person argued that such a process can be treated as a learning experience. A second comment, perhaps more helpful, argued that the service provider is obliged to know from the outset what are the parameters, and these should be clearly identifiable by the client.

Therefore, I propose adding on new golden rule to Penina’s list. Know your boundaries. Define them well and they will be an equal benefit to all sides of the business table.

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One Comment on “Five laws of success in business and the success fee business model”

  1. Michael Horesh Says:

    To illustrate Penina’s point on making things happen, I strongly urge you watch http://www.facebook.com/home.php#!/photo.php?v=535184355831


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