In business world, there are many advice that we could hear from different entrepreneurs and business personalities. Or we hear lots of guides from those aspiring personalities in this field. However there are only few who really put their advice into action leading them to have unfathomable wealth and popularity. Some of them are throned or listed as richest people in the world. I’ve decided to collect their business strategy advice to young entrepreneurs to help us in our business journey.
- “The most meaningful way to differentiate your company from your competitors, the best way to put distance between you and the crowd is to do an outstanding job with information. How you gather, manage and use information will determine whether you win or lose.”
- “The most important ‘speed’ issue is often not technical but cultural. It’s convincing everyone that the company’s survival depends on everyone moving as fast as possible.”
- “Sometimes, I think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.”
Bill Gates owns the largest software company in the world named Microsoft. And according to FORBEs, he is listed as number two in the most richest people in the world list.
- “Never invest in a business you can’t understand.”
- “If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.”
- “When a management with a reputation of brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”
- “It is better to hang out with people better than you. Pick out associates whose behavior is better than yours and you will drift in that direction.
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century.
- “I have had all of the disadvantages required for success.”
- “When you innovate, you’ve got to be prepared for everyone telling you you’re nuts.”
- “The most important aspect of my personality as far as determining my success goes; has been my questioning conventional wisdom, doubting experts and questioning authority. While that can be painful in your relationships with your parents and teachers, it’s enormously useful in life.”
Larry Ellison is the founder and CEO of Oracle and ranked no. 6 in 2012 Forbes Rankings.
- “Do what you love and love what you do. What would you do even if you weren’t paid to do it? Or, as Suzanne Evans of Help More People asks, what could you do all day long that you forgot to eat?”
- “Surround yourself with smart people, not yes people. Seems simple, but too many people with insecurity issues find people that constantly cater to them, instead of advising them. You need people to help you. Lone rangers in business don’t last long, because they burn out. Having a mentor is a great strategy to keep things in balance.”
- “Always be open to new ideas. Be open to new ideas that will help you get where you want to go. Business conducted in the 21st century is different from the way it was done in the 20th century. Grow your business strategically. You cannot grow a business overnight by trying every tactic that comes along, or trying to do it all.”
Not ranked as one of the top 10 richest people in the world, Donald Trump is known for his great advice and mentorship when it comes to business.
- “Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure — these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.”
Steve Jobs is best known as the co-founder, chairman, and CEO of Apple Inc. He was also an entrepreneur and intventor.
- “A business has to be involving, it has to be fun, and it has to exercise your creative instincts.”
- “As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation. I have to be good at helping people run the individual businesses, and I have to be willing to step back. The company must be set up so it can continue without me.”
- “Business opportunities are like buses, there’s always another one coming.”
Richard Branson is the founder and chairman of Virgin Group of more than 400 companies.