67 BUSINESS TIPS FROM BILLIONAIRES AND TOP BUSINESS LEADERS

If you are taught by Billionaires and Top Business Leaders you are positioning yourself for success.

We are taking a little curveball in today’s episode and instead of breaking down authoritative videos and books, I will share a list of success tips by Billionaires and Top Business Leaders that I jotted down on my notebook as I watched Evan Carmichael’s YouTube channel over the past few months.

Some of these success tips might look extremely simple to read and understand but hard to implement. But implementing will make all the difference.

So lets do this.

WARREN BUFFET

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#1 FIND YOUR PASSION 

Warren Buffet started reading about investing at age 7 and started investing from age 11.

#2 HIRE PEOPLE WITH INTEGRITY, INTELLIGENCE AND ENERGY

Hiring a person who has intelligence and energy but no integrity will be a disaster. Hire people with all three of these qualities.

#3 DON’T CARE WHAT OTHERS THINK IN YOUR CIRCLE OF COMPETENCE

Because if someone disagrees with something that is in your circle of competence you can always go back and look at the facts.

#4 READ A LOT EVERYDAY

Warren Buffet reads for 5-6 hours a day. This includes 5 daily newspapers, magazines, annual reports, biographies .etc. He read everybook in the Omaha Public Library on investing and stock market when he was 12.

#5 HAVE A MARGIN OF SAFETY

Don’t drive a truck that weighs 9900 pounds on a bridge that says 10000 pound limit. Go down and pick the bridge that says 20000 pound limit.

#6 HAVE A COMPETITIVE ADVANTAGE 

Somebody will always try to come in and steal your business. If you run a restaurant a competitor might copy your menu, steal your chef .etc. So you can have a competitive advantage such as being a low cost producer, have better talent .etc

#7 WORK AS PER YOUR PERSONALITY

Warren Buffet is highly unstructured. He doesn’t have meetings. He reads a lot. His business runs by itself and his job is to allocate capital. He doesn’t like having things packed every hour to hour.

#8 YOU HAVE TO ALWAYS COMPETE

Warren Buffet likes to study failure because he believes in looking at history. What kills great businesses is complacency. You need to have a restlessness feeling that somebody is always after you but you will stay ahead of them.

#9 YOU HAVE TO MODEL SUCCESS

Warren Buffet read books on investing in the Omaha library from age 7 to 12. It was entertaining but it was not profitable. At age 19 he read the book “Intelligent Investor” by Benjamin Graham an that opened up everything for him. You can behave like people you admire and model their success.

#10 GIVE UNCONDITIONAL LOVE

There is no power in the world like unconditional love and its going to always come back. That is a huge thing in life.

#11 THINK LONG TERM

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

BILL GATES

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#12  HAVE ENERGY

If you want to run a company you need so much energy that it should overcome your feeling of risk. Every challenge should be part of the excitement.

#13  BE A BAD INFLUENCE

 Bill Gates was a bad influence. He dropped out of school. He made Steve Ballmer drop out of business school. He was always a bad influence.

#14  WORK REALLY HARD

Bill Gates has meetings that fill up all his calendar, and he writes a lot of email even on weekend. He travels the whole world meeting customers. Two weeks a year he takes a break to read and think about the future of the world. Basically, he has a very strong work ethic.

#15  CREATE THE FUTURE

Predict how you want the future to be  and make it happen.

#16  ENJOY WHAT YOU DO

You have to enjoy what you do everyday. For Bill its working with smart people and solving problems.

#17  PLAY BRIDGE

Its a wonderful game and anybody who is good at bridge will be great at a lot of things.

#18  ASK FOR ADVICE

Talk to people, your parents, mentors, wife .etc. for advice. Encourage your friends to correct you because they know you well. It could be something even as small as forgetting to say hello to someone in a party.

#19  PARTNER WITH GOOD PEOPLE

Picking the right partner is crucial. Picking good people who are really committed is very important. Bill Gates was able to partner with Paul Allen and Steve Ballmer.

#20  DON’T PROCRASTINATE

 You can procrastinate and study two days before the exam but you cannot do that in business.

#21  HAVE A SENSE OF HUMOR

You need some humor sense to run business.

#22  LEARN FROM UNHAPPY CUSTOMERS

Your most unhappy customers are your greatest source of learning.

GARY VAYNERCHUK

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#23 BET ON YOUR STRENGTH 

Focus on your strength and don’t care about what you suck at.

#24 WORK HARD BY FINDING TIME 

Everybody have time. Stop watching Lost or any TV series and find time to hustle after work hours if you have a job. Make it happen.

#25 PUT BUSINESS IN PERSPECTIVE

Even if you make a zillion dollar tomorrow does it matter if your daughter dies? No. You need to keep business in perspective. There are a ton of bad days being an entrepreneur. 98% of entrepreneurship attempts will fail. You have to love the climb. Setback should be exciting, you have to love it when something goes wrong because that is when you will shine the most.

#26 EXECUTE YOUR IDEAS

Ideas by itself is useless. Its all about the execution.

#27 YOU NEED TO STORYTELL

Storytelling is the most underrated skill in business. When you understand what a customer wants then you backtrack and tell a story to get them emotionally there. That’s how things sell, that’s marketing. A good story telling sells a product that could have sold a 100 million worth of stuff sell a billion dollar worth of stuff. Example, When Steve Job gives a new keynote about a new product watch how he is presenting it.

#28 CARE ABOUT YOUR CUSTOMERS

Even if you run a global company we still live in a small town due to technology. So even if the data tells that a particular customer is not important due to customer value or ROI it does not matter. Data is super important, but recently people use only data and not heart to run businesses. You have to be good with customers like how your grandparents did when they ran business, they had to worry about reputation and so did not want to piss off a local customer.

#29 STICK TO YOUR DNA

Understand your skillset and understand the way you perform. If you love to work in chaos do that. If you love to take notes and read books do that. Stick to your DNA. Be self aware.

#30 DO THE THINGS THAT MATTER

 Most things don’t matter. Do the things that matter.

#31 DON’T MAKE EXCUSES

 Biggest obstacle to success is making excuses. If you do not have capital or time treat it as an obstacle that you need to overcome. You will get a 1000 things thrown at you but they should not stop you. Don’t get it twisted, business is hard. Everyday is hard. And if you don’t overcome that you will not be successful.

#32 THERE IS NO OVERNIGHT SUCCESS

An overnight success will always have years of backstory.  Luck comes from being in the right spot.

#33 MARKET IN THE YEAR THAT WE ACTUALLY LIVE IN

99% people do not market in the year that we actually live in.

STEVE JOBS

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#34 DON’T LIVE A LIMITED LIFE

Embrace, change and improve life. Make a mark upon it.

#35 HAVE PASSION

You need to have passion because it is so hard to be successful in business that if you don’t any rational person will give up. If you don’t have fun doing it you will eventually give up. This is what happens all the time. If you love what you do you will be able to persevere and have fun through all the hard work and failures.

#36 DESIGN FOR YOURSELF

 When Apple first started they had no idea what people are gonna do with their product, so they designed it or themselves.

#37 DON’T SELL CRAP

You might be selling both good stuff and bad stuff. What you should do is to get rid of all the bad stuff.

#38 BUILD A GREAT TEAM

You need people who are great.  Greatest people are self managing, they don’t need to be managed. Once they know what to do they will figure out how to do it. What they need is a common vision and that’s why we need leadership.

#39 DON’T DO IT FOR THE MONEY

For Steve Jobs the most important thing was the product, the people and the company.

#40 BE PROUD OF YOUR PRODUCTS

Make products that you so proud off that you will recommend to your family and friends. Don’t offer stripped down, low quality products.

#41 START WITH CUSTOMER EXPERIENCE AND THEN GO BACK TO TECHNOLOGY 

You have to build around customers. Start with the customer experience and then go back to the technology.

#42 YOU HAVE TO MARKET FOCUSING ON THE VALUES 

This is a very noisy world, you don’t have a chance to make people remember much about your business. No company does. The way to do that is to not talk about your specification and impressive numbers – you have to show who you are and what you stand for. Nike honors great athletes, that’s what Nike stand for. Apple believes that people with passion can change the world forever. Market and products can change but the values and core values of a business should not change.

#43 STAY HUNGRY AND STAY FOOLISH 

Work hard even though you cannot connect the dots looking forward, you can only look backwards. You have to be hungry and foolish and believe that the dots will connect down the road.

#44 BE AN INNOVATOR

Innovation distinguishes between a leader and a follower.

ELON MUSK

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#45 NEVER GIVE UP

Elon Musk: “I would never give up unless I am dead or completely incapacitated.”

#46 REALLY LIKE WHAT YOU DO

Whatever area you get into even if you are the best of the best there is always a chance of failure. If you like it you think about it even when you are not working. It’s something your mind is just drawn to. If you do not like it you cannot make it work.

#47 DON’T LISTEN TO OTHERS IF YOU ARE CONFIDENT

A lot of friends of Elon Musk tried to discourage him not to start a rocker company because they taught he will fail. But he went ahead and so far he succeeded.

#48 TAKE RISK

As you get older your obligations will increase. As you have a family you are taking risk for yourself and your family. It gets more harder. So now is the time to take risk, do something bold.

#49 DO SOMETHING IMPORTANT

Elon Musk did not think that Tesla will be successful, he thought it will fail. But if something is important you should try it even if the probable outcome is failure.

#50 FOCUS ON SIGNAL OVER NOISE

Tesla Motors never spends money on advertising, and all the the money is spent on product, Always think if the money you are spending is resulting in better product or service, otherwise stop those efforts.

#51 LOOK FOR PROBLEM SOLVERS WHEN YOU HIRE

When interviewing people for company ask them what problems they worked on and how they solved them. If someone really solved the problem they will be able to answer multiple levels. If they don’t they will get stuck and you will know that this person is not really who solved the problem.

#52 ATTRACT GREAT PEOPLE

If you are creating a company the most important thing is to attract great people. A company is basically a group of people who are gathered together to create a product or service. And how talented and hardworking the group is, and how focused and cohesive they work will determine the success of the company.

#53 HAVE A GREAT PRODUCT

If you entering a new market you can get away with an average product but if you are entering an existing marketplace your product or service must be much better than what is out there. It cannot be a little bit better, because if you are a new company customers will buy only a trusted brand unless you have a big difference. So it must be REALLY better.

#54 WORK SUPER HARD

What does superhard mean? When Elon Musk and his brother started their first company they rented a small office and slept on the couch. The website was up during the day and Elon coded at night. Work hard every waking hour. Particularly if you are starting a new company. If somebody else is working 50 hours and you are doing 100 you will get twice as much work done.

#55 CONSTANTLY THINK HOW YOU COULD DO THINGS BETTER

Keep questioning yourself.

CHARLIE MUNGER

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#56 ALWAYS KEEP LEARNING

If you keep learning all the time you have a huge advantage.

#57 DESERVE WHAT YOU WANT

The safest way to try and get what you want is to deserve what you want.

#58 KNOW THE EDGE OF YOUR COMPETENCY

You should know your circle of competence and the edge of your competency. Its better to be  a person with IQ of 130 who thinks it is 120 than a guy with IQ of 180 who thinks it is 200.

#59 NEVER FEEL VICTIMIZED AND BE A SURVIVOR

 Never feel victimized and always find a way to adjust. Don’t be a victim, be a survivor.

#60 GO THROUGH LIFE PRACTICING A DISCIPLINARY APPROACH

Always practice the right approach.

#61 DEAL WITH THINGS THAT YOU ARE CAPABLE OF UNDERSTANDING

Understand what you are doing.

#62 INVEST IN TRUST

Firms will operate efficiently if a lot of people who trust one another work together.

#63 KNOW HISTORY

A man who does not know what happened before he is born goes through life like a child. You have to understand history of businesses in your industry in a way that it become a mental lattice in your brain and you automatically use them for the rest of your life.

#64 SWIM AS COMPETENTLY AS YOU CAN

Most of time tide will be against us or with us, but don’t bother much by trying to predict the tide because you have to plan to play the game for a long time.

#65 DON’T SUBMERGE IN SELF PITY

Life will have terrible, unfair blows. Some people recover and others don’t. That’s where the attitude of Epictetus will work. Every terrible blow is an opportunity to learn something or behave well. Utilize terrible blows for your advantage.

#66 SPEND EACH DAY TRYING TO BE A LITTLE WISER THAN YOU WERE WHEN YOU WOKE UP.

Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve.

#67 TAKE A SIMPLE IDEA AND TAKE IT SERIOUSLY

Do you feel like the above 67 ideas look too simple? If it does not appear like a magic recipe for success you are mistaken. Take any one simple idea and implement it seriously. And that will make all the difference.

WHAT NEXT?

Do you think that 67 business tips from top entrepreneurs will help you succeed?

Did you see the common advises that are given by most entrepreneurs above? You have to work hard, find something that you are passionate about and be extremely competitive. I suggest you to make sure that you keep at least the common advises in check for your business and personal life.

Do let me know which book or video you want me to break down in an upcoming episode in the comments below. Hope you found this note to be useful. Take care.

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