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Business Management Advice From Famous Entrepreneurs
Small business management just isn’t for the faint of heart. When the inevitable struggles, scuffles and setbacks of starting a business get you down, keep in mind that the greatest entrepreneurs of the last century have been where you stand, learned some hard lessons and succeeded. Refer back to this article as needed for advice to place you back on the road toward your online business goals.
Mary Kay Ash, Founding father of Mary Kay Cosmetics
Bored with working in a male-dominated culture, Mary Kay grabbed $5,000 out of her savings account, hired a handful of independent beauty consultants and opened a tiny store in Dallas in 1963. Today, the late Mary Kay’s business is flourishing world-wide, with hundreds of thousands of beauty consultants and revenue within the billions. There are two tactics that Mary Kay started early on that were instrumental to her success, both involving how she managed people.
First, she started with a strong business plan based on her Christian faith and guided her employees and consultants to prioritize God, family and work, in that order. This marketing strategy was the crux of her leadership philosophy throughout her career and was a consistency her consultants could count on. Second, she created a lucrative incentive program for her consultants that included her famous pink Cadillacs for top sellers. Mary Kay is frequently listed in surveys as a top business to work for.
He has been called a scam artist, a showman and a promoter of hoaxes. But there may be one thing this founding father of the traveling show that eventually became the Ringling Bros. and Barnum & Bailey circus won’t how long do tape in hair extensions last ever be called and that is a poor salesman. Barnum understood that sales only worked when you can identify your prospect’s needs or wants and then satisfy them. If his sales pitch was rejected, he simply modified his pitch to assist his prospect solve a difficulty they were having and tried again. He knew that it wasn’t nearly getting the sale; he aimed to make each customer feel so good about their purchase and themselves that they came back for more.
Barnum also knew how vital risk-taking is to the growth of a business. He took chances in business, tried new sales tactics and wasn’t afraid to fail. His policy of giving customers a good value for their money was what he used to back-up all his wacky sales tactics.
If there’s one thing Richard Branson knows, it is branding. The Virgin group brand he started building in the 70s as a mail-order record retailer is now a world power house that includes an airline, music stores, mobile phones, hotels, nonprofit organizations and so much more.
While Branson has his hands in lots of honey pots, each Virgin company follows the company philosophy that he developed when he started out more than 40 years ago. His brand values include sustainability, wellness, equality of people and embracement of change. Branson never waivers from these core values and they’re felt in every aspect of his brand. Having a brand that provides value to the buyer and keeping that brand consistent is important to retaining customers as your corporation grows. As you progress forward, never forget where you started.
One of many richest men in the world, Warren Buffet’s shrewd investments have amassed him a fortune worth more than $60 billion. Buffet will not be afraid to go against the grain and take an opportunity on investments that others might overlook. Throughout his life, he has eschewed the safe bets that the typical investor went after and took a chance at becoming above average by listening to what he calls his “inner scorecard” and trusting his own judgment.
However, his risks have always been very calculated. 3pcs/pack Virgin Peruvian Hair Body Wave Human Wavy Peruvian Hair Weave Bundles Buffet believes in close monitoring of expenses and limiting the amount of money you borrow or charge to credit cards. He also advocates spelling out all aspects of a deal, in writing, before getting started. That is when your bargaining leverage is the strongest and you won’t end up surprised later on.
The man who famously said “if you’ll be able to dream it, you can do it,” certainly lived those words. The Disney brand, for him, was the pursuit of a dream, created out of his own imagination. It was a creative outlet but, because he believed in it so greatly, it was a business success.
Because Disney’s brand was so infused with his own heart and soul, customers over the decades have developed strong and lasting emotional ties to the Disney brand. Disney knew the responsibility he needed to his audience and put a premium on their happiness and satisfaction. He had a relationship with his customers and it paid off in big dividends for his business.
Disney literally did what he loved and the cash followed.
Bill Gates owes his success to two things: 1). His innate ability to read the market and forecast its needs and a couple of). His unabashed geekiness. What you’ll be able to take away from his example is that this: Follow your passion because there’s a reason it was given to you.
Years before Microsoft was founded, Gates was a teenager obsessive about computers. He attempted to take the well-trodden path of so many others, half-heartedly attending Harvard, but his love of writing computer software would not leave him alone and the entrepreneurial opportunities just kept presenting themselves. Everyone has a talent. This was Gates’. The one difference between him and everyone else is that he was willing to present everything in him to make his dream a reality. He took big risks and saw big rewards.
Business failures, lawsuits, threatening market shifts, accusations of monopoly and fallouts with business partners couldn’t squelch Gates’ passion for what he does. If something is gnawing at you day and night, do not ignore it. Almost everything can be successful with enough determination and a ton of hard work.
William Randolph Hearst
Perhaps one of the hated entrepreneurs of the last century, there is little doubt that Hearst was a man of perseverance and resilience. While his tactics of unethical practices, questionable personal and political decisions and reputation of terrible treatment toward his associates would put a modern entrepreneur on the fast track toward business failure, one can learn quite a bit from the resilience he showed throughout his career.
Faced with one business or personal failure after the following, Hearst got back up, dusted himself off and jumped right into his next business pursuit. While he may not have had much faith on the earth around him, Hearst believed in himself and that is vital to business success.
There are various things entrepreneurs can learn from the man who created the Apple dynasty but one of the largest will be understood in this quote from Jobs: “It is not the shopper’s job to know what they want.” Apple created loyal customers because he understood Apple’s audience, knew what that audience needed and provided solutions to those needs. It’s that simple.
Find out about your audience. What are their hopes, dreams, goals, problems, failures, insecurities and issues Find out what they need from you, design an incredible product or provide an important service that provides them what they need. Then do this over and over again.
Another thing Jobs understood was the importance of hiring the best team possible. In actual fact, he believed that hiring a talented team is your most important job as a business leader. As a small business start-up, you’re in a fantastic position while you start hiring to create a dynamic team of the most effective professionals possible. They’re the future of what you are promoting.
From the time she was a counter girl at Saks Fifth Avenue, selling her perfumes and cosmetics, until her death as a millionaire at the age of 97, Lauder’s personal sales technique earned her a loyal following that’s as rich as her skin creams.
As an entrepreneur, you are selling yourself as much as your product. Listening to your consumer and providing them a service from which they’ll really, truly benefit is the key to creating loyal customers. Estee Lauder’s approach was that she wanted to make women feel beautiful and happy, not make a sale. With that approach she built her cosmetics empire.
Disney once said “we don’t make films to make extra money; we earn money in an effort to make more films.” Zuckerberg, the founding father of Facebook, had the identical sentiments when he said “we don’t build services to generate income; we become profitable to construct better services.” In case you build an important product, and do what you love, they may come. It’s a value shared by nearly all great entrepreneurs.
Through too much of non-public and professional turmoil, one of many world’s youngest billionaires stays focused on his company and continuously strives for improvement. If you retain your head in the sport, success will follow.
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