The new generation of youngsters, better known as millennials, are more inclined towards entrepreneurship than doing jobs and following the corporate ideals. They are willing to experiment establish their own businesses rather than working for someone else and helping with their visions. The individuality of each millennial makes each business idea different. This means multiple potential businesses that may thrive to be one of the biggest ones given a few years time.
Now albeit the brilliance and individuality of these business ideas the likeliness of their success is not very much. Why exactly is that so? That’s because as good as these young entrepreneurs are at creating and developing their ideas, they have little to no experience in doing business. They are very likely to get lost at the slightest misstep which will ultimately lead to a downfall. The best way they can avoid a fiasco is by following some simple advice and taking tips from the aces of the game.
When it comes to all rounder businesses, the name Amazon strikes #1 in the list. This company has an excellent global presence, the best in class customer satisfaction and ground breaking sales charts, they are delivering the absolute best everywhere. To make it all possible was not an easy task. If you don’t know who Jeff Bezos is, you must be living under a rock. The CEO who runs a million dollar establishment is not on the top by luck. He kept his head in the game and applied what he learned which has brought him where he is.
He has a very simple outtake on business and life in general. So we listed some of his most useful advice on how to run a business.
In his annual letter to shareholders, 2014 he said -
"A dreamy business offering has at least four characteristics. Customers love it, it can grow to very large size, it has strong returns on capital, and it’s durable in time – with the potential to endure for decades. When you find one of these, don’t just swipe right, get married.
We’ll approach the job with our usual tools: customer obsession rather than competitor focus, heartfelt passion for invention, commitment to operational excellence, and a willingness to think long-term. With good execution and a bit of continuing good luck, Marketplace, Prime, and AWS can be serving customers and earning financial returns for many years to come.”
His advice on investments is very crisp and clear. It gives you an overview of everything you need to do to make an investment successful.
In his annual letter to shareholders, 2013 he shed light on his opinion on innovation and inventions. He acknowledged that they are the backbone of any successful business.
“We have the good fortune of a large, inventive team and a patient, pioneering, customer-obsessed culture – great innovations, large and small, are happening everyday on behalf of customers, and at all levels throughout the company. This decentralized distribution of invention throughout the company – not limited to the company’s senior leaders – is the only way to get robust, high-throughput innovation. What we’re doing is challenging and fun – we get to work in the future. Failure comes part and parcel with invention. It’s not optional. We understand that and believe in failing early and iterating until we get it right. When this process works, it means our failures are relatively small in size (most experiments can start small), and when we hit on something that is really working for customers, we double-down on it with hopes to turn it into an even bigger success. However, it’s not always as clean as that. Inventing is messy, and over time, it’s certain that we’ll fail at some big bets too."
Bezos is one businessman whose words are to live by. He does not fool around when it comes to business and work.
Another businessman to look up to is the man behind PayPal, Tesla and SpaceX. Elon Musk showed his brilliance right on from his early days.
Musk really believes in negative feedback and the improvement that could be made with paying attention to it.
“Really pay attention to negative feedback and solicit it, particularly from friends. …Hardly anyone does that, and it’s incredibly helpful.”
On the aspect of getting your idea funded, he says :
“I think the best way to attract venture capital is to try and come up with a demonstration of whatever product or service it is and ideally take that as far as you can. Just see if you can sell that to real customers and start generating some momentum. The further along you can get with that, the more likely you are to get funding.”
This is not all you need to remember before starting a business but it is more than enough. Hopefully this will guide you towards your goals.
I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying. -Jeff Bezos