What do World’s Richest People suggest for Startups
Startups that unusually affect the economy are the “Transformational” startups. These startups have the most impact on the economy, aiming to become nationwide or international. Startups have the capability to change the way we live and work. If successful, their uprising may improve our standard of living. In short, they create jobs and the conditions for a successful society in addition to creating startup ventures.
Let’s hear what successful people say about startups
- Bill Gates (Microsoft):
“Your most unhappy customers are your greatest source of learning.”
Bill Gates once said Unhappy customers should be valued within your business. Many unhappy customers will simply take their business elsewhere without giving you a second chance.
Managing customer dissatisfaction is about having the right channels in place for the customer to express their grievances. Develop processes that enable experienced complaint handlers to turn negative situations into positive customer experiences.
2. Steve Jobs (Apple):
“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”
Steve Jobs once said, One of the keys to Apple is Apple’s incredibly collaborative company. Do you know how many committees we have at Apple? Zero. We have no committees. We are organized like a start-up. One person’s in charge of iPhone OS software, one person’s in charge of Mac hardware, one person’s in charge of iPhone hardware engineering, another person’s in charge of worldwide marketing, another person’s in charge of operations. We are organized like a startup. We are the biggest startup on the planet.
3. Warren Buffett (Berkshire Hathaway):
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
To create a trustworthy brand and grow your company, you need to meet customers’ needs during every interaction they have with you. This means keeping your promises — even implied ones. Building a strong, lasting reputation means getting your entire organization, including sales, shipping, customer service, marketing, and product design, on board with your commitment to customer satisfaction.
4. Jeff Bezos (Amazon):
“If you focus on the customer, the company is going to become more resilient.”
Jeff Bezos in his interview once said, “Start with the customers and work backward”. Most of the startups make the mistake of starting or launching the product and see if the customers would like them or not.
5. Mark Zuckerberg (Facebook):
“I always think that you should start with the problem that you’re trying to solve in the world, and not start with deciding that you want to build a company”
I remember very specifically the night that we launched the first version, I went to get pizza with a couple of my friends who now work here. And I remember really clearly we were talking about how one day we thought that someone was going to build a community like this for the world and that would be some company, but it clearly wasn’t going to be us.
6. Elon Musk (Tesla, SpaceX):
When something is important enough, you do it even if the odds are not in your favor.
A company is a group organized to create a product or service, and it is only as good as its people and how excited they are about creating. I do want to recognize a ton of super-talented people. I just happen to be the face of the companies.
7. Bernard Arnault (LVMH Chairman & CEO):
“Don’t worry too much about profitability. If you do your job well, the profitability will come.”
I always say to my team, don’t worry too much about profitability. If you do your job well, the profitability will come. When we discuss a brand, I always tell them my real concern is what the brand will be in five or ten years, not the profitability in the next six months. If you take a brand, like Louis Vuitton, which is the number one luxury brand in the world, what I am interested in is how we can make it as admired and successful in ten years as it is today.
8. Larry Ellison (Oracle):
“Great achievers are driven, not so much by the pursuit of success, but by the fear of failure.”
I do not burn out from hard work though. Some days I feel like I get tired. I get tired from hard work but I don’t get burned out. You get burned out from losing. Nothing burns you out faster than losing. Nothing strengthens your resolve and motivation more than winning.
9. Amancio Ortega (ZARA)
“We cannot limit ourselves to continuing on the path we have already opened.”
The customer must continue to be our main center of attention, both in the creation of our fashion collections and in the design of our shops, of our logistical system, and of any other activity.
10. Sam Walton (Wal-mart Stores Inc):
There is only one boss-the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.
If you follow the money, you’ll be running from one business opportunity to another without any focus. When you follow your passion, you’ll be successful in whatever craft you do, and you will become a leader in that field that you commit yourself to.
