Billionaires are often quick to give advice, but the issue is that nobody actually listens. If you really want to build your business, take the advice from billionaires to heart.
Success in your business doesn’t happen by chance. It takes hard work and a large dose of good luck. In this article, we take a look at five advice from billionaires which young entrepreneurs should take seriously if they are to make a very similar success like the billionaires.
FIVE BILLIONAIRES ADVICE FOR YOUNG ENTREPRENEURS
1. “In your company or industry, work every job in that industry. It’s the only way of having a complete understanding of your people and your company.” — John Catsimatidis
It is not just enough to hire staffs and watch them do all the jobs in the company. You should be capable of doing every available jobs in your own establishment before looking for people to hire and fill the role.
2. “When there is a crisis, that’s when some are interested in getting out and that’s when we are interested in getting in.” — Carlos Slim Helu
When some entrepreneurs are about getting into a particular business and there is a very big slide in that business, an entrepreneur should not be discouraged from venturing into the business according to the Mexican Telecomms Mogul, Carlos.
3. “If you want to succeed, you should strike out on new paths, rather than travel the worn paths of accepted success.” — John Rockefeller
When an entrepreneur is in business, innovation, creativity and more risk bearing can propel the entrepreneur to greater heights. Following the mainstream ways of doing things has it own benefits but businesses thrive more on new innovation.
4. “If your cash is about to run out, you have to cut your cash flow. CEOs have to make those decisions and live with them however painful they may be. You have to act and act now; and act in the best interest of the company as a whole, even if it means that some people in the company who are your best friends have to work somewhere else.” – Larry Ellison
Successful businessmen are not afraid of making big calls needed to save their businesses. Sentiments do not grow business in any way, to become very successful in business, making difficult decisions are an everyday thing. It is always easy taking pay cut as a proprietor, but getting rid of some employees could be a very difficult thing to do.
5. “In the end, we are our choices. Build yourself a great story.” — Jeff Bezos
The choices we make in life really define who we are in business and even in our personal life. Every person on planet earth is equally entitled to his or her own choices, but to become very successful in business just like some of the world billionaires, choices must be thought out properly.