The e-commerce business is a booming industry and it’s understandable that you want a piece of the pie - to be your own boss - and to make your goals come to fruition. But it’s not an easy task and sometimes it’s hard to know where to start.
Well, you’re in luck! We’ve been in your shoes and understand the challenges of every startup. So, we put together quotes directly from successful millionaires and billionaires who have made their fortune by excelling in the business world: Kevin O’Leary, Daymond John, Arlene Dickinson, Mark Cuban, Barbara Corcoran and Robert Herjavec. Here’s 11 tips straight from the most popular venture capitalists on television.
It starts with your foundation. "My partners taught me that in order to create wealth, I needed to pair up with people whose strengths compensated for my weaknesses." Kevin O’Leary
Balance passion with focus. "Blind passion is one of the worst things you can have. This need to just do it at any cost. You can have passion and purpose but that means that you got to be focused. And when you're blindly passionate, you're just doing stuff without really thinking about the consequences." Arlene Dickinson
Clear communication wins. "The ability to communicate. The ability to express your idea with certainty. That's how you become a leader even if you are unsure. Your ability to explain your vision and your direction is the attribute you need the most. Articulate your idea in 90 seconds or less.” Kevin O’Leary
Know your business and industry. “Know your business better than anyone else in the world.” Mark Cuban
Cash is king. "Cash is the lifeblood of your business. There are very few things in business that will kill you, but running out of cash is one of those things. You can recover from almost any other mistake, but if you run out of cash you're dead." Robert Herjavec
Learn from your failures. "The difference between the real winners is how long they take to feel sorry for themselves. My winners feel it… but they come back up and say, ‘Hit me again.’” Barbara Corcoran
Tap into your network. "People have many individuals around them who they can barter and trade with at the beginning of their business that they don't leverage to their advantage. We're talking tapping into other people's marketing, mind power and momentum, even other people's manpower. Cross-promote with others' in the industry you operate in. It goes both ways. You promote them and they promote you. It's mutually beneficial and it doesn't cost a thing." Daymond John
Listen to your customer, to an extent. "Your customers can tell you the things that are broken and how they want to be made happy. Listen to them. Make them happy. But don't rely on them to create the future road map for your product or service. That's your job.” Mark Cuban
Cultivate infectious brand ambassadors. “All you need are one or two infectious advocates of your brand to take your startup over the top. Get your brand’s fans excited to be part of a movement and they’ll spread the word about you for free. Feed them. Give them information and even free product, if you can. Give them a special moment with you that they can snap a pic of and share all over social media. Once they’re part of your brand tribe, believe me, they’ll do the promoting for you. It’s amazing.” Daymond John
Be patient with growth. "Business is a sprint until you find an opportunity, then it’s patience of a marathon runner." Robert HerjavecKnow when to fold. “Any business that after three years isn’t profitable isn’t a business, it’s a hobby.” Kevin O’Leary