Top 5 Lessons from the Most Successful Entrepreneurs
The most interesting realization on this entrepreneurial journey is how long it takes to learn just one lesson.
This is the reason why it is important to pay attention to successful entrepreneurs who have worn the shoes for decades. Today, you will get five premium lessons from most successful entrepreneurs in the world. These lessons can give perspective to your own situation whenever you get to the point you’d need them.
1. Don’t Buy Things You Don’t Need — Kevin O’Leary (Canadian-Irish Businessman)
A lot of people spend their money on unnecessary things — items they don’t need. Take your closet for example, how many of your clothes do you wear? Most people don’t wear 80% of their clothes. Imagine you could turn those clothes you don’t wear anymore into cash or better still you never bought them, the money would be making more money for you right now. But no, it is sitting in the bottom of your wardrobe. That is money sitting right there.
In essence, don’t spend money on what you don’t need or what you cannot afford. Go through your expenses every month to know what you can do better with your money.
2. Make a Difference — Ratan Tata (Former Chairman of the Tata Group)
Most great businesses today started from ideas, the founders believed something could be done to make a difference in their environment. It is important to be ethical and uphold value systems that serve your nation and or humanity. As entrepreneurs, our greatest commitment is to make a difference in the world around us.
3. Work on Difficult Things — Sundar Pichai (CEO, Alphabet)
It is important to be well-rounded as an entrepreneur. Take risks often and aim high enough that you fail. If you work on difficult things, you are better off because you have no competition — other people are not working on that difficult problem. This process works such that even if you fail, you will end up doing something great in the process.
4. Embrace Failure — Mark Cuban (Billionaire Investor)
It doesn’t matter how many times you fail, if you get it right, you are an overnight success. All you have to do is get it right one time. It is important to find what you like to do. When you find it, be great at it and see if you can turn it into a business. Worst case, you will have fun doing what you love to do, and best case, you can turn it into a business.
Excuses are abundant, if it is important to you, you will do it. It really doesn’t matter how many times you fail. Interestingly, sometimes it is not the idea, not who you know or how much money you have that’s important, it is finding something that you love to do.
5. Act Despite Fear — Elon Musk (CEO, SpaceX and Tesla Motors)
I feel fear quite strongly but there are those times when something is important enough and you believe it enough that you do it despite fear. It is normal to feel fear. It is helpful if you can accept probabilities, then that diminishes fear. While starting SpaceX, the odds of success was less than 10% and I just accepted that probably I’d just lose everything. Also, I thought maybe we could make some progress such that if we died in the process, another company can pick up the baton and move on.
These lessons can set you up for success if you read them often.
What lesson are you working on right now?
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