Startup Tips from Tycoons and Pioneers
Entrepreneur advice from a billionaire usually costs you a stiff entry fee. And let’s be honest, when you become wildly successful in the future, you will charge people to hear your advice, too. But if you can do without the flight, hotel and jam-packed conference room, we have some great entrepreneur advice to share with you now. All from the comfort of your home or office, free of charge.
Throughout the past few months we have written advice articles featuring Barbara Cororan, Lori Greiner and a handful of basic entrepreneur crowdfunding advice pieces as well. When it comes to business advice there are two tiers: functional and motivational. Functional will provide you specific industry advice and lay a blueprint for success. Motivational entrepreneur advice pushes aside all the heavy business talk and speaks directly to the human being.
Entrepreneurs are a small, elite society and only they know the anxiety, fear, joy and jubilation you are about to encounter. These men and women might be billionaires now, but they were once up against the odds just like you. Through hard work and dedication they now stand atop the mountain of success – so when they take the time to shout down instructions, listen up.
Here is some motivational billionaire entrepreneur advice that every entrepreneur can use:
Howard Schultz, Chairman and CEO of Starbucks – Net Worth $2.2B
“Don’t let anyone – friend, family acquaintance, teachers, whoever it is. Don’t allow anyone to tell you that what you are dreaming for yourself and your family is not possible. It is possible.”
Naysayers. Negative Nancy’s. Haters. Whatever you call them, they will be bombarding you with pessimism until you are considered successful. Then, of course, your “crazy, irrational risk” will be a “courageous, logical business decision.” The most important thing entrepreneurs need to remember is this negative energy means nothing to your end goal. Howard Schultz grew up in a Brooklyn housing project and was the first in his family to go to college. Do you think when he told people, “I want to be a CEO one day,” they all nodded in approval? The truth is anyone who ever doubted him – arguably 100% of them – are less successful than he is today. How does their negativity and “advice” add up now? Don’t let anyone tell you you can’t do it.
Sarah Blakely, Founder of Spanx – Net Worth $1.1B
“Believe in your idea, trust your instincts, and don’t be afraid to fail. It took me two years from the time I had the idea for Spanx until the time I had a product in hand ready to sell into stores. I must have heard the word “no” a thousand times. If you believe in your idea 100%, don’t let anyone stop you! Not being afraid to fail is a key part of the success of Spanx.”
Believing in yourself is one thing, but you have to have full confidence in your idea as well. Any billionaire offering entrepreneur advice is going to say you have to be in love with your product or service. If you don’t love what you’re selling, why should anyone else? Blakely also mentions to have patience and how she heard the word “no” a thousand times. Look at her now. She knew women would love her product and in the end she was absolutely right. Perseverance pays off.
Michael Moritz, Chairman of Sequoia Capital – Net Worth $2.7B
“There’s nothing more invigorating than being deeply involved with a small company and a young team of founders out to do something incredibly special.”
Some entrepreneurs may be able to fly solo, but not everyone can network, write code, finance and do everything themselves. Choosing the right people to help you achieve your dream is of critical importance. You wouldn’t build your house with low or medium grade material, would you? No. You find the best material you can for the best price. In addition to professional capabilities, you must also gauge their belief in your idea and how committed they will be down the road. When you assemble a team of intelligent, fully-committed professionals, magic can happen.
Jeff Bezos, Founder and CEO of Amazon.com Net Worth $23.2B
“I’m going to put a vast majority of my energy, attention and dollars into building a great product or service. And put a smaller amount into shouting about it. Marketing it. Because I know, if I build a great product or service my customers will tell each other.”
We choose this quote specifically for its relativity to equity crowdfunding. Sharing and posting about products and campaigns will be the lifeblood of a successful equity crowdfunding campaign. Marketing and social media will always be influential, but when everyday people go out of their way and say, “Hey guys, this product is really great”, the crowd will get curious. If you pour your time and energy into developing the absolute best version of your dream, it will sell itself. People will love it and want to tell everyone they know about it.
Henry Ford, Founder of Ford Motors – Net Worth $199B (inflation adjusted)
“Whether you think that you can, or that you can’t, you are usually right.”
We spoke about self-confidence already but it is worth mentioning twice. (We also wanted to write $199B to see what it felt like). This is one of the best quotes of believing in yourself and it is pure genius in its simplicity. If you think you can’t do something, where are you going to find the courage? The energy? The drive? You have already convinced your brain you can’t do it. If you think you can, and think it hard and long enough, you will eventually convince yourself in that direction, too. Sooner or later you will start seeing actual real-life results that will prove you were right, but in the beginning it’s all about what’s in your head. Positivity is like rocket fuel for entrepreneurs, so be sure your tank is topped off.
Thank you for reading and please leave your questions and comments below!