Wisdom from the sharpest business minds

Being an entrepreneur is not about the result, but the actual journey that you embark on in pursuit of your dream. For you to succeed, you have to look past your failures and reach for your goals with unrelenting persistence.

The most valuable tools that you need as an entrepreneur are mentors, networks, and relationships. Starting a business from scratch and running it is always a learning process and the best way to save you a lot of time and painful lessons is finding out what has or hasn’t worked for people who have been there and done that.

In this article, we are going to share the best advice from some of the most successful entrepreneurs.

(1)Dave Ramsey

In addition to hosting the radio talk show, “The Dave Ramsey Show”, he is also an acclaimed author. He is also the CEO of The Lampo Group, Inc., a company that offers expertise on money management through a variety of programs including the Financial Peace University all of which are designed to help people gain control over their personal finances.

Ramsey speaks of the importance of starting your business on the right foot financially. He says that starting and running your business debt free may mean that your business grows slower, but it is the surest way of avoiding a lot of risks and growing your business on a much more solid foundation.

(2)Gurbaksh Chahal

Dropping out of high school, he started Click Agents, which he would later sell for $40 million. When he reached 25 years old, he started Blue Lithium, which he sold to Yahoo! for $300 million. He is currently the CEO of the advertisements network RadiumOne, which is his third start-up.

His mantra is: “hire smart”. He says that to put your business on the way to success, you have to hire based on hunger, passion, and creativity. He says that before he hires a person he mainly looks for two answers. “’Is the person an entrepreneur and what is his or her level of hunger?’’ While there are no guaranteed blueprints for success, the odds are sure to accelerate in your favor when smart people are working in unison.

(3)Mark Cuban

He is a self-made billionaire who has a net worth of $3 billion. He is the owner of the basketball team Dallas Mavericks and an investor on the popular television show Shark Tank.

According to Cuban, whether you have achieved your goals or are still pursuing them, you must always give it your A-game. Always work as if there is someone working against you 24 hours a day to take your achievements from you. With that mentality, you will always pour in more effort. You have to have an unwavering passion and unrelenting enthusiasm to reach for your dreams because someone else is trying the same thing.

(4)Vick Vaishnavi

He guided his small start-up company, BladeLogic to an IPO and it was eventually acquired by BMC Software for nearly $1 billion. He then helped guide BMC Software to remarkable heights, helping it achieve its all-time stock high despite the recession.

He advises in the importance of a proper marketing strategy. He says that for your product to have an edge over the competition, you have to identify the key differentiator of the product over what is already in the market. If your product is not unique, then you are just one of the many copycats in the marketplace.

(5)Daymond John

This “Shark Tank” investor had a budget of only $40 when he started his clothing company FUBU. Today, FUBU boasts of over $6 billion in global sales and John is worth around $250 million.

John was recently asked on a podcast by business coach Lewis Howes about what separates billionaires from the rest of the pack. His answer was three-fold:

(i)When they launch a business, they always make themselves as frugal as possible. They act as though they have nothing because they know that when their backs are up against the wall, they have little options other than to be creative.

(ii)They make sure they write everything down. Richard Branson also attributes his success to the act of always jotting things down.

(iii)They think on a large scale. For example, a billionaire looking to invest in a business that relates to cars will not want to know how many cars there are in the world, not just in one city or country.

(6)Lisa Druxman

She is the founder and CEO of Stroller Strides. Her business grew from a personalized workout she came up with to do with her baby to one of the biggest franchises in America.

She advises on the importance of creating systems throughout the business to ensure that all things are consistent in the business. This will help others besides you to easily execute your vision.