Advice for Small Business Owners

What would America’s top entrepreneurs advice to new business owners be? Michael Bloomberg, Founder of Bloomberg LP and Bloomberg Philanthropies, Warren Buffett, CEO of Berkshire Hathaway, Jack Dorsey, Co-Founder and CEO of Square and Co-Founder and CEO of Twitter and Kerry Healey, President of Babson College came together to share some of their advice for entrepreneurs just starting out in the business.

Warren Buffett’s best advice to a small business owner is to never stop thinking about how to delight your customer. He makes it clear that your job is not just how to satisfy them but to delight them. When you wake up in the morning, begin thinking about it, think about it all day and at night, dream about it. No company with millions of delighted customers has failed.

Michael Bloomberg reminds us that there is no substitute for hard work. A small company will start out as just you. You will never be happier or more satisfied than you are in the first years when it’s small and growing. Be the first person in the office and the last to leave. Sweep up the floors at night and turn on the coffee pot in the morning. Set an example for your employees.

Kerry Healy advises that entrepreneurs not be discouraged. Sometimes the business that you end up with is not the same as the business that you set out to ensue. You will encounter failures and you need to quickly move on from them and pivot to something that does work.

Think about your business. Think about your plans, what you want to do next, how to take it the next level, anything regarding your business.

Jack Dorsey’s advice is that you clarify your purpose. You should be able to articulate and communicate your purpose to yourself and others. That’s important because as you bring people onto your company, you will need to relay this message to them. Any skill can be learned and taught, but passion cannot. When you feel like you meet someone who is in line with your purpose, you know they have the passion necessary for your company.

This is just some of the advice offered by some of the world’s top entrepreneurs. To learn more, stay tuned for the second part in this series spotlighting successful rags to riches stories!

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