7 Timeless Lessons from Billionaires that Will Help you Grow Your Business

1. Stare Down Initial Rejection & Persevere

John Paul DeJoria

The biggest hurdle is rejection. Any business you start, be ready for it. The difference between successful people and unsuccessful people is the successful people do all the things the unsuccessful people don’t want to do. When 10 doors are slammed in your face, go to door number 11 enthusiastically, with a smile on your face. – John Paul DeJoria (founder of Patron / Paul Mitchell Hair Products)

In life and definitely in business people will often think you are crazy, stupid and plain ridiculous for even trying. The best way to get passed this phase is simply to not take anything personal and keep on your path. These people don’t know how great you are. At the end of the day it really comes down to how good your product is and how badly you want people to have it.

2.  Keep The Fire Burning or Pay the Ultimate Price

Andrew Carnegie

People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents. – Andrew Carnegie

Burn out is one of the most common reasons businesses fail to grow. There are distractions everywhere that want to take and shred your willpower into a million pieces and leave basically nothing left for the most important thing in your life – the company. Take a deep breath, write down what needs to be done and just get it done. Cross it off, build momentum and take constructive feedback seriously without letting it derail your motivation for success and growth.

3. Learn from other Peoples Failures & your Own

Bill Gates

“It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates

It is beyond important to learn from the failures of others while at the same time not being oblivious to your own short comings. With the invention of these amazing things called books its very easy for you to pick up an autobiography of very successful people. If you read enough of these you will start to hear the same messages over and over. These are timeless lessons. Sure, you will have more specific failures that relate to your industry and business, but don’t ignore the years of experience found in the books so easily accessible to you!

4. Know your Industry Inside & Out

Mark Cuban

“Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do or don’t do it.” – Mark Cuban

While you don’t want to drown so much in data that you do not get anything done, it is a must to know the key metrics of your industry, competitors and your own company. There may be certain parts of your industry you are currently ignoring that present massive growth. Don’t get lost in the day to day, think abundance.

5. Constantly Improve & Be Self Critical

Elon Musk of TESLA

“I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.” – Elon Musk (founder of PayPal / TESLA)

A big hole in many “wanna be” successful entrepreneurs is they think that everything they do is so perfect. When you want growth and especially while you are growing fast, the best service you can do is to focus on fixing some things that you don’t get right. Survey customers and vendors. Look at where your business is through the most honest lens you can. A word of caution – don’t mistake improving for being too opportunistic and distracting everyone on your team with ideas that will cause them to lose focus and could bring your whole ship down.

6. Manage your Time Wisely

Steve Jobs Young

Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.- Steve Jobs

Between family, friends, health, business and sanity many entrepreneurs either get way to stressed out or simply start to ignore one of these main areas. As simple as it sounds, you need to write down your perfect day and do that day at least 5 times a week. When your writing it down take everything into account. How will you divide your time? What are your priorities? These will be different for every single person.

7. The “Why” Has to Transcend Money

Larry Page of Google

If we were motivated by money, we would have sold the company a long time ago and ended up on a beach. – Larry Page

If you are doing it only for money you will probably hit your peak fairly fast and even if you do strike gold you will likely be miserable. Money is simply a foundation. A Business (as well as life) has to have meaning, purpose and direction. Without those figured out its very hard to grow and maybe even get that money you are after. There is nothing more rewarding to a business owner than giving a customer a product that they actually love and use. Its the highest point you can reach. Put your focus on improving the value of the product and marketing, these two will pay back dividends.

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