13 Entrepreneurs on the Best Business Advice They Ever Received

 by Patrick Stafford


A huge part of being a business owner is listening to others. Whether it’s good advice or bad, no one can do it on their own.

Great entrepreneurs have great mentors. They pick up tips along the way to make sure they don’t fall onto the wrong path. One of the first lessons a new business owner might receive is to find a mentor – and quick.

So we’ve taken some of the hard work out of that equation. SmartCompany contacted some of the best and brightest entrepreneurs in the country to find out the best pieces of business advice they’ve received.

Pay attention – you might just learn something.

1. Michael Fox – Keep focused on one core product

The co-founder of one of Australia’s most successful tech start-ups, Michael Fox has gone from strength to strength with Shoes of Prey. The company has even signed a deal with David Jones to have dedicated booths in stores.

His favourite piece of advice came from investors Mike Cannon-Brookes, (of Atlassian), and David Cunningham: “Keep focused on the one core product; don’t try to do more until you’ve nailed that.”

Plenty of entrepreneurs, such as Steve Jobs, have made their name on simplicity. Fox says success for him comes in the same vein.

“The few times we've been tempted to not follow that advice we've quickly realised our mistake.

“It's kept us on the path of staying focused on women's shoes only at Shoes of Prey and structuring Shoes of Prey and Sneaking Duck so they have two entirely separate teams.”

2. Dean Taylor – Always have a back-up plan

The online wine selling market is booming, and Dean Taylor is enjoying the ride. His business Cracka Wines is enjoying significant growth.

His favourite piece of advice is a crucial one for business owners, who always need to be prepared with a back-up plan.

“Never walk into a room that you can't walk out of,” he says.

“The person who said it to me was Brett Chenoweth, an old friend and the former CEO of APN. He swears by it,” he says.

“While you can easily apply the philosophy to much of life, it's primary relevance for me in business is in commercial negotiations. It's very easy to invest a lot of time and effort into an idea, deal or business opportunity, become emotionally attached and end up accepting unfavourable terms.

“Being prepared to walk away at any time might seem harsh, but it’s a heap better than finding yourself stuck in a role, partnership or deal that you later regret.”

3. Mick Liubinskas – Run the numbers

When Pollenizer founder Mick Liubinskas enjoyed a short stint at IBM, he met a friend – Kurt Bilderback – who told him to “always run the numbers”.
“Mick, you've got to run the numbers. Always. Not to get answers, but to know what the questions should be.”
It’s turned out to be a useful piece of advice – documenting your thought process can often lead to better ideas.
“Since then I've always done fast napkin testing with spreadsheets. I must have more than 5000. Some are worth millions. Most are worth nothing. But the process of thinking it through has been priceless.”

Read the full article from Smart Company. 

Entrepreneurs Share Their Best Business Advice

No matter how you look at it, starting a business is hard. One of the hardest things you may ever have to do. There’s the business plan to think over, a name, government policies to consider, how it will affect your family, finances and the list rolls on from there. Some hardened entrepreneurs suggest spending a long time thinking about if that’s really the path you want to take. If so, there is plenty of advice floating around to help you with the grueling journey. Entrepreneurs are always willing to lend their words to the younger generation of business seekers and give them assistance when the time comes. Below we have asked entrepreneurs for their best business advice.

Take every advantage possible to meet new people

The most important lesson I’ve learned in business (which I’d wish I’d known years ago) is to take every advantage possible to meet new people; Efficiently communicating and never dismissing a single soul– you never know who you’re talking to, who they might know or how they’d be able to contribute to your business. You’ve got one shot out there. The only thing you have to lose is an opportunity.

Make cyber security a priority

Cyber security probably isn’t a priority for small businesses – but it should be. Contrary to popular belief, neither your bank nor the Federal Deposit Insurance Corp. (FDIC) is obligated to cover losses to business accounts. The usual advice – choose difficult-to-guess passwords, keep your firewall on, install antivirus software and so on – applies, but you need to do more. Consider having a separate computer solely for financial transactions and authenticate everything (hackers start small, so that unknown 23-cent transaction may be a warning sign). And consider buying insurance specifically for cyber theft protection; the policies are inexpensive, offer peace of mind and protect you from the type of event that can kill your business.

Don’t get overwhelmed by growth

In the early stages of a company, it is easy to become preoccupied. Over the years we have gotten overwhelmed by our company’s growth. While keeping your start up afloat can be challenging, a number one tip we have learned to not get overwhelmed with growth is to keep Accounts Receivable a top priority. We have learned to keep our invoices on time, every time, because late invoices result in a shortage of cash and show disorganization. We also adjust terms to require deposits for product or services and offer incentives to prepay in advance. For example, we offer free after-hour support in exchange for our services prepaid quarterly. All of the above means more cash to afford a next new hire, paying vendors on time, and keeping credit in good standing.

Run your business, don’t let it run you

1. Run your business-don’t let it run you. Instead of simply attempting to feverishly grow my business wherever I can, I look first at what I am seeking personally. I then adjust my business growth and development plan to suit these goals. It’s now no longer just about getting more; it’s about finding a reason for wanting to get more. 2. There is no such thing as self-made. Not only is it important to have your own vision but it’s important to understand the vision of those around you. I really hate all of the I-did-it-all-myself style business stories. Everyone needs help, or has had help at some stage from someone. Years ago, I used to think I was the epicenter of my business success. It wasn’t until my business almost wasn’t a success that I realized I needed the help of those around me. 3. Know the difference between confidence and arrogance. Confidence is driven by ability, truth and honesty; arrogance is based on ego and fear. A confident leader inspires people such that they want to be led. An arrogant leader threatens people to follow.

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