Nokristart - Learn Everyday: Billionaire
Showing posts with label Billionaire. Show all posts
Showing posts with label Billionaire. Show all posts

Tuesday, August 30, 2022

4 New Rules for Entrepreneurs in 2022 - Nokristart

August 30, 2022 0
4 New Rules for Entrepreneurs in 2022 - Nokristart

4 New Rules for Entrepreneurs in 2022 - Nokristart


4 New Rules for Entrepreneurs in 2022 - Nokristart


For the past 18 months, starting a business has seemed like a terrible time. But for some entrepreneurs, starting a business is still the same – only the rules have changed.


1. Create a business plan

What's the same? You still need to write a business plan, says Frank LaMonaca, a small business consultant with SCORE in Westerly, Rhode Island. A business plan usually includes the cost of your product or service, how you will sell it, and how much money you need.


What's different: Your online strategy should be front and center. Are you ready to connect with customers via video chat? How is your website linked? Are you effective at marketing yourself on social media? According to LaMonaca, the past 18 months have proven how relevant these questions are to today's startups.


"Digital Marketing was a solid strategy for those who survived the most. They had an online presence that connected them to their customers and their communities," he said. Even though they were a service company, they benefited from communicating with their customers, letting them know what's coming and where they're going."


2. Calculate the cost of getting started

What's the same: New businesses often need upfront capital to set up, open their doors, and cover expenses as sales grow. Banks are an unexpected source of income, said Jerry Herrick, a Northern California SCORE counselor. "Banks don't waste their time dealing with people for a year before they get money," he said. Herrick explained that using personal savings, friends, family, and other resources can help you get the financing you need in the first place.


What's different now: According to LaMonaca, you need more money to get started these days than you might expect. He currently recommends increasing it. "If you thought, 'I need enough money for six months,' we said, 'No, you don't know what's happening. And you need to know when the next closing is.' I am curious to know how consumers will react to what you have to do, whether it's a mask mandate or a vaccine requirement.' You have to think,'' he said.


3. Fight inertia

What's the same? Herrick says that if you want to start a business, you must create one. "You have to jump," he said. "What did you do today? ... What will you do tomorrow?"


Here's the difference: Starting a business already requires courage and tolerance for risk. You may need more of these things.


For LaMonaca, the past 18 months have been like this: "I've had people call me and ask about when they've been through four recessions and felt their business take a downturn. And all of a sudden, it's zero revenue. They. Not 20% down, not 30% down - no income," he said. "They're shocked. … We had to pull them in and say, 'Okay, let's do it like any business challenge. Let's step back instead of messing around. Let's see if you can make money.' Save and how to avoid it.


4. Track your money

What's the same: Herrick says finding accounting software for your small business and opening a separate checking account is still a practical first step. Even before your business opens, recording your expenses can save you money on your taxes and keep things more organized. "Always document the money you receive," he added.


What's different today: With the complexity of changing tax laws, wage protection programs, and other state and federal business laws, being around one another may be more critical than ever. You do a wise man. LaMonaca recommends creating a financial "BAIL" team of banks, accountants, insurance adjusters, and attorneys to monitor your accounts, avoid tax headaches, reduce liability risk, and protect you. Everyone can help to do this.

Wednesday, August 3, 2022

Warren Buffett's Top 10 Rules of Success

August 03, 2022 0
Warren Buffett's Top 10 Rules of Success

Warren Buffett's Top 10 Rules of Success





He is one of the most successful investors, philanthropists, and business tycoons and a billionaire worth over $70 billion. Since 2017, Warren Buffett has been considered the second richest man in the world and is famous for his investment advice and strategies.

Many people model his success and want to learn his strategies to build massive wealth. In this article, you will discover Warren Buffett's top 10 rules for success.

Buffett was born in Omaha and developed an intense passion and interest in business and investing in his youth. He graduated from Columbia University and learned his investment philosophy from another great investor, Benjamin Graham, who is famous for his principle of value investing.

Buffett's company, Berkshire Hathaway, owns more than 60 companies, including Geico, Dairy Queen, and Duracell. While most young people have a good time playing games, Buffett started his career as an investor. He bought his first stock at age 11 and filed a tax return at age 13.

Along with his best friend Bill Gates, the richest man in the world, Buffett launched The Giving Pledge, asking billionaires to donate their wealth. Facebook founder Mark Zuckerberg was one of them. Buffett believed in giving back and pledged to donate over 99% of his fortune to charity. To date, he has given nearly $32 billion to charity.

So, how was Warren Buffett able to produce such a fantastic outcome in his life, amassing massive wealth and creating outstanding success in his investing career? He has a particular set of principles and philosophies regarding making a decision, investing, running a business, and succeeding in life. These principles of success can be summed up with the top 10 rules below.

1. Find your passion

Almost all successful people agree that finding and following your passion is important if you want to produce amazing results in life. Warren Buffett is also convinced of this. During an interview, he confided that he had been lucky enough to discover what he liked to do from an early age. He said that once people find their passion, their lives will change.

There's no guarantee you'll be able to find your passion in your first job, but you have to keep digging until you find it.

Passion is the only way to produce exceptional work. Without passion, you will do things with a half-hearted approach, and there is no way to become the best that way. So, find your passion, do what you love, and you can produce incredible success in life when you do.


2. Recruit well

If you want to be a billionaire, you can't do it alone. You have to have a good team, and to have a good team, you have to learn how to recruit well. Always remember that you cannot succeed in this world alone. You need the help of others to bring you the success you want. Your employees will be your greatest assets.

Buffett emphasizes three qualities when hiring: integrity, intelligence, and energy. Buffett also said that integrity comes first out of these three qualities. He jokingly said that you don't want to hire someone who has no integrity but a lot of intelligence and energy. Integrity comes first. Without integrity, other qualities don't matter.

Buffett is famous for saying, "It takes 20 years to build a reputation and five minutes to ruin it." He firmly believed that to build a billion-dollar company, you must hire someone with integrity. This is because people have to manage money in business. And if you hire people with no honesty, many problems will arise.

3. Don't care what other people think

Buffett's third rule of success is that he doesn't care what other people think. This is extremely important because if he wants to consider what others have to say, his decision will be influenced, and he will never be able to cling to his investment principles. If Buffett were to listen to what others were saying, he would become like most people, living an average life rather than living like a billionaire, and become such a successful investor.

The same goes for you. When it comes to achieving the success you want and living your dreams, some people will tell you that it is impossible to achieve what you want and simply suggest you get a real job... Never listen to the opponent.

Warren Buffett is known for the concept of the "circle of competence," which he used to focus his investments on operating only in the areas he knew best. The concept basically explains that each of us has developed useful knowledge in certain areas, and we need to operate in those areas that we are good at. So ignore what others have to say about the rest.

It is human nature to want to be assimilated and accepted by others. However, this will cause you to worry too much about what others think and say about you. It will also prevent you from living your best life on your own terms. When you care too much about what others think and say about you, you will restrict your freedom and always be their prisoner.

4. Read, read, read


It said this billionaire reads about 5-6 hours a day and about 6 newspapers every morning. The more you read, the wiser you will become and the more knowledge you will get.

Your skill will help you make better decisions that will lead you to success.

Before investing in businesses, Buffett often read Benjamin Graham's "The Intelligent Investor.". Successful people are great readers, and you must adopt the same habits.

Reporters asked SpaceX CEO Elon Musk how he learned to build rockets. Elon's response was simple: "I read books." Reading helps one learn more about the world and become more open-minded.

So, commit to reading every day. If you are busy and need more reading time, start small and read 15 minutes daily. Go for more. Read for at least an hour a day. You can wake up earlier and make time to read or make good use of your commute time to read.

5. Have a safety margin

The concept of a "margin of safety" originated in Benjamin Graham's teachings. Warren Buffett, Graham's most successful follower, learned the concept and used it in his investment portfolio.

The concept is easy to understand, and Buffett often explains it using the metaphor of driving over a bridge. When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks on it. Thus, you have a safety margin of 20,000 pounds.

When it comes to investing, you'll never buy a $50 million company for $60 million. You will buy the company worth $50 million at a lower price than this to ensure a margin of safety. In banking, a bank will never lend you money if you can barely pay the interest each month. The banks will ensure that you have an extra to pay the loan installment in case something goes wrong.

This concept is central to the principle of value investing. It helps investors make better and wiser decisions before they buy a stock. When an opportunity comes your way, evaluate it using the concept of a margin of safety before deciding.

6. Have a competitive edge

Buffett said capitalism is someone coming in and trying to take the castle. In the business world, your company must have a sustainable competitive advantage to survive in the long term.

Today's competition is tough, and people can copy exactly what you do, produce the same product, and put you out of business. That's why having a competitive edge is essential to protect your business, just as a moat protects a castle. Buffett said he would invest in companies with a competitive edge because he wants to ensure the company will still be around years from now.

So ask yourself: What are you good at? How can you make your product so unique and special that other people can't copy it? What kind of service can you provide to your customers that can act as your competitive advantage, make your business flourish, and help you become the industry leader?

7. Plan your personality

One of the rules that ensured Buffett's success was that he built his businesses around his personality. Buffett said he doesn't like meetings and builds his businesses how he wants and loves. He also mentioned that to succeed in what you do, you have to find your rhythm and sweet spot to enjoy your work and perform at your best.

Buffett loves to read and chooses to read to improve his knowledge. Then, he acts as a strategist and runs his business from behind the scenes. You should do the same if you want to perform at your peak level.

Well, not everyone can be like Warren Buffett and spend five hours reading every day, but you can plan your work around your personality. If you like to have a cup of coffee before you start work, do it. Organizing your workspace according to your own taste will make you more productive. The key is to play to your strengths and personality so you can become the best at what you do.

8. Always be competitive

Buffett thinks one of the most common killers in business is complacency. When people fall into their comfort zone and fail to improve their competitiveness, their companies will eventually fail or be taken over by competitors.

And to stay one step ahead, you always have to compete. Every business has problems in every industry. Buffett believes the key to success is its ability to compete and stand out from the crowd. When IBM stock fell significantly, Buffett said IBM didn't perform as he or management expected. He also said that IBM is a significant and robust company with a big and powerful competitor. And IBM must improve and innovate to continue to thrive in its business.

Buffett also said Geico had added 700,000 policyholders over the past year, far outpacing receding competitors. That's why he invested in Geico, and the business continues to thrive because it is still in the competition. Therefore, never rest on your laurels. Stay competitive, and keep improving and innovating in your business.

9. Success Model

There is only one way to succeed in this world. If you want to succeed in life, you need others. You need to model other successful people, or better yet, find yourself a mentor. This is why Warren Buffett learned from Benjamin Graham and worked for him as a disciple.

Look at the sports industry; every outstanding and professional athlete has a coach. Tiger Woods has a trainer. Michael Jordan has a trainer. Usain Bolt has a coach. You need a coach to guide you on your journey to success. Your coach can also remind you of your goals and encourage you to do your best.

A mentor in business is considered one of the most important keys to success. When Steve Jobs started, he learned and received a lot of business advice from Mike Markkula. The same goes for the famous motivational speaker Les Brown. When Les was young, LeRoy Washington guided and mentored him to achieve the best in his life. Les Brown was called "educable mentally retarded" at school, and one day his mentor, LeRoy Washington, said something to him that changed his life. He said to young Les Brown:

"Don't let someone's opinion never become your reality."

So, find a mentor or coach to guide you in your business and life. Success leaves clues, and to produce a great result, you need to model the success of others. Learn and study from others, then improve to become better.

10. Give unconditional love

Finally, Warren Buffett believes unconditional love is the most potent force. And the unconditional love he received from his father, Howard Buffett, a US congressman, made Warren who he is today.

Buffett says his father believes in and supports him in everything he has done. Whatever Buffett has done, no matter how much money he has made, his father will tell him to do his best in whatever he tries. That is why Buffett believed he could produce excellent results in his life. He also suggests that anyone wanting to succeed should give unconditional love.

While this last Warren Buffett rule of success has nothing to do with a trading strategy, it has much to do with your personality and beliefs. As a philanthropist, Buffett believes in helping society and giving back to the world. He always seeks to help and to give rather than to take. Operating with a giving and helping mindset puts your customers first, making a business thrive.

Monday, August 1, 2022

10 Principles of Success to Learn From Donald Trump

August 01, 2022 0
10 Principles of Success to Learn From Donald Trump

10 Principles of Success to Learn From Donald Trump




Donald Trump is a well-known figure in real estate and business. He earned his degree in finance from the Wharton School and inherited a third-generation entrepreneur from his family. He is also famous for his “Think big” quote. He has authored numerous best-selling books, executed multi-billion dollar real estate deals, and created and produced The Apprentice television series for 12 years and more than a year ago.

Trump has had some notable real estate successes. He first appeared on the Forbes World’s Billionaires list in 1989. Today, Forbes estimates Trump’s net worth at $3.5 billion, making him one of the richest politicians in American history.

1. Work Really Hard

Donald Trump believes that the harder he works, the luckier he gets. And he’s absolutely right. Many people think that the rich and successful can do what they want and can wake up whenever they want. This is completely untrue. The rich and successful are hard workers and rarely take time off. 

That’s all I need, and it gives me a competitive edge. I have successful friends who get ten hours of sleep a night, and I ask them, “How do you compete with a country like mine if I only get four hours of sleep?” They can rarely do it. No matter how smart you are, there isn’t enough time in the day.”

Of course, this is not unique to Trump. Many other successful people follow the same model of hard work. They work really hard and rarely take time off. Bill Gates, one of the world’s wealthiest men, once told the Daily Mail in an interview in 2011, “I haven’t taken a day off in my twenties. Not one of them. And I’m still a fanatic, but now I’m a little less fanatical.”

So, work hard for your dreams and desired success. There is no free workout in this world, and if you want to get excellent results, you must work hard.


2. Don’t do it forMoneyMoney

Most people have a hard time succeeding and achieving significant results in life because of a negative focus. They chose to do it for money. Think about it, wealthy and successful people don’t make this money because if they did, they would have quit and quit when they made their first fortune from their business to enjoy life.

Chances are successful people like Donald Trump, Bill Gates, Warren Buffett, Steve Jobs, and many others don’t do it for money. For this peoMoneymoney is just part of their hard work and theyMoneymoney to maintain points. The more and more they produce, the Moneymoney they will have. They understand this and thus never workMoneymoney.

If money is your priority, you will miss out on other important success factors, such as creating value to help others. If people see you as someone trying to get every penny out of them instead of helping them, they will never do business with you.


3. Focus on What You Do Best

In the early 1990s, when Trump amassed a fortune from his business ventures, he lost focus because he wanted to do too much at once. Many went to him asking for business deals. When the market crashed, Trump went deep into debt, and some of his companies had to file for bankruptcy. But that didn’t stop him from moving on and continuing to do what he does best in real estate.

Trump once told reporters that when times are tough and everyone around him fails, it’s hard for him to survive. So he decided to do one thing: focus on what he did best. As he began negotiating deals and building the business, things started to improve. Eventually, he got out of debt and came back even bigger. Trump wrote a book about his comeback in 1997, “The Art of the Comeback.”

So, choose to focus on what you do best. Michael Jordan is a great basketball player. What do you think would happen if he tried to play golf and tennis at the same time? He will lose focus and spread his effort to maturity. That’s why focus is crucial if you want to be successful at what you do.

4. Hire Great Employees

Donald Trump believes that to do well in your company, you must hire great employees. First, you can never be successful if you do everything. You have to make the most of it and get help from others. And when hiring, choose to hire great employees rather than good or average ones.

According to Trump, excellent and average workers will do things like most people. They won’t take you to a higher place, but they’ll just do their thing on it. You can’t fire them for doing their job, but they will never work and bring you great success. So hire great people instead of average and good people.

5. Believe in yourself

You have to think of yourself as a winner to be a winner. If you don’t feel like a winner, it just won’t happen.” This is what Trump told his audience during one of his speeches.

You must understand that your journey to success starts and ends with you. Sure, like Trump, there will be others to help you along the way. However, with Trump, Trump Tower existed. Thousands helped build the big tower, but Trump made the dream come true.

When he retired at age 65, he received his first social security check for $105.Colonel Sanders then took the plunge and marketed his fried chicken recipes nationwide. He knocked on doors and traveled for miles to sell his recipes. He sold his fried chicken recipe that became Kentucky Fried Chicken today. The only thing that kept Colonel Sanders going without giving up was that he believed in himself.

6. Think Big and Dream Big

I like to think big. If you’re thinking about something, you might as well feel more significant.” Highly successful people choose to think big. Ordinary and unsuccessful people are afraid to think big because they fear failure and rejection.

Elon Musk has the vision to replace electric cars worldwide and make Earth a better place to live. He made it possible through Tesla. Today, Tesla’s worldwide sales exceeded 250,000 units as of September 2017. In addition to that, Elon also envisions conquering Mars. The idea may sound crazy to many, but his big dream made SpaceX possible. As quoted by Donald Trump, since you would be thinking anyway, why not just think big?

7. Leverage Your Success

Donald Trump said, “The best way to impress people is through results. It’s easier for me to make deals now because I’ve got so many victories. You have to create success to make an impression in the business world. If you are young and haven’t succeeded yet, you need to create a success mindset. It doesn’t matter if the success is small or big; you have to start with something and build on it.”


He believes that success leads to more success. Things will be difficult initially because you are nobody, and most people don’t want to do business with you because you are unsuccessful. That’s why you need to capitalize on your success. Start small and build results. Use it to make even bigger and better results when you get a good result.

Before you “make it,” most people will call you a liar, a fraud, and a liar. After you become successful, people will call you a visionary and a leader. So, it doesn’t matter what people call you at first; what really matters is that you choose to believe and set out to reach. Every master used to be a beginner, and you have to start somewhere. So, choose to think and see yourself as successful all the time.


8. Follow Your Heart


People will often think that what you are trying to do is impossible and that you are trying to avoid the “truth.” Your parents may say you are wrong, or your friends may think you are just a dreamer, but no matter what people tell you, you must follow your heart and do what you feel is right.

When the Wright Brothers tried to build an airplane, people thought they were crazy. They were just bicycle dealers; how could they build something that could fly? Instead of listening to the naysayers, they chose to continue to follow their instincts with their hearts. Today, you can fly from London to New York in about 8 hours thanks to the Wright Brothers, who were willing to follow their hearts and stand up to the naysayers.

9. Never Give Up

You can change and move, but you never give up.” This is what Trump told his audience in a speech. Trump believes that successful people are not competent or people with higher education degrees but that successful people are just refusers.

A winner will never quit, and a quitter will never lose. You must remember that if you give up or quit, you will waste all the effort and time you poured into your effort. Too many people stop and give up too soon.

Napoleon Hill, the famous and best-selling author of “Think and Grow Rich,” writes in his book that before success comes into any man’s life, he will surely encounter temporary wins and failures. And when defeat comes to a man, the easiest way to do it is to stop. And this is precisely why most people fail to achieve the success they seek in life. Only those who keep at it and never give up will taste the reward of success.

10. Love What You Do

Trump says you have to love what you do if you want to be successful at it. As any exceptional person says, if you are passionate about what you do, you will work harder for it. Plus, even if you encounter hard times on your journey, you will keep going because you love doing it. You’re not doing it for money or anything; you’re doing it because you love it.

Steve Jobs said the same thing in his commencement speech at Harvard University: “Your job is going to take up a huge chunk of your life, and the only way to be truly happy is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t come and stay.”

Prolific people succeed because they are passionate and love what they do. You should do the same. Find the passion in what you do and learn to love your work. When you are passionate, you will do more, perform better, and succeed.

Top 10 Success Principles to Learn From That Jack

August 01, 2022 0
Top 10 Success Principles to Learn From That Jack

Top 10 Success Principles to Learn From That Jack





Jack Ma, known by his Chinese name Ma Yun, is one of the wealthiest people in China and the founder and CEO of Alibaba, one of the largest internet companies. He is the first Chinese person to be featured on the cover of Forbes magazine and ranked second in Fortune’s “World’s 50 Greatest Leaders” 2017 list.

As an outstanding entrepreneur and visionary, Jack is also an inspiration and role model for many in the business world. He is renowned for his speeches and lectures around the world, which enlighten and share his advice.

In this article, you will learn the top 10 principles of success from Chinese billionaire Jack Ma.

1. AcceRejectionion

According to Jack, one key to success is accepting rejection and getting used to it. Jack started out as an ordinary man with no ties to the rich, family, or neighbors and received no funding from the local government in his early days. When Kentucky Fried Chicken first entered the Chinese market, he said he applied for a job there along with 23 other applicants. In the end, out of 24 applicants, 23 were accepted, and he was the only one rejected by KFC.

Because Jack likes to share and talk about his knowledge, he also applied to Harvard University ten times. Again, Harvard rejected him and said these experiences led to previous rejections. Breaking up in business is all too common, especially regarding a successful life.

A rejection happens not just to the Chinese billionaire but to anyone highly successful, such as the author of Harry Potter, JK Rowling, Steve Jobs, Elon Musk, and even basketball superstar Michael Jordan. Jordan was rejected by his high school basketball team. Still, despite rejection, he did not give up on his dream and continued to work hard for it. So, to be a successful entrepreneur, learn how to accept rejections.

2. Keep Your Dream Alive

Another great thing one can learn from Jack Ma in success is to always keep your dream alive. He once told an interviewer that his wife told him he wasn’t his. His wife says Jack actually owns Alibaba. That’s because Jack almost always can’t get himself to think about other things besides growing Alibaba. Jack acknowledges this and says he always feels about Alibaba, talks about it, sleeps with it, breathes it, and talks about it at every moment.


He is obsessed with his job and his dream, and that’s why he succeeds. Jack advises anyone wanting to be a successful entrepreneur to keep their dreams alive. They must be thought about, discussed, and worked on daily.

The same goes for every other successful entrepreneur like Steve Jobs. Plowing Apple and acquiring Pixar, he started his work as early as 7 a.m.; by the time he got home, it was nearly midnight. Steve Jobs was so passionate and obsessed with the project that he devoted almost his entire life to it. You have to keep your dream alive to create amazing things in life.

3. Ignoring the Naysayer

Whatever you do, you must ignore the naysayers trying to bring you down or tell you things aren’t possible. On your journey to achieve your desired success, you will face many naysayers and have to learn how to deal with them.

Many dismissed the idea when Jack Ma introduced Alipay, popularly known as Zhifubao in Chinese. Alipay is a third-party mobile and online payment platform like PayPal. People told Jack that Alipay wouldn’t work and it was a stupid idea. Today, Alipay has overtaken PayPal as the world’s leading mobile payment platform, and China has rapidly become a paperless country. Almost everyone in China uses mobile payments daily, and Alipay is the biggest platform.

Some people will tell you that your job or your dream is impossible, but you should not let your dream be stolen away. Many thought that electric cars and the conquest of Mars were impossible and that whoever dreamed this up was crazy. Elon Musk proved otherwise. Tesla is currently the largest electric car manufacturer, aiming to make its cars affordable and available to everyone around the world.

4. Focus on Building Culture

Jack Ma says one of his company’s core competencies is culture, not technology. He believes that technology and the internet are just tools and that anyone can leverage technology to create something better. Thus, Jack is very focused on building an amazing culture in his company. The Alibaba Group has thousands of employees, and everyone is united by values ​​and visions. That’s why Jack Ma says culture is important to his success.

When building a successful business, the first thing that comes to mind for most people is profitability. While it is true that a company cannot survive without generating revenue, without a positive and productive culture, a company cannot be successful long term either. Jack says Alibaba is not just about making money; rather, it’s about building its people and growing together.

Why do you think big companies like Google, Facebook, and many others are trying to build great workplaces for their employees? When the organizational environment and culture are encouraging, the people within them will experience higher growth rates and be more productive at work.

5. Take Inspiration from Every Area of ​​Life

Jack Ma said he loves movies and has learned a lot from watching movies. Her favorite movies are The Bodyguard, starring Whitney Houston, and Forest Gump, starring Tom Hanks. In an interview, he once told an audience that he learned the most from Forrest Gump. It’s okay that people can call you stupid or crazy, just like in the movie; you just have to be yourself and do what you think is right. That’s why he started businesses, followed his dreams, and became a successful entrepreneur.

There are many things you can learn from life. Just as Isaac Newton discovered the Law of Gravity by watching an apple fall from his tree. In the case of Albert Einstein discovered the theory of relativity by watching trains pass by while standing on the platform. Lessons about life and success are everywhere, but you have to be willing to open up and learn. Zig Ziglar, the famous personal development guru, famously said, “If you are not willing to learn, no one can help you. If you’re determined to learn, no one can stop you.”

6. Create a Reputation

This is a business success principle that anyone who wants to build a great business should learn. Jack Ma says that your business and company brand is essential because if you want to be famous, you must choose a good one. He chose Alibaba not by chance, but when he tried to register his business name, he asked people if they had heard of it. He was surprised that most people had heard of the name Alibaba and knew about ‘open sesame.’ Plus, Alibaba starts with the letter A, meaning it will always be first. And that’s why he decided to go by the name Alibaba.

Take a look at all the very successful business names today. Amazon is so named because its founder, Jeff Bezos, wanted it to be the world’s largest bookstore. The name stands for the Amazon, the largest river in the world. Moreover, Amazon starts with an “A,” meaning it could rank higher in the search engine in the old days.

Emphasizing choosing a good business name and putting in the effort and time only shows that you are dedicated and passionate about your business. Someone who isn’t passionate about his business would never spend time thinking about a good name because he doesn’t believe it can become an international brand.

7. Stay Responsive

When Alibaba went public in the US, a reporter asked Jack if he had said no to an opportunity, and he replied Because if I say yes, I might have five thousand opportunities every day.”

Jack believes that to build a successful business, you need to stay focused on your ultimate goal. You need to combine all your efforts, grow, and do what your business is meant to do. When you lose focus, you scatter your attention, and this is when you will fail.

And in mindfulness, Steve Jobs was a legendary mind in his field. When he returned to Apple in 1997, one of the first and most important things he did was eliminate unnecessary features. It reduced Apple’s product line from hundreds of them to just ten. Steve Jobs told Fortune magazine, “Apple is a $30 billion company, but we’ve got less than 30 core products.” Jobs also said, “People think focus means saying yes to what you need to focus on. But that is not what it means at all. It means saying no to hundreds of other good ideas.”

8. Customers are Always

In an interview, Jack said he valued his customers over his shareholders. He would put his customers first, which is the most essential part of his business, followed by his employees second, followed by the shareholders.

Jack believes shareholders will come and go. And the only way to ensure shareholders are making money is to make customers a priority. When customers buy from you, your company makes a profit, and the shareholders will be happy. Jack often tells his teams that customers pay the bills and encourages them to put their customers first.


9. Stop Complaining And Look For Opportunities
If you want to succeed in whatever you do, you must stop playing the complaint or blame game. Many people complain about many things in their lives. They say they have a terrible boss, complain about their spouses, and blame the economy for negative outcomes. Jack Ma says that you will miss the opportunity if you complain because you are blinded by the complaint.

“Every fault, every failure, every heartache carries with it the seed of equal or greater gain,” wrote Napoleon Hill, the best-selling author of “Honored and Rich,” in his book. Jack totally agrees with this. Instead of blindly complaining, she says, look for opportunities in the problems. Where there are challenges, there will be opportunities.

9. Live with Passion

1999 Jack Ma pitched his idea to 17 friends in his small apartment to start Alibaba. At that point, no one knew if the idea would go through, but those who decided to pursue the opportunity believed in one thing: Jack Ma’s passion.

Passion is one of the keys to success. If you are passionate, you will keep working and trying to move forward, even when things get tough or fail. Most people give up because they lack the will to endure. They don’t like doing it, so why do they want to persevere when things are complex and not going their way?

Steve Jobs said it well, “Your work will take up a large chunk of your life, and the only way to be truly happy is to do what you believe is great work. And the only way to do great is to love what you do.” And to love what you do, you have to be in it and passionate about it.