4 Great Business Management Tips From Successful People
Being an entrepreneur is not an easy task. Every day is challenging, every decision is like a roller coaster ride. The dynamic market keeps changing at every moment, clients change their mind, the government changes rules, there is no space for certainty in the life of an entrepreneur. But, still, we go on and keep doing what we want to do with just a home and determination in our mind.
As an entrepreneur, I have been through this journey myself and I know how it feels to run a business and the satisfaction of it. However, having a guide or certain business management tips to follow is always a great relief. There are many business Gurus and business tycoons who have done revolutionary acts and disrupted the market at times. Following their tips could help us in today’s time too. In the end, business is all about people, networks, connections, and solutions.
My experience:
I have read a couple of books on big market names like Alibaba and Apple. One thing is for sure. It is all about our grit, belief, and honest solutions.
So, here are a few business management tips from successful people.
1. Satya Nadela on Leadership
Microsoft CEO Satya Nadela took charge of the company when the company was in mess. It was losing to its competitors and kind of losing its focus too. Mr. Nadela took the charge and changed the fate of the company. His success and popularity not only lie in his achievements but his leadership qualities too.
He recently authored a book “Hit Refresh” in which he has frankly revealed how the company had to overcome its honeymoon phase and needed to accept that it has a lot to learn. He did not mind accepting it himself, and he convinced the team to do the same. And then the change began. A leader like him does not shy away from learning and changing.
In his book, he says that we tend to underestimate what each of us can do to make things happen. He is so much right! We do sometimes forget that we have the authority to develop and create what we want.
The gist of the story: We can do all that we want to do. Who is there to stop us?
2. Steve Jobs on Productivity.
He is my personal favorite. What an inspiring human being! I have read his biography named “Steve Jobs” by Walter Isaacson. This business tycoon belied in his ambition of changing the world and he did so with technology. His objective to make technology accessible to everybody. Make it so simple, beautiful and easy that people use it, like it, love it.
He said, “Deciding what not to do is as important as deciding what to do. It’s true for companies, and it’s true for products.”
He taught Apple to focus on developing one good product, rather than developing four average products. After Apple recorded a loss in 1997, Steve had to cut down on the production by 70% to produce one good computer for each quadrant. He saved the company by this, and the rest is history.
The gist of the story: Quality over quantity!
3. Jack Ma on Trust
Third in the list has to be the founder of the giant wholesale eCommerce company in the world, Alibaba, Jack Ma. His company recorded a revenue of $23 billion in 2016.
Jack Ma, though now one of the top business tycoons in the world and the richest person in China, had to face hurdles in the past life. Nobody was ready to employ this man. He says that when KFC entered China there was an interview in which 23 people got selected the only one did not. That one person was Jack Ma.
After two failed ventures Ma gathered 17 of his friends and started Alibaba. The idea got success soon and many international financial establishments and companies invested in the idea. In 2005, $1billion was invested in Alibaba by Yahoo against 40% of the share at the company.
In 2013, he stepped down as a CEO but remained as the executive chairman of the company. In his interview with CNBC, he said, “ ….What we got is the trust of the people”.
The gist of the story: Trust in self, trust in the work, trust in the members of the company.
4. Richard Branson on Fun at Work
There is hardly anybody in the business world who has not heard about this man. Sir Richard Branson is a British business tycoon who controls more than 400 companies across multiple sectors. He is popularly known as the founder of the Virgin Group. He is also an active philanthropist, author, and investor. Who can be a better person to talk about fun in the workplace than him?
I have seen a few of his interviews and read a few of his articles, this man loves his job, loves his life. He says, people often underestimate the importance of fun in the workplace. Work and play should not be treated differently as it is all living. It is said that Richard once approached the CEOs of Virgin Music with an idea to use a third of the company’s profits to open an airline company just because he thought it would be ‘fun’. And he did form such a company.
He believes that if the employees of the company are happy, they will work great and add to the brand.
So,
The gist of the story: Keep the work culture of your company open, light, and fun.
Apart from the above-mentioned giants, there are many other ideal businessmen like Mark Zuckerberg, Warren Buffett and businesswomen like Indra Nooyi, Sheryl Sandberg & more who are doing great work and inspiring many to bring out the best within them.
Considering the core of the process of running a business or starting a venture here are a few more Business management tips I think every entrepreneur should adopt:
- Overcome fear
- Understand finance
- Become a leader
- Leverage positive factors.
- Do what is easy to do.
- Know the importance of personal life.
- Make friends in the market.
- Make conscious decisions. & more.
To Wrap Up:
As entrepreneurs, all one can do is follow his heart, imbibe good values, trust and positivity in the work culture and stay determined towards the goals.
