As an entrepreneur, I’ve painstakingly learned the importance of heeding the best business advice I’ve received from many of the world’s top entrepreneurs. The bottom line: It takes a lot to start a business and grow it to profitability. Funny enough, the most impactful lessons have come from my biggest failures though.
All in all, despite receiving great business advice and success tips back during my college days, I’ve gone on to learn more about how not to start a business through my experiences. Still, my early failures haven’t stopped me in learning from my mistakes and moving on to become gainfully self-employed.
Over the past five years, I’ve grown this website to more than 200,000 monthly readers, launched online courses, started a profitable freelance business, built physical products and more.
I grew my side business to over six figures in revenue before quitting my job in 2016.
Now, I’m teaching other entrepreneurs how to do get started in my free course, Find a Profitable Business Idea today.
But this post isn’t really about me (surprise).
Today, I’m bringing in some of the world’s most successful and respected entrepreneurs to share their best business advice and success tips so you’ll be prepared to start a business in today’s climate.
From Richard Branson to Arianna Huffington, Tim Ferriss, Mark Cuban, Sophia Amoruso and many more, the business advice from this group of entrepreneurs is collectively worth billions.
They’ve created products & services we’ve all heard of, turned entire industries upside down, redefined what it means to be successful when you start a business and many have also written business books or taught online business courses about it. Suffice it to say, their business advice is worth it’s weight in gold.
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Not surprisingly, many of these entrepreneurs had very similar pieces of business advice to share, based on what’s worked for them when it comes to learning how to start a business.
Here were some of the biggest trends in their business advice:
- Business ideas alone are worth very little. If you want to start a business and become successful with it, you need to solve meaningful problems. Execution is everything in business.
- Don’t just start a blog (or any type of business) unless you’ll be doing something you truly love and are good at, or unless you can dedicate yourself to becoming that expert over the coming years.
- Becoming successful in business is more about your mentality, psychology and determination than it is about finding little tips, tricks, hacks and exploitations in the marketplace.
- Start today. The only true way to learn is by doing and you can’t afford to sit around waiting for funding, hoping someone else will come along to help you execute on your idea or complain that you don’t have the time. Making excuses won’t help you start a business and it sure as hell won’t help you create the lifestyle you want for yourself.
- Launch before you feel ready. If you wait until your product or service feels perfect, someone else will already be doing a better job of helping your customers solve their problems. Validate your business idea by launching fast, bringing on a small group of paying customers and adapting to make your solution great for them over time. You’ll learn how to validate ideas quickly & cheaply in my course, 30 Days to Validate.
- How you choose to manage your time and decide which opportunities to pursue will greatly impact your success when starting a business. Outsource everything you can, so that you can focus on doing what only you can do in your business.
- Do everything in your power to avoid spending money when you start a business. Build a lean solution that provides value to your customers and only spend money on the absolute essentials at the moment you need them.
- Never stop building meaningful relationships with customers and other people in your industry. Choosing to instead view competitors as potential partners and collaborators can positively impact your business in a big way.
- Focus on setting & achieving small incremental goals rather than trying to start a business and instantly build your vision of what the company should be in the years to come. Setting realistic goals and milestones is a major component of my course, The Launch Formula.
- And much, much more…
Whether you want to start a business for the first time or you’re an experienced entrepreneur, you’ll find incredible value in the best business advice and success tips these entrepreneurs have to share today—some of them even made their way over to my list of the best motivational quotes I’ve heard.