Small Business Advice from Big-Time Executives

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Business: Small Business Advice from Big-Time Executives
Internet queries for advice about finding success in life, love, and business consistently top trending charts, while self-help titles touting one route or another as the road to greatness never fail to make their mark on the New York Times Bestsellers list. So, if you’ve ever wondered how to make that proverbial lemonade from the lot of lemons life may have dealt you, here are some bits of entrepreneurial wisdom from some of the world’s most successful people.

Use criticism as fuel.

Many times, proving a naysayer wrong is all the motivation necessary to make big changes.

“An insult is advice in reverse – and almost always proves to be the best advice you’ll ever hear.” – Barbara Corcoran, founder of The Corcoran Group.

Make your own meaning.

Nothing is inherently meaningful. So, the difference between success and failure might be more about perspective, than plot. You can bemoan the coworker that gets the promotion or see it as the final push toward an entrepreneurial investment in yourself – the choice is yours.

“Even though things looked dark and difficult, I had a choice. I could be a victim or use the opportunity to create a better version of myself and inspire others. That advice helped me reach the corporate executive suite and now helps me inspire other corporate leaders to shift their perspectives and see the possibilities.” – Michael O’Brien, executive business coach and author of Shift: Creating Better Tomorrows.

Surround yourself with people you admire.

Define your goal and develop relationships with those that have achieved it. Intrinsically motivational, following the movers and shakers in nascent industries and cultivating meaningful relationships with likeminded people and businesses can create a roadmap for support and success.

“Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income. The reality is, millionaires think differently from the middle class about money, and there’s much to be gained by being in their presence.” – Steve Siebold, CEO of Siebold Success Network and author of How Rich People Think.

Be persistent and trust yourself.

It may take years before your work yields the results you aspire toward, a concept gains traction, or the daily drudgery garners financial freedom. Consistently showing up for yourself and investing in your dreams is the best possible way to actualize them.

“Too often we look for immediate results, but anything of value takes time. As they say, “If at first you don’t succeed, try, try again.” – Marcello Arrambide, founder of Day Trading Academy and co-founder of SpeedUpTrader, a funding company for aspiring day traders.

Manifest, manifest, manifest.

Set clear, specific goals and visualize yourself achieving them. Take that vision and use it to define the activities of your daily life, the places you invest your energy, and the people with whom you surround yourself. There is wealth and abundance aplenty; you just have to seize it.

“The number one reason most people don’t get what they want is that they don’t know what they want. Rich people are totally clear that they want wealth.” – T. Harv Eker, self-made millionaire and author of Secrets of the Millionaire Mind.

Focus on earning and develop multiple streams of income.

Quitting the 9-to-5 and increasing your streams of income. Investments, side hustles, or real estate can exponentially increase earning potential.

“Three streams of income seems to be the magic number for the self-made millionaires in my Rich Habits study, but the more income streams you can create in life, the more secure will your financial house be.” – Thomas C. Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals.

Invest your savings.

The only way to build income from savings is through investment. Take advantage of employer match 401(k) programs. Open a Roth or traditional IRA. Low-cost index funds, a Warren Buffett recommendation, can also be a great place to funnel income surplus. And, to make your savings efforts consistent, opt for automatic strategies: you won’t miss what you learn to live without.

“The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.” – Grant Cardone, self-made millionaire, author, and real estate mogul.

Be decisive.

Making decisions requires energy: gathering information, weighing costs/benefits, forecasting possible results. The more efficiently you make decisions, particularly those that can easily be reversed, the more energy and attention you have for navigating the unexpected and investing in yourself.

“Analysis of several hundred people who had accumulated fortunes well beyond the million dollar mark disclosed the fact that every one of them had the habit of reaching decisions promptly.” – Napoleon Hill, author of Think and Grow Rich.

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