Entrepreneurship is not exactly as glamorous as some would have you believe. It is a tortuous journey fraught with seemingly insurmountable challenges, unforeseen hurdles, and cutthroat competition. These ten pieces of advice from leading entrepreneurs can help aspiring entrepreneurs avoid a few success-derailing mistakes.
- Buy Assets, Not Liabilities
"Rich people acquire assets...." — Robert Kiyosaki
Robert Kiyosaki is best known for his non-traditional views on money, business, and investing. Kiyosaki wrote the widely read "Rich Dad Poor Dad" among other titles. The book is one of the most popular personal finance books available. According to Kiyosaki, most people acquire houses and cars, thinking they are assets. But they are not. That sharply contradicts what traditional schools teach. He advises people to accumulate assets and avoid liabilities. Assets generate positive cash flow while liabilities empty one's pockets.
- Grab Opportunities and Learn Later
"Opportunity favours the bold…."— Sir Richard Branson
Sir Richard Branson is among the wealthiest people in the United Kingdom. Branson built the Virgin brand from nothing to the roaring success it has become. Often, people allow their lack of experience to stop them from moving forward. Instead, people should grab opportunities when they present themselves. They will learn the skills required later. Lack of technical knowledge or confidence shouldn't be reasons to turn down amazing offers.
- Be Passionate; Learn Consistently; Work Hard
"I was relentless in learning new tech as it came out…." "You are not going to outwork me" — Mark Cuban
Cuban knows passion alone doesn't succeed. Most people can think up great ideas, but they are not learning as fast as they should. Nor do they work as hard as they should. Also, starting a business just because no one else is doing it isn't always smart. There's a reason other is not doing it. Many others likely have tried the same idea and failed. That doesn't mean people shouldn't take the unbeaten path, though. Cuban seems to favour passion tempered with sound judgment and determination.
- Spend Money Wisely — Build Savings
"...Spend what is left after saving." — Warren Buffett
The Oracle of Omaha is among the wealthiest people globally. Too many people spend funds they don't have trying to impress others. They borrow too much when they should be saving money. Buffett is a billionaire. However, he doesn't flaunt his wealth as many others would probably do if they had his wealth. Buffett preaches frugality. He practices what he teaches. A billionaire who spends $3 at MacDonald's on breakfast must know something about keeping more of one's dollars. Buying items on impulse isn't how to build immense wealth.
- Develop the Right Mindset
"Success is 80 percent psychology......" — Anthony Robbins
A best-selling author, Robbins is among the recognized authorities on the psychology of leadership, organizational turnaround, and negotiations. He is a business strategist who has spent more than 40 years advising leaders around the world. One's mindset determines whether they will succeed or not. Having a great concept and a neat business plan is not enough. One must have the right mindset. A committed person who mentally and emotionally believes in their cause is likely to succeed.
- Create the Life You Want
Her life may appear smooth and sweet, but Oprah was not always successful. She suffered rejection and failure early in her life. Oprah lost her first job as a news anchor, an experience that shook her terribly. A producer told her she was "unfit for television news." Flash forward to 2018, and the name Oprah means success. Life is about continually asking oneself critical questions. Questions such as: how do I create the life I want? Like Oprah, one must not give up. One must keep plodding on no matter what.
- Be Productive
"Also get rid of frequent meetings, unless you are dealing with an extremely urgent matter." — Elon Musk
Recently, Elon Musk announced he would adopt a 24/7 shift schedule. He wants to ensure the production of his Model 3 electric car stays on track. Most people and organizations could use a little advice on productivity. Organizations should avoid too much bureaucracy, hierarchy, and frequent, pointless meetings. People should value every minute they have. The world would see more productivity overall if everyone got super-focused and stopped wasting time.
- Persistence Pays
"You have to get used to failure." Jack Ma
Jack Ma remembers a time 23 out of 24 people got hired by Kentucky Fried Chicken. He was the only one who didn't get the job. Rejection and failure happen a lot in life. One must face the fear of failure with determination, unrelenting resilience, and persistence. Everyone faces setbacks. It's how one responds to them that matters in the end. It's easy to quit when the going gets tough. But that's when to push a little harder.
- Focus on Solving Problems
"Start with the problem…" Mark Zuckerberg
There's a reason billions of people use Mark Zuckerberg's social media platform, Facebook. Zuckerberg certainly knows something about building a business from scratch. People should carefully consider the specific problem they intend to solve before they decide to establish a company. Some people keep asking: what kind of business will I start? That's not how to do it. Instead, one needs to pause and ask: what problem do I want to solve for my community or the world?
- Stop Listening to People — Most Don't Care
"Nobody gives a damn." Barbara Corcoran
People who get all Ds in high school and college might see themselves as the least likely to succeed in life. But Barbara Corcoran is a billionaire even though she scored such grades. Many people who didn't start with success too often quit too early. They listen to too much negative self-talk. They don't believe it's possible; that they can do it.
They listen to their competitors, friends, and enemies. In the end, they are standing in the exact same spot. Now, that's not how one becomes a phenomenally successful real estate entrepreneur like Barbara Corcoran. One shouldn't care too much what people say, as "nobody gives a damn."
Most people would want to succeed in their careers and businesses. Each of these ten pieces of advice from leading entrepreneurs offers a unique way to look at life and success. Sometimes, a little inspiration is all people need to step into their destiny. However, along the way if you are still lost or needed help in your businesses, turn to us, Enterprise Assurance PAC. We can assist you in achieving your business dream because we have plenty of experts and specialists with the knowledge to help you. So, what are you waiting for? Find us now at Enterprise Assurance PAC!