Big Leadership Mindset: How the Practices and Philosophies of the World’s Most Successful Entrepreneurs Can Benefit Small Businesses

Self-made millionaires and billionaires don’t just happen by luck or chance, though sometimes luck and chance play a role. In large part, the world’s leading entrepreneurs demonstrate that innovation, perseverance, and strategic investments – in business and in life – are common denominators for lasting success.

Take Care of Your People and Your Customers

“The key to success in business is all about people, people, people,” says billionaire entrepreneur Richard Branson. “It should go without saying, if you look after your people, your customers and bottom line will be rewarded too.” Real estate entrepreneur and software business leader Tej Kohli agrees. “While strategy, market positioning, and coming up with a long-term plan are all important, focus on making the individual sales and creating happy customers. None of that strategic planning is any good if you can’t keep the lights on because you’re not making enough sales.”

Do the Work

“There are no shortcuts,” says Mark Cuban. “You have to work hard and try to put yourself in a position where if luck strikes, you can see the opportunity and take advantage of it.” This sentiment echoes the formula for success of deceased oil tycoon J. Paul Getty: “Rise early, work hard, strike oil.”

Take Risks

“The biggest risk is not taking any risk,” says Facebook founder Mark Zuckerberg. “In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” But there’s a difference between playing smart and taking risks just for the sake of risks. Heed the warning of Warren Buffet, who says, “Never invest in a business you cannot understand. Risk comes from not knowing what you’re doing.”

Shake Things Up

John D. Rockefeller said, “If you want to succeed, you should strike out on new paths, rather than travel the worn paths of accepted success.” And Groupon co-founder Brad Keywell agrees. “I’ve been involved with companies that hit dead ends, had business ideas I couldn’t get off the ground, been in situations that I desperately wanted to succeed but were on a path to failure. But each setback and adversity could be traced back to the same flawed plan: I had approached the game the way it had always been played.”

Think Long Term

In an age of get-rich-quick schemes, it’s important to remember that there are no shortcuts to lasting success. Jeff Bezos, founder of Amazon, has said that Amazon’s decisions are based on its goal of long-term market leadership – not short-term profits. “Long-term thinking levers our existing abilities and lets us do new things we couldn’t otherwise contemplate,” said Amazon founder Jeff Bezos. “Seek instant gratification – or the elusive promise of it – and chances are you’ll find a crowd there ahead of you.”

Play to Your Strengths

Media CEO Gary Vaynerchuk advises to forget about your weaknesses and bet on your strengths. Founder of Spanx, Sara Blakely agrees. “As soon as you can afford to, hire your weaknesses. What you’re not good at is usually what you don’t like.”

Embrace Failure

“It’s fine to celebrate success, but it’s more important to heed the lessons of failure,” says Bill Gates. “How a company deals with mistakes suggests how well it will bring out the best ideas and talents of its people, and how effectively it will respond to change.” Perhaps Gates took a play from inventor and businessman Thomas Edison’s playbook, who once said, “I have not failed. I have just found 10,000 ways that don’t work.”

Peter McAllister, CPA