There are many ways to learn about business from the classroom all the way to just experience. Being an entrepreneur means going through a lot of highs and lows. Most new business people look up to successful business people for inspiration. Below are 10 lessons from the world’s top entrepreneurs.
1. Build your business around things that you love and are interested in then you will succeed.
2. Success in business depends more on your psychology and determination than you having the knowledge and skills in business.
3. Your business idea should also solve problems.
4. Don’t hesitate to start your business and execute your ideas.
5. Don’t wait to be perfect to start but act quickly.
6. Time is an entrepreneur’s most valuable resource by far.
7. Set reasonable and achievable goals the short-term so that you can actuallysee the results.
8. Avoid spending money as much as you can while being able to invest in the essentials for the business.
9. Network and build meaningful relationships with customers, thought leaders, competitors, and other people in your industry.
10. Become an Expert at the Tools of Your Tradeand services that can make you more effective, efficient and profitable.
The business lesson: Discover and utilize the right tools, frameworks, and services that can make you more effective, efficient and profitable.
William Harris is the founder of Elumynt, and he is a huge fan of employing processes and tools that help you organize tasks and strategize better within your business. He says, “I advise entrepreneurs who struggle with this problem to first get their tasks organized and written down. I like Asana for this. The tasks that they find themselves adding repeatedly are tasks that they should think about delegating. At the end of the month, you need to send out invoices, add numbers to your analytics spreadsheet, etc. Find someone else to do that. The hours you save by outsourcing these types of tasks will help you focus on the things that only you can do—like plan the strategy and direction of the business.”
Bizzy co-founder and COO Chiara McPhee observed that first-time business owners often struggle in gathering and processing feedback. She offers a solution: “I’ve found it incredibly helpful to have a framework in place to systematically collect, prioritize, and implement product features based on customer feedback—both from customers you have, and the customers you want!”
The expression “standing on the shoulders of giants” dates back in the 12th century but is more popularly attributed to Isaac Newton, who credited his groundbreaking scientific work to the efforts of scientists before him.
Apparently, what’s true in science works just as well in business, with Tony Robbins also adopting the expression when acknowledging the contribution of other business thinkers to his entrepreneurial success.
There’s nothing wrong with learning business lessons from others, especially when they’re at the top of their fields. Take these business lessons to heart, and you’ll make far less costly mistakes in the long run, but remember that nothing will be more impactful than experiencing entrepreneurship for yourself.