17 August 2020

by Spark Eighteen

7 valuable business lessons to learn from successful entrepreneurs

FOR BUSINESSES

With the fascination of the idea of being your own boss, a desire to do something that is quite akin to standing in a victory circle with a trophy, and enthusiasm to starting new ventures every other day  – there’s a unique charm to a vigorous entrepreneur. Here, we will have a look at the 7 valuable lessons to learn from successful entrepreneurs.

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According to the Global Entrepreneurship Monitor, there are more than 582 million entrepreneurs in the world – and since you’ve clicked on this blog, we’re assuming you’re one of them?

However, do you understand what makes an entrepreneur really successful?

It’s the way they think.

Surely thinking about future potential, finding opportunities, embracing risks, and what not?

Although, these are some of the things that tend to stifle entrepreneurs from the get-go, what we’re talking about is the set of values and perspectives that allow them to achieve these.

These core values help you avoid any hurdles or setbacks in your entrepreneurial venture. Who better to teach you this than people who’ve succeeded in it themselves?

As you move along your journey, you need to keep some important entrepreneurial and business lessons you need to keep in mind from these successful entrepreneurs:

1. Think Big, Start Small – Mark Zuckerberg

mark zuckerberg

As an Entrepreneur, you may have dreams of your business becoming the next Apple or Amazon. For that, you decide to make a splash in your industry by jumping on the bandwagon of doing something big in just your initial stages.

Ok, stop right there!

Always remember, haste makes waste.

Do you think Mark Zuckerberg would’ve thought the same while inventing Facebook in his Harvard dorm? No way!

Zuckerberg has been living on the “Think big, start small” mantra all his life and has built a huge empire out of it.

According to Matt Chasen, founder, and CEO of uShip:

“Zuck launched Facebook with a really small and easily reachable target market: college students. He then expanded beyond his early adopters when he had achieved scale, and opened it up widely — this was a controversial move and was obviously critical in making Facebook the ubiquitous platform it is today, following the ‘Think big, start small’ philosophy. Get traction with a group of early adopters and then expand.”

It was this vision and ethics that were reflected in his unflinching determination that he rejected Yahoo’s billion-dollar offer to buy Facebook, just after 3 years of the app’s launch.

“I’m here to build something for the long term,” he said, “Anything else is a distraction.”

GOLDEN. WORDS.

2. Think Out Of The Box – Elon Musk

elon musk

Elon Musk is a torch-bearer of innovation, fearlessness, and game-changing.

What makes the mind behind PayPal, SpaceX, Tesla Motors, and Solar City so successful?

It is his out of box thinking!

With a fearless and innovative mindset, Elon Musk has driven many of his start-ups to success. He faced many criticisms on the way but Musk’s dauntless will was enough to silence all critics.

According to him, businesses should not restrict themselves to boundaries. They need to always think bigger!

For example, Musk intends to cover the globe with the internet that will work from over space. This is something that has never been experimented so far by any other entrepreneur.

So if you own a business, never be afraid to come up with unique ideas and have the valor to pursue it to the end.

3. Make It Simple – Steve Jobs

steve jobs

When talking about learnings and lessons from successful entrepreneurs, Steve Jobs is the first name that pops up in most people’s minds. Not ever in his 23 years with Apple did Steve Jobs not emphasize on the indulgence of simplicity in his products.

He was quite proud of it.

“It takes a lot of hard work,” Jobs once said, “to make something simple, to truly understand the underlying challenges and come up with elegant solutions.”

Did you know: Steve Jobs turned Leonardo Da Vinci’s words “Simplicity is the ultimate sophistication” into a slogan for an early Apple advertising campaign? 

Since Jobs clearly resisted complexity, all Apple products were made easy to use with a minimalistic aesthetic which is still the driving factor of the brand, distinguishing it from its competitors.

He knew that the world is already highly complex and techy that a normal person will pay for a product that can simplify their life.  Apple advertisements over the years have shown the same concept where life is easy and manageable with their products.

We don’t think we need to explain how well this worked for Apple, do we?

4. Focus On Your Unhappy Customers – Bill Gates

bill gates

Happy customers are the moving force of a business – no doubts about this.

They deserve all your attention and praise, but it doesn’t mean that you don’t consider your disgruntled customers at all!

As Bill Gates said in his book Business @ the Speed of Thought, “Your most unhappy customers are your greatest source of learning.”

According to him, your dissatisfied customers are a huge asset to your business as they disseminate the information you didn’t even know.

So, to be successful in business, entrepreneurs should listen and value what their disappointed customers have to say and take action to improve or change accordingly.

Let’s continue with some more lessons from successful entrepreneurs.

5. The Two Pizza Rule – Jeff Bezos

jeff bezos

Talking about learning lessons from successful entrepreneurs, turns out, the secret to Amazon’s success is not just a sauce but the whole pizza!

This odd but effective strategy helps the Amazon founder, Jeff Bezos steer clear of unnecessary meetings – and it sadly does not mandate any pizza to be present.

According to him, no meetings should be so big that two pizzas are unable to feed the whole group.

To put it in simple words, the group in one meeting shouldn’t be too large or too small. This is such a great method if done correctly because most of the time meetings are nothing but insufferable gatherings where only a few people speak while others remain quiet. In the end, these meetings are nothing but a notorious waste of time!

6. Change Your Attitude Towards Failure – Walt Disney

walt disney

You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.”

Immortal words by Walt Disney.

Being one of the most influential people of his time, Walt Disney encountered many failures before creating the “The Happiest Place On Earth.”

His first studio, Laugh O’ Grams never made any profit. With the loss of his first studio, he flew to Los Angeles to try his hands in acting but failed miserably there too!

After so many miseries one-after-one, he saw his first major success with the creation of Oswald The Lucky Rabbit. But looks like it wasn’t for long too.

His producers took away his team of animators and he realized he no longer has any legal rights to Oswald The Lucky Rabbit.

He lost everything, but did you think he decided to give in? Certainly not!

Walt Disney decided to start it all over again. On his train ride back to California, he created Mickey Mouse – and the rest remains history!

7. Be Known By Your Work – Henry Ford

henry ford

You might want to sit down because the following statement may come as a shocking revelation to you but,

HENRY FORD WASN’T THE MAN WHO INVENTED AUTOMOBILES!

Yes! Ford was indeed passionate about automobiles, but he wasn’t the one to discover them. In fact, there were many other manufacturers before Ford that used the method as he did!

No, we’re not suggesting you should go away stealing ideas from other people and call them your own! That would be morally wrong.

What Henry Ford did was take someone’s idea and make it better.

This means you need to be so unique with what you do that people start recognizing you for your work. The better you’re at your thing, the more people will be interested in you and the thing!

Eventually, you’ll hone a distinctive identity of your hard work. This might be the most important lesson from a successful entrepreneur that you might want to stick to.

What is that one valuable learning or lessons from successful entrepreneurs that you’ve learned? Share with us in the comments below!

Also Read: 5 Over-stressing questions entrepreneurs and founders are trying to answer

Spark Eighteen

Spark Eighteen is a brainchild of innovative young minds and a group of alarmingly out-of-the-box thinkers who happen to see the world of marketing from a new age perspective. With a proven expertise in the field of Brand consulting, Digital Marketing and Website Design and Development, our team of designers, developers, and creative heads work towards delivering maximum results, tailor-made to all your business needs.
Spark Eighteen

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