Business

While talking about Fan Li, maybe it is a good idea to try some plagiarism and show you the rules of business practice outlined by Fan.

There are twelve abilities to acquire:

1. Ability to know people's character. 
2. Ability to handle people. 
3. Ability to stay focused on the business and avoid jumping around.
4. Ability to be organized. 
5. Ability to adapt to new condition quickly.
6. Ability to control credit. 
7. Ability to use and deploy people. 
8. Ability to articulate and market. 
9. Ability to buy the right thing.
10. Ability to analyze market opportunities and threats. 
11. Ability to lead by example. 
12. Ability to have business foresight. 

Another twelve don'ts:

1. Don't be stingy; never confuse efficiency with inhumanity.
2. Don't be wishy-washy; be confident in pursuing opportunities. 
3. Don't overspend to make an impression.
4. Don't cheat - honesty is the only basis for business. 
5. Don't be slow in debt collection. 
6. Don't slash prices arbitrarily; it will trigger a price war and everyone will lose.
7. Don't give in to herd instinct; make sure the opportunities are real and not part of a craze.
8. Don't work against the business cycle. 
9. Don't be a stick-in-the-mud; examine new things objectively.
10. Don't overbuy on credit. 
11. Don't under-save and keep your reserve strong; when business is slow, one with money can expand while others collapse.
12. Don't blindly endorse a product; make sure your vendors follow the standard operating procedure.

PS. Yes, some of them duplicate and overlap. Did I say they do not?