INSTANT MBA: There Are 3 Traits Every Business Needs To Succeed

"I believe there are primary features businesses need to be successful today and in the near future. They are based on fundamental human emotions, needs, desires and behaviors and they cross every generation and culture."

Malloy says that successful businesses need to promote a culture of respect, recognition, and good relationships.

You have to have respect from the people who report to you, which shouldn't occur solely because of your position of authority, but rather from "the value [you] bring to the group, team, or business based on [your] experience, leadership, work ethic, accomplishments, expertise, and character."

Companies should motivate workers with "non-compensation related recognition," which Malloy says is more effective than with money. You need to also have a "pay it forward" attitude when it comes to building relationships with others on your team.

"[These traits bring] plenty of motivation to get the snowball rolling downhill, ultimately creating an avalanche of information, knowledge, wisdom, productivity and profits."

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