In this post, you’ll receive the best business advice straight from the experts.
11 Pieces of Business Advice You Need to Start and Grow Your Enterprise
1. Start Small, Think Big (Richard Branson)
If you’re looking for good business advice for a startup or small business, then you need to listen to Richard Branson. He’s the man behind the Virgin brands, which includes everything from trains to spaceflight.
He controls over 300 companies to date. In an interview with CNBC, however, he said some of his Virgin businesses were actually side projects. Branson encourages any aspiring entrepreneur to do something now, then learn how to expand it.
2. Be Choosy with Opportunities (Barbara Corcoran)
Growing a business isn’t easy, so it’s normal to grab on to every opportunity that comes your way. Barbara Corcoran doesn’t believe in that.
The real estate mogul and one of the investors in Shark Tank thinks not all of these opportunities are golden. They can drain money, force you to lose focus, and doesn’t contribute to your business growth.
The bottom line is, learn to say no when necessary. This way, you have enough time for things that matter.
3. Always Be 1% Better Daily (James Altucher)
Let’s face it, business equals competition. Trying to outdo others, though, can be exhausting and stressful.
That’s why social media influencer, blogger, and investor James Altucher recommends doing one simple thing: be 1% better every single day.
What does this business advice mean? Do something right in four areas of your life: physical, emotional, spiritual, or mental.
It doesn’t need to be groundbreaking. For example, for your physical health, you can try sleeping at least seven to nine hours a day.
These are basic steps, but the rewards can amplify over time.
4. Keep Your Integrity Intact (Warren Buffett)
With a net worth of over $80 billion, Warren Buffett is the face behind smart investing and business management.
One of the best business tips from him, though, doesn’t concern finances at all. Instead, it revolves around integrity.
He famously said, “It takes 20 years to build a reputation and five minutes to ruin it.”
A good name builds the brand people want to associate themselves with. It helps you find the right team and create products with impact.
It also makes marketing easier. Most of all, a solid reputation is the biggest legacy you can leave behind.
5. Make Time to Rest (Arianna Huffington)
Arianna Huffington, a celebrated author and one of the founders of the Huffington Post, is the go-to person for business advice on leadership. She also believes in rest—lots of it.
One of her most popular business quotes is “It’s time to sleep your way to the top.” After all, she believes that a person cannot lead while they suffer from stress and burnout.
She also thinks that to be an effective leader, you need some time for reconnection. It’s a period to reassess your vision, dream, and ideas.
Fortunately, enough rest and some time away from the daily grind can do that for you.
6. Keep Things Simple (Bill Gates)
Bill Gates is one of the richest men in the world because of his tech. Interestingly, his sage business advice is less complicated.
That is to keep things simple. It’s one of the small business tips he shares with his good friend, Warren Buffett.
Gates maintains a predictable schedule and doesn’t pack his calendars with lots of meetings. This also guides him when making critical decisions whether in his business or foundation.
7. Have a Mission—and Remember It All the Time (Sheryl Sandberg)
Many businesses struggle and eventually fail after they take off because they lose focus. The question is, how do you recover it?
For Sheryl Sandberg, a self-made tech billionaire, it’s a matter of having a mission. Then, you need to repeat it whenever you can.
Dig deep into the core of your company.
Why are you here in the first place? If the mission doesn’t ring true anymore, then perhaps it’s time to update it.
8. Know What’s Not Going to Change (Jeff Bezos)
In a 2019 conference, Jeff Bezos, the man behind the retail giant Amazon, provided a piece of profound business advice.
Besides thinking about what you can change, also determine what you can’t. In fact, for him, it can provide way better insight.
Think about it — you won’t have to spend resources on plans that won’t give you dividends. You can also rely on tried-and-tested formulas.
9. Do Your Best—Always (Oprah Winfrey)
Your business isn’t perfect, and so are you. You’ll make many mistakes and experience failures, but don’t worry because other business experts say to embrace these anyway.
Oprah Winfrey, though, also has one more business advice. Whatever happens, give what you’re doing your best shot.
“Doing the best at this moment puts you in the best place for the next moment,” she said.
10. Go Global (Jack Ma)
If you want your business to thrive, then think and go global. Take it from Jack Ma, a teacher who’s now a billionaire, thanks to his e-commerce business, Alibaba.
What is e-commerce? This refers to the buying and selling of products and services online.
This makes sense. Internet retail, for example, could grow up to $6.54 trillion in 2023, according to Statista. Brands like Ralph Lauren are downsizing to focus on their online channels.
11. Change (Ginni Rometty)
There are only three things constant in this world, and one of them is change. Holding on to the past can hurt your business in the long run.
That’s the biggest takeaway from Ginni Rometty, IBM’s CEO. To make the business durable, the company sold legacy divisions under her turf.
Then, she increased the funding for advanced technologies. You will take hits, as IBM did, but the reward is a more formidable forward-thinking, mission-oriented business.
At the end of the day, you’re the captain of your ship. Where and how you steer it depends on and rests on you.
Nevertheless, it’s still wise to learn from the masters — those who have been there, done that. Read their business advice so you’ll learn to make better decisions.
What’s your favorite business advice, and where did you learn it? Share your answers in the comments section below!