Movies Business Blog: Sup

Monday, April 3, 2017

Lessons From 6 Business Superstars

Whether you’ve been in business weeks, years or decades, you’ve collected a number of lessons along the way. Some have been in the form of positive, enlightening moments, and others have knocked you for a loop. No matter whether you’re an entrepreneur working for yourself -- or the head of a family business or a professional working for an established company -- business offers you plenty of teachable moments, if you pay attention.

I've personally bought and sold more 250 businesses and served as CMO at a Fortune 100 company. Today, I have a podcast and am the chairman of the C-Suite Network. And all these stops along the way have taught me a few things. Here are my "top business lessons" I've collected from the people who have been there and done it all.

Business Advices From Entrepreneurs

Sujan Patel."The most painful mistake I see inexperienced entrepreneurs make is copying or doing the same things that successful entrepreneurs have done, expecting similar results. What first-time entrepreneurs don't realize is that the world is not a vacuum and there's more going on behind the scenes than it appears. There's much more effort that has gone into creating the success they see on the surface, and there's no guarantee that a particular tactic or strategy will be successful for everyone.""My advice to first time entrepreneurs is to not get caught up in the glamour and don't take things for face value. Rather, use these successes they read about as inspiration for what you can do too. I almost always recommend they set more realistic goals and forget about 'going viral' or trying to be like someone else."
Ilise Benun."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."
Jeff Haden."Never forget that your business needs to take in more money than it spends. I know that sounds too simple, but so many people lose sight of that. That’s also why so many first-time entrepreneurs over-invest (or spend so much of their time looking for investors) early on.""Instead, work to come up with a creative solution that costs little to no money. That forced discipline will help you spend less than you make, even when you’re not making a lot. Sometimes capital is necessary, but at some point there must be return on that capital. There’s nothing wrong with taking equity investment, investing for the future, even losing money for a few years. But your plan has to get you back to that simple equation of making more than you spend."