To achieve your ambitions as an entrepreneur you need to be able to rely on your instincts and forge your own path, but that doesn’t mean you can’t take advice from others. In fact, learning from the insights and experiences of fellow businesspeople can help to smooth your path to success and enable you to avoid unnecessary hassle and stress. With this in mind, here are four of the best tips from business leaders.
1. Nurture the talents of your team
Many people look at Cobra Group founder and chairman Chris Niarchos’ wealth and achievements and wonder what the key to his success is. According to the entrepreneur, one of the secrets to accomplishing great things in business is ensuring that you nurture the talents of the people around you. He notes that by helping members of your team to harness their abilities and fulfil their potential, you can take full advantage of their skills and bolster the long-term success of your business.
2. Don’t be afraid to take risks
Founder of the Virgin Group Richard Branson has taken his fair share of risks during his career, and according to the globally renowned entrepreneur, this has been an important part of his story. He states that on a number of occasions, especially early on in his career, he had to ask his “ever-understanding” wife to agree to get a second mortgage on their home in order to go ahead with a business deal. He adds that you should trust your instincts while always protecting the downside.
3. Be open to the ideas of others
President at the World Bank Jim Kim, who is in charge of an organisation with over 15,000 employees, suggests that a crucial trait of a good leader is being open to the ideas of others. He states that you must have the courage to offer your thoughts and opinions while also having the humility to be grateful to those to contradict you. He adds that the World Bank, which has well-established hierarchies, is committed to changing its culture so that staff members at all levels of the organisation listen to one another.
4. Surround yourself with talent
Tatiana Lyons, principal and owner of executive coaching and consultancy specialist Your Creativity Leads, states that an important part of success is surrounding yourself with talent. According to the business expert, leaders achieve great things when they create teams of specialists who are smarter than they are in their own fields. They also give their employees room to innovate, rather than trying to micromanage everything they do.