How to have a successful business - tips from Salinas Pliego

The tycoon Ricardo Salinas Pliego highlighted, in his blog, the characteristics that the profile of an entrepreneur should meet.

How to have a successful business - tips from Salinas Pliego
The tycoon Ricardo Salinas Pliego. Image by Wikimedia

Ricardo Salinas Pliego is one of the wealthiest businessmen in the country. According to the list of "Millionaires 2021: The 10 richest people in Mexico", his fortune is built for 12,5 billion dollars, an amount that positions him as the third richest man in Mexico, only behind the communications magnate, Carlos Slim and also known as the "king of copper", German Larrea, who has forged a fortune of some 27 billion dollars.

However, Salinas Pliego has stood out for being very active through social networks and also for keeping a personal blog in which he shares information related to his biography, curious facts about his life, reviews of some books he has read in recent years, as well as advice he offers to entrepreneurs who are about to start their business or who want to grow their small or medium-sized companies.

In his blog post "Questions and Answers for Entrepreneurs", the Mexican retail magnate developed a series of tips for those interested in the characteristics that an entrepreneur should possess and also in the attributes that make a business successful. Among them, he highlighted that entrepreneurs are economic agents who are willing to take risks in their businesses.

He also emphasized that the drive of an entrepreneur should not be the accumulation of money as an end in itself, since the financial benefits will be reflected once there is the right team and positive "energy" in the business. For Salinas Pliego, the push that entrepreneurs must possess "is a kind of inner fire that drives you to lead a more difficult and uncertain life than the rest of the people".

Other important points highlighted by the magnate founder of Grupo Salinas in his blog post were the characteristics that people who establish or develop a business must possess. Among them, he pointed out that entrepreneurs must be independent, show a high level of energy, and "always be looking for ways to improve other people's lives and problems to solve". Given this, he again pointed out that an inevitable result will be the creation of wealth for society.

Likewise, Ricardo Salinas Pliego commented that a business will be successful if it complies with the rules he proposes through his decalogue of "The 10 fundamental rules for an entrepreneur", which consists of the following points:

1. Know and understand your business

2. Do not forget that the objective of any business is to produce more and better products or services at the lowest possible cost.

3. It is essential to experience and feel an atmosphere of extreme economic austerity since resources should never be thrown away.

4. Do not miss good growth opportunities and have an adequate work team to face new challenges.

5. Do not forget that, as an entrepreneur or executive, the responsibility for the business is your own and does not correspond to your subordinates.

6. It is necessary to look for ways to improve the business and production processes, as well as to reduce expenses, save costs and increase sales.

7. The proposed business or initiative must have a reasonable likelihood of being profitable.

8. An entrepreneur should constantly look for new horizons and unattended niches.

9. Back up the products and services with a broad guarantee of customer satisfaction.

10. Consider that wealth is to be made to work and to be put at the service of others.

Salinas Pliego has repeatedly mentioned that the role of entrepreneurs is very important within societies, although it is little recognized even though they "constitute a fundamental force" in that they generate wealth, create jobs, and improve the living conditions of the communities in which they operate.