tarting a business can be an overwhelming endeavor, both a new adventure and a whole new way of life. It is important to look to those who have successfully achieved their success, whether on their own or with the help of partners and others in the same business. There are a variety of ways to go about becoming an entrepreneur or if you already consider yourself one, taking the extra steps to better yourself and the business you are part of.
Look no further to discover some of the best tips of the trade, including quotes from entrepreneurs you have probably heard of and some new ones that you can discover! Use this as inspiration when just starting out or as you transition into entrepreneurship. In this article you will find some advice in the following categories:
- Best business advice and tips for success
- Top business plan writing tips
- Qualities of becoming a successful entrepreneur
Best business advice and tips for success
Here, find quotes from ten successful entrepreneurs that will guide you on your way to success
Anytime you're learning how to do something new -- whether it's cooking a new recipe, visiting a new place, or starting a new business -- it helps to learn from those who have done it before you. Their successes and failures translate to actionable advice that will jump start your own project. We've gathered 10 nuggets of wisdom from successful entrepreneurs that might help or inspire entrepreneurs who are just starting out on the startup journey:
Co-Founder, Huffington Post
Arianna Huffington is co-founder of the Huffington Post. She gives business advice for entrepreneurs who want to start a business for the first time. “If you’re going to start a business, you need to really love it, because not everybody is going to love it. When The Huffington Post was first launched in 2005, there were so many detractors. I remember a critic who wrote that The Huffington Post was an unsurvivable failure. When you get reviews like that and detractors like that, you have to really believe in your product. When you really believe in your product, you are willing to deal with all the naysayers and persevere.”
Founder, Nasty Gal
Sophia Amoruso is an entrepreneur and author who transformed Nasty Gal from an eBay store to a multi-million dollar empire with her own clothing line. She gives advice to aspiring entrepreneurs who want to start a business. “Don’t give up, don’t take anything personally, and don’t take no for an answer; you never know what you’re going to learn along the way. The people who told me no, were the people that eventually told me yes; so don’t forget it.”
NYT Bestselling Author
Tim Ferriss is a New York Times bestselling author of three books-- The 4-hour Workweek, The 4-Hour Body, and The 4-Hour Chef. He’s also an investor and host of a podcast. The best business advice he’s ever received is, “...You’re the average of the 5 people you associate with most. I’ve actually heard this from more than one person, including bestselling authors, Drew Houston of Dropbox, and many others who are icons of Silicon Valley. It’s something I re-read every morning. It’s also said that ‘your network is your net worth.’ These two work well together.”
Helped Market the OG Apple Macintosh Computers
Guy Kawasaki is a marketing specialist, author, and Silicon Valley venture capitalist. His business advice for aspiring entrepreneurs who want to start a business of their own, “My best business tip is to focus on the prototype. Don’t focus on your pitch deck, business plan or financial projections. If you get a prototype out and you get enough people using it, you never have to write a business plan, do a forecast or do anything like that. A prototype is where you separate the BS from the reality.”
Tara Gentile is author, speaker, and founder of What Works. Her take on the biggest mistake new entrepreneurs make when they want to start a business, “They wait to get started. They wait until they have more information, more experience, more, more money, and a more perfect version of whatever they have created. All that waiting means they’re not really learning. When you’re an entrepreneur, the best way to learn is to do something, to put your idea into someone’s hands, or to talk to the people you want to serve. Stop waiting and do… something.”
Vanessa Van Edwards
Writer, Huffingtonpost Columnist
Vanessa Van Edwards is a Huffington Post columnist whose groundbreaking work at Science of People has been featured on the likes of NPR, the Wall Street Journal, the Today Show, and USA Today. She shares her advice of what she thinks is the biggest mistake entrepreneurs make when they are just starting out: “There is no path! I think the biggest mistake first-time entrepreneurs make is they desperately want a structured business plan and direct path. One of the most important things about starting a business is being flexible. Listening to customers, watching data and making iterations and changes as needed. Sometimes having a path or a rigid business plan can limit you. Think of your business like a meadow not a path, just play!”
Lewis Howes is an author, speaker, and online educator that teaches entrepreneurs how to start profitable online businesses. His best piece of advice for aspiring young entrepreneurs is, “Perfectionism cripples a lot of entrepreneurs. They won’t launch their site or put their product up for sale until they think it’s perfect, which is a big waste of time. It’s never going to be perfect. Pitch your product or service as soon as you have the bare bones of it put together. This will give you valuable feedback about whether your market really wants it. You can polish it later.”
Founder, WPBeginner + Optinmonster
Syed Balkhi is an entrepreneur who founded WPBeginner, Optinmonster, and several more successful online businesses. His advice for young entrepreneurs is similar to Howes and the downfall perfectionism can have on an individual, “Perfect is a curse. Innovation is messy. Test, learn, and improve. Often new entrepreneurs wait too long to put their product out in the market. With limited resources at hand, it's crucial that you get an MVP out ASAP and start getting traction. Take the user’s feedback to iterate and improve your products. Not launching fast enough is a mistake you simply can’t afford to make. If you want to get an edge over others, launch now!”
Ilise Benun mentors, coaches, and sells marketing tools for entrepreneurs on her site the Marketing Mentor. She advises first-time entrepreneurs about setting expectations around what it takes to start a business, “Most people start out with completely unrealistic expectations of what level of effort is required and how long it takes to get a business off the ground. They are easily discouraged and give up way too soon. I blame it on wishful thinking. The reality is that there is no way to know how long it will take or whether it will work at all. So my advice is to approach it with humility, grit and a willingness to do whatever it takes to succeed, even if that means you have to work really hard for a long time.”
Blogger, Making Sense of Cents
Michelle Schroeder is an entrepreneur and blogger that runs a personal finance and lifestyle blog “Making Sense of Cents.” She has business advice for new entrepreneurs who want to start a business, become gainfully self-employed, and avoid making blogging mistakes, “The most painful mistake I see first-time (or inexperienced) entrepreneurs make is that they see others in their industry or blog niche as competition. This can significantly hold you back, as you may never learn industry secrets and tips, make genuine friends, and more. Instead, I think you should see others in your industry or niche as colleagues and friends. You should network with others, attend conferences, reach out to people, and more.”
Hopefully, the experience of these seasoned entrepreneurs gives you food for thought and will help you be well on your way to successful entrepreneurship.
Top business plan writing tips
Entrepreneurs give their input on how to best write a business plan
Business plans are not only documents outlining the steps to launching and growing your business. They act as a roadmap throughout the entire process and help you when you are in a bind. While not required to start a business, they can be helpful guides and even help you gain important funding for your business. A panel of Young Entrepreneur Council members shared their best tips and tricks.
- Segment by business area and priority
- Get clear on your selling points
- Know your audience
- Build out your unit economics
- Break down your vision into actionable goals
- Aim for substance over form
- Give a detailed picture of your finances
- Think Big!
- Get Feedback
- Expect Change
Qualities of becoming a successful entrepreneur
These are the qualities that will be useful for you
Ten qualities of a successful entrepreneur will help you realize your goals and also help you figure out if the lifestyle is right for you.
- Strong people skills
- Strong work ethic
Make sure you have all of these qualities when looking to become an entrepreneur. With all of this advice and guidance, you will be well on your way to starting that business that you have always been dreaming of!