If you are looking for advice and tips about entrepreneurship on the web, you will not be disappointed because there are a lot of people out there who offer mixed quality advice. Most of these tips and tricks, however, come from people who haven’t succeeded or achieved anything of a great magnitude so you would probably think twice why you should actually listen to their advice. It is important you consider “who” you are seeking advice from. You need to be sure that the person has been in your shoes. Only then will their advice will prove relevant, relatable, and applicable.
This is where you can rely on billionaire mentors to share their business lessons. Over 90% of billionaires today started from zero, which is probably where you are right now. Here’s a look at 5 great business lessons you can apply:
1. Create Something That Solves a Problem
If you want your business to thrive, you need to build something that is sustainable and useful. The best approach to your business would be to start a problem-solution venture. Look around and focus on the problems people face in their everyday routine and create a solution to sell. It is without a doubt how most successful companies came into being and emerged in this world: through genuine ideas. Innovation is your key to success. Look for a creative solution that has never existed before. You may be surprised by how well things work out for you.
2. Fail Fast
Failure is not an indication your business is not going to thrive. It is merely proof you are putting in all your efforts. Generally, when you are developing something new, you are bound to fail at first. Failure will lead you to find a working solution that can change your life so it is important that you fail and then pick yourself up quickly. Building something that is of value in its respective market will be a difficult task and you will face many different obstacles but just remember, every successful company started off this way.
3. Great People = Great Products and Services
Most entrepreneurs are wrong when they think startups are only about ideas. Great ideas make a strong base for your company but you need a team of talented individuals to strengthen that base. Successful investors and entrepreneurs, such as Mark Cuban, don’t just put great emphasis on the idea but the team as well. If you have a great team, you will have no difficulty in problem solving and brainstorming new ideas. An idea is not enough. You need a team to bring those ideas to reality through the shape of a prototype. The right team will have the right attitude, perseverance, passion, intelligence, and zeal. Investors know a good team when they see one.
4. Build a Culture from the Start
Here’s what you need to remember: culture is the foundation of your company. You should keep in mind culture comes from the people, not theories. For your convenience, follow the SWAN formula: Smarts, Work hard, Ambitious, and Nice. You need to hire SWANs from the beginning. It is important that you emphasize on culture and build it from the beginning. Catering to company culture will help your company build momentum. Entrepreneurship causes one to face many hardships. For this reason, it is ideal you build your culture from the start so you can overcome obstacles.
5. Don’t Be Afraid To Push Boundaries
Mark Cuban and Richard Branson both have established some of the most successful companies in the world. This has been possible not only because of their hard work and dedication but because of their legacy of breaking rules. In order to succeed, one continuously needs to broaden his/her horizons. You need to think ahead and about the road that is less traveled. That is the only key to innovation.
These are 5 business lessons from billionaire mentors you can follow and apply in your life. If you follow this guide, you will be violating the fifth rule about pushing boundaries. So, use these tips, but create your own as well. If you want to be successful, you will have to become your best teacher. All the best!