Advice to Small Business Owners-Warren Buffer, Jack Dorsey et al.

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Description

Authors: Warren Buffer, Michael Bloomberg, Kerry Healey, Lloyd Blankfein, Jack Dorsey, Marc Morial, Michael Porter

Overview

Top tips to small business owners from accomplished business leaders.

Highlights

  • Clarify, articulate and communicate the purpose of your business.
  • Work hard, there is no substitute for hard work.
  • Do not get discouraged, learn from mistakes and failures, then move on.
  • Stay focused amidst challenges.
  • Get your products close to your customers.
  • Have a clear strategy why you are different, create a niche.

Story – Jack Dorsey

  • He is co-founder of “Twitter” and the founder and CEO of “Square”
  • At the beginning, many viewed Twitter as “nonsense” and even compared it with an ice cream, saying that “both are tasty and equally useless”
  • Twitter got a break when Fred Wilson sponsored the project by providing half a million-dollars funding.
  • Twitter is a huge success with over 300 million active users and $50 billion market capitalization.

Deep Insight

  • It is more important to “delight” your customer than to “satisfy” them.
  • You may start up with one business and translate to another.
  • “Skills” can be learnt and taught but “passion” cannot.

Application

  • How can you “delight” your customers?
  • What is your business niche?

References:

What Will I Learn?

  • Motivates small business owners.

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