My Favorite Business Advice From Great Entrepreneurs

The one thing that many successful companies have in common is that they were all once small businesses with a vision to bring a product or service to the world. Success in business is never easily attained, but these entrepreneurs haven’t been shy about sharing anecdotes of their victories, failures, and hard-won nuggets of wisdom while growing their companies to what they are today.

From Mark Cuban, entrepreneurs learn business concepts ranging from early stage financing to exit strategy. Be very careful about using debt to get your new company off the ground, remember that strong sales numbers are the answer to your woes when in doubt, maintain a tunnel vision focus on your core competency, and manage your cash flow aggressively. Mark posits that poor cash flow management is now more than ever the biggest cause of business failures. These lessons no doubt came in handy while running his companies MicroSolutions and Audionet.

Brian Spaly, founder of Trunk Club and Bonobos, tells whoever will listen to him to clear the noise of what everyone else is doing out of your head. It’s easy to be distracted not only by competitors but also by news headlines of what is going on in other industries. Don’t chase fads, and don’t focus on money as a reward. Solve the problem or need you originally set out to fix. By keeping your attention on your customers’ needs, your business too can thrive.

Marcus Lemonis, serial entrepreneur and star of the small business CNBC show The Profit, has doled out a lot of his own lessons learned while investing millions of dollars into small businesses that he helps turn around. According to Marcus, operations is vital to ensuring business efficiency and a company’s ability to scale. A company without processes in place for managing product, people, and finances can’t hope to compete in today’s market.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website  Follow us on Twitter @portalcfo

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