According to the small business administration statistics, 50% startups fail to survive the initial five year period. In such a situation, how can young entrepreneurs make their startups successful? In this article, learn some key entrepreneurial lessons from prosperous magnates:
1. Bill Gates
Most entrepreneurs cringe at the prospect of contending with unhappy clients, but Bill Gates considers them an asset. According to Bill Gates, “Your most unhappy customers are your greatest source of learning.” If you want your startup to thrive, pay attention to what your unhappy customers are saying. They are your best hope in learning truthfully about the flaws in your products and services, so you can easily rectify them in future.
2. Steve Jobs
The greatest innovator and genius of our generation has a very sound advice for young entrepreneurs. Steve Jobs always gave attention to detail and always puts quality over quantity. He wants young entrepreneurs to follow his example to achieve success. His words sum it up brilliantly when he said, “Quality is much better than quantity. One home run is much better than two doubles.”
3. Jeff Bezos
Jeff Bezos is noted as Amazon’s CEO, he also has many other businesses under his belt, ranging from aerospace to newspaper. He superseded Bill Gates to become the richest man in the world. The secret behind his success is his ability to keep his customers above everything else. His words also reflect his approach, “The most important single thing is to focus obsessively on the customers. Our goal is to be the world’s most customer-centric company.” If young entrepreneurs focus on his advice, success will knock at their doors as well.
4. Tony Robbins
Tony Robbins is famous for his bestselling books but he is also an entrepreneur, philanthropist, and one of the best business and life strategists out there. If that is not good enough for you, he is also an expert in organizational turnaround, psychology of leadership, and the art of negotiations. According to him, “Business success is 80% psychology and 20% mechanics.” His advice is that young entrepreneurs need to be clear about their strengths and weaknesses, goals and strategies, to achieve their objectives.