They say the best way to learn and improve yourself, in whatever you do, is to imitate the practices and techniques of the masters in that domain. In sport, it means to follow the techniques of professional athletes; in academia it’s learning the theories and studies conducted by leading thinkers; and in business, it means to follow the methods created by the top CEOs in the world and implementing their practices.
Being successful is very difficult, as only a finite amount of companies can obtain top status globally, so business owners need all the help they can get to get there. One way that business owners can improve their business and make it far more likely to succeed is to first follow the examples of those who have achieved great success before them, and then innovate off their methods.
Here’s a look at some of the top business owners in the world, as well as what can be learnt from them to help make your business more effective.
Simon Sinek
Simon Sinek isn’t a conventional business owner, in that he doesn’t own a multibillion-dollar company and instead has managed to create a super successful career for himself by giving business and leadership advice. Sinek can be found spending most of his time in the public eye, giving motivational speeches and writing books focused on improving your business, and what’s important to note here is that what he says is extremely relevant and has helped many businesses become more profitable and effective.
His aim in life is to improve the experience of work for many people, and he seems to be engaged in creating a working environment that’s looking out for the little guy, stating on his website that he wants to “help advance a vision of the world that does not yet exist; a world in which the vast majority of people wake up every single morning inspired, feel safe at work and return home fulfilled at the end of the day.”
Now, business owners might be scratching their heads trying to figure out how improving working environments and making everyone happy is going to boost their business, but it is actually very simple. Making work a better place to be for everyone within a business will in turn encourage staff to work at a faster pace, completing tasks more effectively, and will also encourage them to stay with the business for longer, therefore helping to boost your retention rate and limit how much time and money you have to spend on recruiting for replacements.
Sinek talks a lot about creating a circle of safety in work, and this is a strategy focused around the fact that our mental wellbeing—which is dictated by neurochemicals such as endorphins, dopamine, serotonin, oxytocin, and cortisol—play a huge role in how people perform at work. It is quite obvious to see that when people are stressed, worried, afraid, bored, or even pressured, their work quality reduces as a result. The circle of safety is designed to reduce these feelings and harbor a work environment where staff can communicate their feelings without fear of ridicule, and feel supported so that they can focus on producing work that improves the business and thus productivity, which in turn should help you achieve a bigger profit margin.
Tim Cook
Most people know Tim Cook as the current CEO of Apple, who took over the company after the passing of founder, Steve Jobs. Now being at the helm of the company for nearly a decade, Cook has done a lot for Apple and has ushered in the period of Apple where they’ve been more innovative as they’ve tried to penetrate different markets and he has successfully made the company more profitable. The introduction of the Apple Watch as well as a swift adoption of music streaming was all done under Cook’s watch, which has enabled them to navigate a changing landscape and remain the premier luxury brand in technology.
What makes Tim Cook a good person to learn from is that he has paved the way in inclusivity within the workplace, and has demonstrated the many benefits there are of having a diverse workforce filled with different creeds, religions, and races. Cook is an openly gay man and is one of the few gay men to be the leader of a top business in America. With such a big platform, Cook has campaigned massively for the rights of LGTBQ+ individuals and lives by a guiding principle that “That everyone deserves a basic level of human rights regardless of their color, regardless of their religion, regardless of their sexual orientation, regardless of their gender. That everyone deserves respect.”
Irrespective of political opinion, following this principle for the way you manage your business can seriously help boost it and make it a more profitable one. This is because at least 67% of job seekers consider the diversity of their workplace to be an important factor when considering employment opportunities. This means that if your business is vastly overrun by one ethnicity, then it might not be attractive enough to encourage some of the top talent out there to work for your company, meaning that you’re missing out on assets and top talent that can truly enhance your business and help it grow. Furthermore, at least half of people in work want their workplaces to increase their diversity, meaning that doing so will help increase retention and boost morale. Keeping your staff happy is great business management, and you can become an expert on it by studying an MBA postgraduate degree.
Donald Trump
It can be easy to forget that Trump was a titan in the world of business long before he was ruling the nation as an incredibly quotable president. There’s a lot that can be learnt from the man, both in terms of how he handled his initial campaign to get into office, as well as how he managed his multiple businesses to accrue the wealth he has obtained.
One of the biggest lessons that business owners can learn from Trump is that failure doesn’t have to ruin you. Now, many people might call Trump (among many labels) one of the most successful people on the planet; however, with those successes, there have been many, many failures. Trump has run multiple business ventures that either didn’t get off the ground or had to file for bankruptcy, including multiple hotels and casinos in the 90s. Despite that, he still managed to dust himself down and continue creating new innovations and ideas to build his empire.
The takeaway from this is that business owners need to learn from failure and continue the fight to ensure that they don’t make the same mistake twice. Another task that businesses must undertake is to always have a plan for failure, so that if the worst happens, there’s an effective strategy that can be implemented to minimize the damages. This may involve the reinvention of the business.
Another lesson that can be learnt from Trump is that, although his character may be divisive, it’s still very effective in getting attention and getting people talking. This is a quality that businesses can implement, especially in their marketing to help them attract more customers, or at the very least to improve their brand awareness.
A little of bit of showmanship goes a long way for businesses and the confidence this shows can make customers trust you more. Of course, don’t go insulting people and posting potentially upsetting information; instead brag about yourself, celebrate your business and it’s accomplishments, and toot your own horn every once in a while. A good way to do this is through press releases about big news, conducting interviews, and even becoming a guest blogger so that you can be accessible to an even bigger audience.
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