Launching your own startup is one of the hardest things you’ll ever do, but all the hard work will pay off if you follow the right steps. You’ll need to work hard, have lots of patience, make many sacrifices, and be very dedicated. It’s no wonder some people equate starting a business to having a baby. But the good news is that others have gone ahead of you and freely share advice to help you succeed. Every successful entrepreneur has valuable insight that can educate aspiring entrepreneurs like yourself.
Starting a business and working on it till it succeeds is hard—the journey is fraught with obstacles and challenges. Many people look at some popular startups—like Instagram, Facebook, and PayPal—and assume that success was automatic. Today, some of the most successful startup founders share their best tips for success.
- Daymon John: Don’t Focus on the Money
If you’ve ever watched the popular TV series Shark Tank, you’ve seen Daymond John. He’s one of the “sharks.” He’s also the founder of clothing brand FUBU, an author, a motivational speaker, and an investor.
Back when he started, his entrepreneurship goal was to make clothes for the top hip hop rappers. Little did he know that FUBU would become a huge company worth over $7 billion. And as his company’s net worth grew, so did his. He has a current net worth of over $300 million.
But he didn’t attain success instantly. When Daymon first went into business, his goal was to be super rich. His first few businesses failed, and he only succeeded when he started making clothes—something he was passionate about. Instead of focusing on money, focus on chasing your dream. If you’re only motivated about money, you won’t care about making a difference. You may take an instant online title loan every month to fund a business that’s not sustainable.
- Arianna Huffington: Failure is a Stepping Stone to Success
Arianna Huffington, an international media mogul and published author, is most famous for founding The Huffington Post. She built the award-winning online news platform from scratch then later sold it to AOL. But success didn’t come overnight. When she was looking for a publisher for her first book, she was told no thirty six times! In 2003, before starting the Huffington Post, She also tried to become California’s governor but failed dismally (receiving only 1% of the votes).
But Ariana regarded her failures as stepping stones to success. This positive attitude helped her attain massive success. Failure is part of entrepreneurship; you will fail many times. Instead of giving up when you experience failure, use it to move closer to your goal.
- Brain Chesky: Focus on One Person Instead of a Crowd
Brian Chesky is one of the co-founders of Airbnb. He’s also the company’s acting CEO. Airbnb was launched in 2008 and has experienced massive growth over the years. It’s worth at least $38 billion. Thanks to the company’s success, Chesky went from broke to billionaire status.
In its infancy stages, Airbnb went through the Y Combinator program, a Silicon Valley program that guides startup founders on how to grow their new companies. That’s where Chesky learned the greatest lesson in business: it’s better to develop a product that gives one person an amazing experience than one that gives a million people an okay experience.
Only people who truly love a product can make it go viral. Very often, entrepreneurs create products that target everyone. You can never please everyone. Focus on a niche and create a product that solves your clients’ biggest problems.