I recently watched a video with solid business advice from successful business owners like Elon Musk, Warren Buffet, Bill Gates and Jeff Bezos. Some of what they said we have all heard before. Regardless, it is a good refresher for any business owner.
Running a business is hard and you have to do it over a sustained period of time. Believe in yourself and be confident. Demand your success, don’t just hope for it. Success is your duty, your obligation and your responsibility. It helps to have an intense passion for your business. Running a business is so demanding that most rational people would give up without a strong sense of passion.
You may have visions that seem impossible to most people. It is OK to dream big, but be prepared for rejection and lots of it. Do not let that overcome or influence you. Maintain your sense of enthusiasm even if you are told “no” a thousand times. Have the same enthusiasm when you knock on door No. 100 as you did when you knocked on door No. 1.
Overcome the fear of risk because running a business is risky. You put virtually everything on the line to do something that most people fail at.
Never quit, no matter how many times you fail.
Do not focus on the money and avoid the temptation to measure your success by accumulating wealth. If you focus on obtaining wealth, you will tend to make bad decisions like borrowing money when you shouldn’t, or cutting corners to save money. If you run your business simply to make money, when you look back on what you did, you won’t be happy. Make your priorities about the service you provide instead of the money.
According to one of these experts, these qualities and characteristics are more important than a formal education at a top business school. What do you think are the most important traits in running a successful business?