Ever wondered how successful entrepreneurs think? How is it that they have turned their ideas into concrete companies that now earn millions of dollars? You must think that there must be some magic formula that makes them so successful. Let me tell you, a big part of their business success is who they intrinsically are from the get go.
The thing about becoming successful is that it all starts out from a mentality that nurtures success. A person can have all the resources in the world that can contribute to success, but without the right mentality, it all goes to waste. If you want to get a glimpse of how top-ranking entrepreneurs think, you have to take a look at some of their guiding principles in business and in life. Here are a couple of tips from some of the most famous and successful entrepreneurs:
The fundamentals of starting a successful business
Dave Thomas, the founder of Wendy’s, once said, “What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” That, he believes, is the perfect recipe to start and succeed in a business.
On motivating your team
Pandora Founder Tim Westergren says, “Make your team feel respected, empowered, and genuinely excited about the company’s mission.” When you do that, you build a team of motivated people, who row in the same direction, and who achieve business success better than any other group of people.
What to do with unhappy customers
According to Microsoft founder and CEO Bill Gates, “Your most unhappy customers are your greatest source of learning.” So don’t be in too much despair over unsatisfied clients. They might just teach you a thing or two on how to improve your product further and elevate your business.
On the importance of passion
“If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” Mark Zuckerberg could not have explained and displayed it more brilliantly when his passion exploded into today’s biggest and most popular social media platform, Facebook.
On giving more than 100%
Google co-founder Larry Page could not have said it any more straightforward when he said: “Always deliver more than expected.” Giving it you all, plus a bit more sets your business apart from many others who only touch the benchmark. Once you go over it, you begin to reflect a desire for excellence.
On how to deal with competition
Your greatest enemy in any endeavor is yourself. That is maybe why founder and CEO of Mashable Pete Cashmore said: “We are really competing against ourselves, we have no control over how other people perform.” Successful businesses always strive to do better than their last performance and not merely try to outperform the competition.
The power of teamwork
Linked-In co-founder Reid Hoffman once said, “No matter how brilliant your mind or strategy, if you’re playing a solo game, you’ll always lose out to a team.” That is because having people to back you up and to work towards a goal can multiply your efforts and bring you results at a rate that is exponentially faster than if you did it all by yourself.
The value of time and thinking ahead
According to Apple, Inc. founder and CEO Steve Jobs, “You can’t ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.” This is especially true for tech companies. Technology is fast-paced and ever-changing. Every minute creates new updates and innovations. Therefore, it is important to think ahead. Leaders with the gift of foresight know how valuable it is to look forward in business.
Business success is not all about the money
As Henry Ford of Ford Motor Company quoted, “A business that makes nothing but money is a poor business.” Greed should not be the central driving force behind a business’s success. Otherwise, you have merely set up your business for mediocrity, or even failure. That is why companies often have a mission. It’s something that is bigger and more meaningful than the organization. It aims to drive everyone towards a common goal.
Expa, Uber, and StumbleUpon founder, Garrett Camp, simply advised to “Stay self-funded as long as possible,” and rightly so. Being self-funded allows entrepreneurs to stay debt-free, and have full control over your business. With this, you can move your business towards your vision without the influence of others.
Why everyone can be entrepreneurs
“All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” LinkedIn co-founder Reid Hoffman believed. People are intrinsically hardwired to create, innovate, and make life better and more comfortable. An existing need is the root and foundation of any business and the drive to create something to address that need results in business.
On taking risks
Netflix CEO Reed Hastings once said, “But as an entrepreneur, you have to feel like you can jump out of an airplane because you’re confident that you’ll catch a bird flying by. It’s an act of stupidity, and most entrepreneurs go play because the bird doesn’t come by, but a few times it does.” Everyone knows how risky starting a successful business is. No one is guaranteed success or profit. What sets entrepreneurs apart is that they are willing to take the risk because they are confident that their ideas stand a chance. They are willing to do what it takes to make it work.
It’s easy to be inspired by all these quotes as you read through them. But if you want to make them work for you, you need to put them into heart. Which top entrepreneur tip can you and your business relate to the most? What guiding principles have you learned that you think you can apply to your practice as an entrepreneur or as leader yourself? Once you found your guiding principle, set your goals upon it and use it like your northern star that leads you towards success.
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