7 Important Business Lessons From Notable Business Leaders
With so many successful business leaders in the world, there are multiple lessons which can be learnt from their careers and behaviours. Each leader can offer useful business advice on topics such as leadership, innovation and work ethic. Whether you’re an entrepreneur, a leader or a student – it is likely you will find the following seven lessons relevant throughout your career.
Founder of the Virgin Group, Richard Branson is not shy to risk taking, believing that we “mustn’t be afraid of failure”. Not only does he encourage risk taking for the “fun” of it, he also insists that it is better to act out and fail, rather than sit back and do nothing.
While Buffett is known for his skills in acquisition, he is also said to be a “tremendous motivator” providing some important business lessons. He understands the importance of continuity in corporate cultures, and approaches leadership in a way that motivates people to work harder, stay loyal and meet goals.
Throughout his career, one thing that Steve Jobs stressed most was the importance of focus. Many entrepreneurs try to pursue several ideas simultaneously, whereas Jobs believed that focus should be placed on around 3-4 of these ideas to achieve better results. Rather than pursuing a number of computer designs, he instructed Apple to focus on just four – a decision which many have labelled the one which saved the company.
For many years, Page insisted on being involved in nearly every hiring decision at Google. While that is not feasible today, Page is known to be not fond of traditional management, and very interested in hiring “fantastic people who just naturally do the right thing for the company”.
While Starbucks does its best to remain true to its roots and mission, Howard Schultz has done a fantastic job of listening to the customer and innovating from these suggestions. When customers wanted to spend more time at Starbucks, he began offering free Wi-Fi, and when they wanted Starbucks products at home, he embraced instant coffee. Schultz demonstrates that no matter your product, welcoming change and innovation is important for continuous success.
One of Bill Gates’ more famous quotes is “There is nothing that was overnight”. In business, things take great dedication and time. When you don’t get the product right the first time, go back to the drawing board and adapt where possible. Perseverance ensures that you see a venture through to the end, and achieve the best possible results along the journey.
As the current CEO of Yahoo and previous manager at Google, Marissa Mayer is known for her ability to be useful anywhere necessary. When she can see a problem, she will speak up and do whatever it takes to solve that problem. No matter your role, if it is within your scope to help solve problems, this should always be a priority.
What do you think?
Do you have any other important business lessons to add to the list? I’d love to hear about other business leaders you admire and why. Comment below and join the AIB conversation.
This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following sources have been used to compile this article: