Advice from 5 Entrepreneurial Thought Leaders on Realizing Your Vision
Many business leaders resolved to build something new this year—whether a business in itself or a product, culture, team or process within one. To keep moving forward on your plans, icons like Elon Musk and others who’ve been through the entrepreneurial journey can offer valuable insight on making the most of each step. Here are some of their ideas to think about as you continue to turn your vision into reality.
Spend more time looking forward, not back.
The “look forward” approach to business was initiated at MGM Resorts International by founder Kirk Kerkorian. Later, chairman/CEO Jim Murren, who oversaw the $8.5 billion CityCenter development, worked from this same mantra, the idea being that past successes (or failures) provide little more than context for future business choices. According to Murren, “Creating teams that have an understanding of not only what they are doing but, most important, why they are doing it, is critical.”
Hire resilient people.
Real estate mogul Barbara Corcoran built a $6 billion business, The Corcoran Group, using $1,000 she borrowed from a boyfriend and unconventional wisdom she gleaned from her homemaker mom. Early on, Corcoran learned who would make a great salesperson in her real estate team based on one key trait: resilience. The superstars most likely to succeed in an industry with big successes tamed by hard losses, she discovered, were the ones that after taking a hit, “didn’t take a long time to get back up.”
Focus on investing, not spending.
Sales influential Grant Cardone became a self-made multimillionaire founding three companies. His mission now is helping others apply the wealth-building principles he learned. Among other nuggets of advice, he says, “The rich don’t spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can’t write it off. The rich, in contrast, buy an apartment building that producescash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.”
Establish a feedback loop.
The founder of Tesla and SpaceX, Elon Musk doesn’t just think outside the box; he ventures outside the universe. The consummate disrupter says, “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.”
Be persistent but flexible.
After PayPal and other ventures, Reid Hoffman went on to create the social tech company he’s best known for now: LinkedIn. He tells entrepreneurs to “Be persistent, and hang on to your vision. And at the same time, be flexible.” Because these two simultaneous mantras can at times be diametrically opposed, Hoffman recommends leaders build a network of trusted advisers to talk to at different decision-points. He says, “The most successful entrepreneurs bring in advisors, investors, collaborators, and early customer relationships.”
When it comes to building your network or structuring tax-favorable investments as suggested by some of these leaders, we hope you’ll consider Talley & Company and Group 11’s advisors part of your team. Our expertise in tax, legal, and business financial planning can help you fulfill your goals for this year and beyond.