Do you own a business? Do you have dreams of scaling your business? It makes sense to learn from some of the biggest names in the world. They have been admired for their smart business acumen and it is inspiring to witness how they have built their business from the ground up into a highly successful household name.
Here are some business tips you can learn from Tesla’s Elon Musk, Amazon’s Jeff Bezos and Alibaba’s Jack Ma and apply it to your business.
Jeff Bezos – It’s All About the Customer
In Jeff Bezos’ words, “The single, most important thing you can do for your business is to obsessively focus on the customer.” According to him, business leaders must focus on the customer rather than the competitor. He takes the company’s commitment to customers very seriously and this showed immensely in their sales.
All of Amazon’s grandiose plans have been to service customers better. From opening up more distribution centers to providing ease of use in Amazon’s site, he is able to assure a great customer experience. He knew that consumers love free shipping, and thus Amazon provided Prime, a paid subscription service for free 2-day delivery. Though initially Prime was draining Amazon’s profits, the service was pleasing its customers. Instead of boosting its short-term bottom line, this business move was recognized as a shrewd one. Now, more than 100 million people worldwide are Prime members.
Elon Musk – The Team Matters
Elon Musk is one of the most admirable entrepreneurs in the world. His voracious focus on innovation is enviable. But, surprisingly, that’s not his secret to growing a business.
According to Elon Musk, a business is like a vector that has both magnitude and direction, moving from point A to B. In this sense, the company is one significant vector that is the sum-total of many tiny vectors. The tiny vectors are the teams and team members. If anyone pulls in a different direction, it directly impacts negatively on the main vector.
The team does not always have to be your staff team. This includes your business partners, your past partners, and even other clients who are looking forward to working with your company. Look at their values and industry expertise – criteria that are important to you for your business. This way, you can engage with business partners who are looking to pull in the same direction as your company. You can work with service providers anywhere from marketing companies to accounting firms in Singapore to support your company’s needs and propel to new heights.
Jack Ma – Dream Globally, Win Locally and Think About the Future
Jack Ma, or Ma Yun, is a renowned and admired entrepreneur from China. His story could easily go in the ranks of globally famous legends. But Jack Ma is not just about his classic rags-to-riches story. He has an uncanny level of persistence, a living proof that no series of failures (no matter how depressing at times) can stop someone from achieving their dreams.
With regards to growing a company, Jack Ma’s advice is that your dream and belief are the most powerful resources you’ll ever have. There is also another important business lesson he learned – getting used to failure because it prepared him for his entrepreneurial venture.
These are evident in some of the highlights in his backstory:
- After graduating from college, he received numerous rejections from his job applications.
- Though he had no experience with coding or computers, he wanted to build an internet company for China where people can find Chinese products in the online searches.
- He failed two of his initial ventures, however it did not stop him from dreaming bigger.
- He convinced 17 of his friends to invest in his vision for Alibaba – an online marketplace for exporters to post product listings which customers could purchase.
- After starting Alibaba, it was not profitable in the first three years and he suffered multiple failures. They had expanded too fast and almost crashed when the dotcom bubble burst, and was just 18 months away from facing bankruptcy.
These entrepreneurs have inspired others into growing their business and act as great role models for young business owners. As you look towards settling the foundations of your business, you should never lose sight of your business’s goal. That goal is growth.
Should you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
