When we talk about the contents or ingredients of a successful business, it all comes down to the right amount of planning, proper management, and rules that make the business stand out in the crowd. And when it comes to rules, we always look up to Business Tycoons who have already made it in the business world.
These giants have made their mark in the business world and the only thing that makes them different from any of us are the rules and discipline them follow. Here are the top 6 business tycoons with their golden rules for successful business:
1. “Rule No 1: Never Lose Money. Rule No 2: Never Forget Rule No 1.” - Warren Buffett, Berkshire Hathway
Warren Buffett’s net worth is 78.4 Billion Dollars and his main company is Berkshire Hathway. He is an inspiration to many young entrepreneurs and the golden rules that he lives by when it comes to making business and investment decisions are “Rule No:1 Never Lose Money. Rule No:2 Never Forget Rule No 1.” He always researches and understands business/company he is going to invest in. Like testing the waters before going in for the swim. He is what we call a smart investor and he lives life to the fullest.
2. “Don't start a company unless it's an obsession and something you love.” - Mark Cuban, Dallas Mavericks
Mark Cuban is worth 3.3 Billion Dollars with NBA Dallas being his biggest company. He has three fundamental rules when it comes to running a business.
1. Understand the difference between adding value and benefiting from a bull market.
"There is nothing wrong with going along for the ride and making money at it, but it will catch up with you if you lie to yourself and give yourself credit for the ride,"
- Win the battles you're in before moving onto new ones.
"You do not have unlimited time and/or attention," he says. "You may work 24 hours a day, but those 24 hours spent winning your core business will pay off far more. It might cost you some longer-term upside, but it will allow you to be the best business you can be."
- Don't drown in opportunity.
"If you are adding new things when your core businesses are struggling rather than facing the challenge, you are either running away or giving up," Cuban writes. "Rarely is either good for a business."
3. "if I have fun doing this, I assume other people have fun doing this" - Richard Branson, Virgin Group
Richard Branson’s net worth is 5.1 Billion Dollars with Virgin Group being the core company. He calls himself a “Fun Junkie” and goes into the business where he has fun. His business philosophy is something that can never be forgotten. He runs his business and invests with this philosophy in mind: 'if I have fun doing this, I assume other people have fun doing this' and he filters out his business decisions with the fun filter.
- “Move fast and break things.” - Mark Zuckerberg, Facebook
Mark Zuckerberg’s net worth is a whopping 67.7 Billion Dollars with Facebook being the most successful invention and it is the invention of the decade too. And his famous mantra and advice to entrepreneurs around the world are “Move fast and break things.” Apart from this mantra, Zuckerberg’s strategies to scale business which he shared with Business Insider are:
- Have conviction -- you’ll need it.
- Test, test, test.
- Create a framework for innovation.
- Build a team for the long term.
- Hire people better than you.
5. “Learn to transfer your knowledge” - Elon Musk, SpaceX
Elon Musk’s net worth is 20.6 Billion Dollars with SpaceX being his dream project. He is known for his innovative ideas and bringing the revolution in the transportation industry. When it comes to business strategies and rules, Elon Musk follows the first principles by Aristotle. According to him, with first principles, you boil things down to the most fundamental truths ... and then reason up from there.”
Apart from this business strategy, here are rules of success by Elon Musk:
- Never give up- People who easily give up when a small hurdle crosses their paths are the ones who won’t have any success in their life. To become successful, you need to preserve.
- Look for Problem Solvers - Hire people who solve the problems you are facing. You cannot know everything and what a team could achieve, a single man cannot.
- Attract Great people - Attract positive and enthusiastic people who will boost your morale and make you want to strive for greatness.
- Have a great product - You won’t be successful if the product you are selling is not good. With a great product, you won’t have to sell anything. They self-sell them. Every great product is people oriented and problem solver.
- And of course, Work Super Hard.
6. “To win big, you sometimes have to take big risks.” - Bill Gates, Microsoft Corporation
Bill Gate’s net worth is 85.5 Billion Dollars making him the richest person in the world. And everyone can learn something from him.
Here are some of the quotes to give an oversight of his successful business strategies:
- "This is a fantastic time to be entering the business world because business is going to change more in the next 10 years than it has in the last 50."
- "Your most unhappy customers are your greatest source of learning."
- "Intellectual property has the shelf life of a banana."
- "Everyone needs a coach. It doesn't matter whether you're a basketball player, a tennis player, a gymnast, or a bridge player."
- “In business, the idea of measuring what you are doing, picking the measurements that count, like customer satisfaction and performance ... you thrive on that."
All these people have one thing in common. They believed in themselves and their ideas. They believe in people who work for them. And they are never afraid of making mistakes because mistakes are a part of the journey. If you don’t try that strategy that you have thinking about for months because it’s too risky then how will know if it works or not? What if it did?
Here’s a parting gift for you that will boost your confidence and will encourage you to take more risks!
Sawaram Suthar is head of marketing at Acquire, and also a founder of Jagat Media, a digital marketing agency. A digital marketing consultant, he has experience in things including branding, promotions and page optimization, along with research and strategy. He has an MBA from the University of Pune. Anyone can find him on @sawarams.