Life is too short to make all of the mistakes ourselves. Instead, learn from other people’s mistakes and to prevent making your own! I’ve compiled 8 of my favourite pieces of advice from some of the most famous entrepreneurs.
Ariana Huffington, Founder, Huffington Post
Huffington post is one of the most famous news and blog publications in the US, despite only launching in 2005.
Founder Ariana Huffington’s advice is to understand that making mistakes is not the opposite of success but a part of it. “We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes”.
But ultimately, this is ok!
Cathy Hughes, Founder, Radio One
Radio 1 has been around since 1967. Founder Cathy Hughes’ advice is “Not to let anyone convince you that your dream, your vision to be an entrepreneur is something that you shouldn’t do. What often happens is that people who are well-meaning, who really care for us are afraid of us and talk us out of it.”
Richard Branson, Founder, Virgin Group
Virgin Group Ltd. is a British multinational venture capital founded by Richard Branson and Nik Powell in February 1970. The Virgin Group is a global, growth investor, spanning multiple sectors – travel & leisure, health & wellness, music & entertainment, telecoms & media, financial services and space.
Branson’s advice is “The best businesses come from people’s bad personal experiences. If you just keep your eyes open, you’re going to find something that frustrates you, and then you think, ‘well I could maybe do it better than it’s being done,’ and there you have a business.”
Mark Zuckerberg, Founder, Facebook
The founder of the world’s most used social media platform has similar advice to Richard Branson. His advice for founders starting a new business is to try to solve a problem and be passionate about solving that problem. Don’t try to build a company, that comes as a consequence of solving a problem.
Mark Cuban, Investor and owner of NBA’s Dallas Mavericks
This one’s short and sweet. Mark Cuban is a famous multi-venturist, and famously an investor on the US show Shark Tank. He says, “What I always ask people is, (1) is it something you love to do and (2) is this something you’re good at?”
Syed Balkhi, Founder, WPBeginner
Syed Balkhin has been an entrepreneur for 25 years, and he’s learned a thing or two. He says – “Perfect is a curse. Innovation is messy. Test, learn, and improve.”
There seems to be a running theme here…
Tim Ferris, NYT best-selling author
Tim is a New York Times best-selling author of three books, including The 4-Hour Workweek. He’s also an investor and host of a famous business podcast.
He says, “The best advice I’ve ever received is that you’re the average of the 5 people you associate with most.”
Bill Gates, Founder, Microsoft
Gates is one of the most recognised names in the entrepreneurial world. As the founder of Microsoft, he has grown his wealth over the last few decades and continually tops the list of the world’s wealthiest entrepreneurs.
His advice when it comes to new and old entrepreneurs alike is to analyse any situation from every possible angle, then to make a decision and stick with it. He emphasises the adverse effects of continually re-exploring decisions; he says it ends up “interfering not only with your execution but also with your motivation to make a decision.”
