We’re lucky enough to live in a world where some of the smartest and most successful people share their daily habits and business strategies with the public. Since it’s usually not one size fits all, we’ve provided insights from three of the most successful people on the planet today in this week’s Trending on Thursday. We’ve also got some advice for attracting investors and some good news for people starting new businesses in 2016.
Keep reading for this week’s trending #smallbiz news and let us know what super-successful person inspires you.
- What can you do to ensure that you’re in the tiny minority of folks who actually succeed in reaching their goals in the year ahead? Sir Richard Branson, a man who clearly knows plenty about achieving extraordinary things, has some ideas, which he shared recently on his Virgin.com blog. The basic principle behind his advice is deceivingly simple – just write it down. But as he elaborates in the post, getting from daydream to reality requires a little more doing than simply putting pen to paper. Sir Richard offers a step-by-step process for actually reaching your goals, which he swears works for him.
- George Deeb of Entrepreneur says it is mathematically impossible to try to maximize growth and profitability at exactly the same time. According to Deeb, the math just doesn’t work and many companies trying to do both could benefit from a reality check. Since many business owners want to attract investment capital, it is a fair question to ask which route investors prefer. The answer is that it depends what type of investor you are trying to attract. Most venture capital firms are perfectly fine sacrificing near-term profitability in exchange for maximizing growth. On the flip side, most private equity firms need some base level of profitability before they will invest, as they will most likely want to lever up the business with debt to reduce their equity investment.
- What led to the richest man in the world becoming just that? Bill Gates certainly was in the right place at the right time with the right concept for a product. But over the years, he has pointed to some of the attitudes he believes lead to continued success and they’re a good guide for anyone in any field. Terence Loose has compiled some of them in a piece about how Gates thinks you should spend your money. Highlights: Gates believes you should welcome criticism, stay optimistic and be willing to fail.
- Good news for small businesses — there’s never been a better time to grow your business. Jennifer Overstreet detailed the biggest takeaways from Retail’s BIG Show 2016, which emphasized how the combination of more accessible technologies, more options for getting funding, easier access to resources and a healthier economic environment make 2016 a great year to take your business to the next level.
- You know the songs – you sing them in the shower and in the car. But have you ever wondered how Adele became so famous and so popular that she can decide not to allow her music to be streamed and still get millions of people to pay for it? Chris Matyszczyk has put together the six vital business lessons Adele would teach us, if she could be bothered. Among them are not tailoring products to reflect trends, and having a respect for the past.