While I can’t bring you onto Shark Tank, I have gathered together some of the best published
advice from five major global business leaders. From Richard Branson to Donald Trump,
consider this your personal business consultation panel.
Tips from Top Leaders in Business
- Start with What You Know – While this might seem obvious, very few entrepreneurs
ever dive into an industry they’re not completely sure of and come out on a positive.
Lord Alan Sugar, who heads up the British version of The Apprentice, considers this to
be of utmost importance and has been publicly critical of entrepreneurs who set up a
business “because you just randomly think it’s a good idea.”
- Promote From Within – Studies show that companies that promote from within have
higher employee morale and lower turnover rates.
- Be Prepared to Fire People – and Do It – Yes, firing employees can be
tough, especially if they’ve been loyal to your company through difficult times. But if the
employee is failing to contribute to the business, you’ve got to drop the dead weight.
You’ll both be happier going your separate ways.
- Enjoy the Ride – You may not like the experience of running a business every day, but if
you don’t have an underlying passion for what you do — and the ability to enjoy the
process — you’ll be miserable. And this misery will start to infect others at your
- Be Outrageous – It also fits nicely with the continued importance of brand building:
when you build a business, you’re not just building a company. It’s also an extension of
your personal brand.