Life-changing Business Lessons from Multi-Millionaires
It has been seen that when it comes to starting your business or wealth creation, many people want to learn from the most successful, people who are their business idols.
Learning from multi-millionaires gives a peek into their struggles and their rags to riches journey.
Today India is amongst the top 3 nations in the world with the largest number of unicorns (billion-dollar companies) and we are poised to grow faster, but this will only happen when education and entrepreneurship spread across the remotest districts of India.
As a part of one of our top selling products- Everything About Entrepreneurship (EAE), India Inc and Billionaire entrepreneurs share life-changing business lessons with our customers. Under business guidance by multi-millionaires, small business entrepreneurs learn business strategies and how to implement them in their organizations.
Here are some key learnings from multi-millionaires on things to keep in mind before starting your business:
1. Create something that solves a problem
- If your product or business is solving a burning problem that the customer is facing, it is bound to connect with the people and become successful.
- Research, talk to consumers and learn before you start a business
2. Be ready to face failures
- An entrepreneur should not be scared of failing. Fear of failure forces you to play safe and that will not help in the long run
- You might be able start your business, but over time it will curtail your from scaling up or hamper your potential to earn more money
- As a part of our EAE course, for the first time ever in India these multi-millionaire entrepreneurs have assumed the role of professors contributing to the growth of entrepreneurship. In one of the videos with our Bada Business Professor Abhiraj Bhal, Co-founder- UrbanClap, he starts the interview with talking about how he and his friend started another company before UrbanClap which failed miserably in some months. But this did not stop them from starting a new business, infact it challenged them to prove themselves to the world. And this is how Urban Clap was born which now caters to 17 cities with 25000+ professionals associated with them.
3. God is in the Detail
- When you are starting a business be obsessed with details
- Be very particular about processes, work delegation and delivery and timelines of your business journey
- There are many entrepreneurs who start a business, but he one who is more than passionate about detailing will find a way out to succeed
- One great business guidance that we got from our EAE interview on the Bada Business App is by Dr. Velumani, Chairman & MD, Thyrocare. He said, “If you know COGS (Cost of goods sold), you can do business. But, if you know COGS of COGS, you can bring Disruption”. Through our ‘Learn at Home’ model, we want each of our entrepreneurs to bring about disruptions in their business that can change the fate of this country and its people
4. Learn from your mistakes
- When you start your business, it is natural to make mistakes. Most billionaires have learnt from the trial and error method and become successful
- An entrepreneur who treats failure as a natural stepping stone to success and is willing to learn from his mistakes, will surely make it big!
- Don’t let your ego come in the way, learn to accept that you don’t know everything
5. Have the courage to make Big Bets
- When you need to take decisions that won’t be easy, but your heart allows you to do so then go for it
- Facebook founder Mark Zuckerberg got a lot of backlash when they started the ‘News Feed’ feature in 2006. But he and his team did not give in to the popular opinion and finally News Feed became the highlight of Facebook’s interface
6. Have Clarity of thought
- The greatest business leaders in the world have established certain competencies. The most important of them is clarity
- Clarity leads to speed in decision making and execution. Clarity creates ownership
- Many of our billionaire Bada Business Professors stand testimony to this clarity. They have shared their success stories, and therefore make excellent role models for young and upcoming entrepreneurs looking for the right bit of motivation to get them that competitive edge
- Xiaomi's MD, Manu Jain in one of our videos of ‘Everything About Entrepreneurship’ gave business guidance on the clarity of thought. He was very clear from the beginning that Xiaomi phones initially will be only sold online-only, and this strategy gave them an immense boost in sales
One of the ways to learn important business lessons is to emulate successful leaders, learn from their mistakes and then tread on your own path to success. At Bada Business it is our endeavor to build a New India and make India stronger from bottom up. Business guidance from millionaires at the comfort of your home is a revolution in the making that is going to create entrepreneurs in every household of this country!