Top 4 Business Lessons From Successful Entrepreneurs
As a start-up or small business owner, the journey to gain entry into the ‘successful entrepreneurs’ category is never easy. With challenges and failures along the way, it is common to lose sight of why you began the venture in the first place. The below four entrepreneurs have been down this path many times before and each share a valuable business lesson which has helped them. See below for our top four business lessons, from investors on America’s Shark Tank, to active wear brand Lululemon.
1. There are no shortcuts – Mark Cuban
As the owner of the Dallas Mavericks and Shark Tank investor, Mark Cuban is in quite the position to advise on entrepreneurship. One of his more emphasised lessons for budding entrepreneurs is “Do the work. Out-work. Out-think. Out-sell your expectations. There are no shortcuts”. True success takes a great deal of effort and there is unfortunately no easy path, even for successful entrepreneurs like Cuban! Be prepared to put in the hard yards, do things to the best of your ability and you will see the rewards.
2. Do what you love – Daymond John
Best known as the founder and CEO of American clothing company FUBU, John explains that in the early days, he was doing things because he wanted to become wealthy. “For the most part, those businesses failed, and then later when I started doing something casually because I loved it, that business burst,” he said. Unless you have a true passion for what you do, it will be very difficult to stay motivated throughout your business journey. Successful entrepreneurs pursue business ventures that interest them and their passion is reflected in everything they do.
3. Ask for help where needed – Chip Wilson
Exercise apparel brand Lululemon’s founder Chip Wilson told Business Insider that the best advice he’s ever received was “to ask for help” and “I don’t have to be insecure and know it all”. Successful entrepreneurs understand that realistically, it is near impossible to be an expert in every key business area. Work to your strengths, and reach out to specialists when you need help. Often it is those who are too proud to ask for help who find themselves in more trouble.
4. Strive to be better – Devaraj Southworth
CEO of on-demand alcohol delivery service ‘Thirstie’ Devaraj Southworth has a number of other business ventures under his belt as well. Throughout his career, one thing he has maintained is the motivation to always do better. Learning this from a late family member, Southworth knew the journey of an entrepreneur wasn’t going to be easy, but he was committed to executing his idea. He believes that anything is possible as long as you stick to your vision and maintain a future perspective at all times.
What do you think?
Do you have any more examples of successful entrepreneurs to add to this list? The above four are only a selection of the wonderful businesses that entrepreneurs have built around the world. Comment below and share your views to 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 sites were used to compile this article: Business Insider; Inc; Business Insider and Business News Daily
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