The experience of these successful entrepreneurs is like a managerial beacon for any entrepreneur.
Richard Branson, Elon Musk, Bill Gates, Warren Buffett and Steve Jobs are recognized entrepreneurs on a global scale. To this day they defend – and even long for – the audacious, innovative and agile spirit that characterizes the start of small and medium-sized companies.
His advice is applicable to companies of all sizes and remains valid in any latitude and business area.
The top 5 business success tips, from the perspective of successful entrepreneurs, are:
1. You need to delegate
For Richard Branson, founder of the Virgin Group, one of the biggest challenges for new entrepreneurs is learning how to delegate the day-to-day operations. This will allow them to better focus on the big picture and strategic business issues.
It will also help them find the time to have a good family life, to take care of their health and to be fit. Small and medium business leaders must work from the beginning to cultivate talents and help them develop their careers.
2. Failure is an option
According to Elon Musk (founder of PayPal, Tesla and SpaceX) “if things don’t fail, you are not innovating enough”. A common thread among successful entrepreneurs is their comfort with smart and calculated risk.
This mindset – in which failure is neither feared nor punished – can help small businesses cultivate creative thinking and innovation as a constructive drive.
3. Be consistent and consistent
Steve Jobs’s idea of focusing on doing things with excellence is a difficult message to forget. Business owners must stay true to their main value proposition: the quality of their products and services.
In this sense, they should focus their efforts on what they do very well and what makes them different. Otherwise, they run the risk of dispersing their limited resources into useless initiatives with poor quality products.
4. Appropriate goals and metrics
For Bill Gates , founder of Microsoft, setting the right goals and defining the right metrics to measure progress is difficult but critical. This leads to long-term business plans and helps manage team members.
The ability to formulate objectives and break down the steps necessary to achieve them guarantees results aligned with the expected goals.
5. Ethics as a guide
For his part, Warren Buffett (investor) suggests doing nothing of which you can be embarrassed. Business ethics is important for your emotional stability and for your credibility as a leader.
Your actions mark and shape values for the rest of your organization. They are important to your team, partners and clients. Never make a decision that you would not be able to defend in front of your friends and family.
The size of the company does not matter for these lessons. All are business success tips.
Entrepreneurs can learn a lot from these successful entrepreneurs. But they must also take more advantage of the size of their company and the freshness of their initiatives. Both are strengths for your business.