Business Success Tips From Self-Made Billionaires
Building a thriving business isn’t an easy task. Startup founders have to get funding, build a great team, develop innovative products, and market their business vigorously. It’s no wonder that most would-be entrepreneurs give up before they even start. But while it’s hard to grow a business, it’s not impossible.
A few entrepreneurs run companies worth over $1 billion. Of course, they went through many trials and tribulations to get to where they are today, although it doesn’t seem that way on the surface. We’ve turned to the best of the best to gather business advice and lessons that will guide you on your entrepreneurship journey. Here are business success tips from self-made billionaires.
“Innovation Distinguishes Leaders From Followers.” — Steve Jobs
You’ll never build a billion-dollar business if you’re comfortable with the status quo. Billionaire founders constantly think of new ways to make peoples’ lives better with innovative products. They are not afraid to leave their comfort zone or go against the norm. Be innovative and keep introducing new ideas to existing product lines or services. If you create a winning product, you’ll increase your market share and revenue and enhance customer satisfaction.
“Failure is a Stepping Stone to Greatness.” — Oprah Winfrey
80 to 90% of startups encounter failure on their first try, and most entrepreneurs give up right away. Success could be waiting the second time. Media mogul Oprah Winfrey failed several times before becoming successful. She now sees failure as a stepping stone to success. Many billionaire founders say that the most valuable lessons they learned were taken from failure.
If you fail, dust yourself off and try again. Also, learn from other people’s failures. For example, if you read that bank loans for businesses attract high interest rates, steer clear of them. Apply for business grants or auto title loans online which have lower interest rates. Auto loans are dispensed quickly and can be of great help during a business emergency.
“Not Taking Any Risk is the Biggest Risk.” — Mark Zuckerberg
When Mark Zuckerberg and his friends decided to launch a platform that connected the world through social media, the idea seemed impossible. But the world would have been denied Facebook if they didn’t take a risk. If you don’t act on your ideas, you may never take your business to where you want it to be. Don’t keep brilliant ideas inside your head, take smart risks like Elon Musk (Tesla), Travis Kalanick (Uber), and Ben Silbermann (Pinterest). Taking risks helps you take advantage of new opportunities which trigger business growth.
“Invest in Your Own Abilities.” — Warren Buffett
Warren Buffett spends 80% of his day reading books. He knows that the mind is the most powerful weapon, the weapon that can be used to succeed in business. Growing the mind is something anybody with discipline can do. You’re the face behind your business, so invest in yourself. What can you do to become more marketable? Do it for just five hours a week. Obtain a certification, take business classes, or learn a new skill. Every day, do something that gets you closer to your dreams.