In this guide, we bring together a group of experienced executives at scaling technology companies to share the best business advice they’ve ever received. Tailored for leaders at the helm of technology-driven enterprises, these insights offer invaluable entrepreneur advice that cuts through the noise.
You’ll discover advice for entrepreneurs that has been battle-tested in the trenches of innovation. From business tips from successful entrepreneurs to foundational business advice for entrepreneurs, our contributors pull back the curtain on their secrets to success. Delving into entrepreneurship advice and great business advice, this article is a treasure trove of wisdom for executives looking to navigate the complexities of the tech industry with confidence and strategic acumen.
Business Mentorship
Diving into the heart of growth and learning, this section unravels the power of business mentorship. Learn about business mentorship programs designed to connect you with the perfect mentor for business, guiding you on how to find an entrepreneur mentor. Whether you’re pondering, “How do I find a mentor in business?”, seeking where to find a business mentor, or the best questions to ask a mentor, we’ve got insights to lead you to your business mentor. Discover pathways to enrich your entrepreneurial journey with experienced guidance at every step.
If you’re the smartest person in the room, you’re in the wrong room
“If you’re the smartest person in the room, you’re in the wrong room.” Always be learning and growing!
Megan Noel, Marketing Executive
Build a network
Relationships you build today can pay off in unexpected ways down the line.
Rob Beeler, CTO & Co-founder at Trava
Learn from your mentors and supervisors
I never had a formal mentor, but I did have some amazing supervisors who accelerated my learning and impact. Two local tech titans in my community, Scott Webber and Steve Ehrlich, were instrumental in my early tech career. What sticks out in retrospect was their boundless patience and willingness to spend the time to help and guide. And the nice thing about supervisors as mentors is that they have a vested interest in your success. If your supervisor isn’t up for mentoring, well…maybe go find one that is.
Joseph Loria, Founder at RetentionworCX
How to Manage a Small Business Successfully
Next, we delve into the core strategies for business success, focusing on how to run a successful business, especially when it comes to managing a small business. We uncover the key elements of what makes a business successful, offering practical advice on managing a business with efficiency and foresight. Whether you’re a seasoned entrepreneur or just starting out, these insights will equip you with the knowledge needed to navigate the challenges and opportunities of small business management.
Cashflow is everything
The best business advice I received was VERY early in my career while I was enrolled in Purdue’s Entrepreneurship program. “CASHFLOW…. cashflow is everything, if you can solve for cashflow you will answer all of the other questions you have in your business.” This has been sage advice in my career leading my own startups and while advising all of the partners we work with at Glassboard. Planning for cashflow enables you to survive long enough to see the success you’ve worked for.
Grant Chapman, CEO at Glassboard
Embrace failure as a stepping stone to success
Early in my career, I was hesitant to take risks for fear of failing. A mentor told me that in the fast-paced world of technology, failure is not only inevitable but also essential for innovation and growth. He emphasized that each failure teaches valuable lessons that pave the way to success.
This advice transformed my approach to work. I began to view challenges as opportunities to learn and grow, rather than obstacles to avoid. This mindset shift led me to take on more ambitious projects and innovate without the fear of failure, significantly contributing to my professional development and achievements.
Phil Strazzulla, Founder, SelectSoftware Reviews
Prioritize relationships over transactions
By prioritizing relationships, I have been able to build trust and loyalty with my clients. Instead of viewing them as mere sources of revenue, I see them as partners in success. This mindset has allowed me to truly understand their needs and provide tailored solutions that go beyond their expectations. As a result, not only have I been able to retain their business, but they have also become advocates for my brand, referring new clients and expanding my network.
Noel Griffith, CMO, SupplyGem
When Your Business Is Growing
Celebrating the exciting phase of “Our business is growing,” this portion of the article delves into the strategies that fuel business growth. We offer a comprehensive roadmap for entrepreneurs on how to grow a small business, enriching your toolkit with insights on how to grow your small business and addressing the crucial question, “How to grow my business?” From foundational tips to innovative tactics, this guide is crafted to assist in accelerating your business and ensuring sustainable company growth.
You have to go slow to go fast
I’ll never forget the time I reported to the COO of a Fortune 50 company. He blocked “synthesis and strategy” time on his calendar every Friday afternoon for three hours. Meanwhile, I could hardly find five minutes on a day that ended in “y” to refill my water bottle. When I asked him why and how he made that time block a priority, he replied, “If I don’t go slow, the organization can’t go fast.” His powerful pauses taught me an important leadership lesson.
Karen Mangia, President & Chief Strategy Officer at The Engineered Innovation Group
Focus on customer problems
Early in my journey, I was enamored with product features and technological prowess, often losing sight of the core issues we aimed to solve for our customers. This advice turned my perspective on its head—instead of pushing what we thought was groundbreaking tech, we began to deeply engage with our customers’ pains and aspirations. This pivot not only refined our product development but also established a customer-centric culture within our team. It’s a piece of advice that has permeated every decision and strategy, reminding us that at the end of the day, the success of a tech company lies not in the code we write, but in the human problems we solve.
Brett Farmiloe, CEO, Featured
Treat every client like they’re your only one
I’ve always believed in the power of personalized attention, whether it’s in crafting unique pin designs or nurturing client relationships. This approach, akin to carefully planning a family trip or navigating a challenging hike, has not just enhanced customer satisfaction but also led to innovative ideas and lasting loyalty. It’s a mantra that continuously inspires and guides my business philosophy.
Ryan Doser, Co-Founder, AI Insider Tips
Promote a culture of intellectual generosity
Instead of trying to keep information so that it serves you only, leaders are encouraged to freely provide knowledge. The key in-house innovation, therefore, must be establishing communication tools, such as an organization-wide knowledge-sharing board or a virtual Dropbox, where every employee feels free to share ideas and viewpoints. Not only does this eliminate silos, but it also fosters an atmosphere that nourishes innovation.
It’s always a great pleasure to see how ideas interact, inspiring unforeseen answers and building on shared knowledge in an atmosphere that encourages its development as a communal process.
Marty Aghajanyan, Founder and CEO, JBoard
Alright, let’s wrap this up like the end of a great adventure story.
We’ve learned a bunch of cool tricks from heroes who’ve been on epic quests of their own. We’ve gathered all sorts of treasure chests filled with advice on how to run a successful business.
Find great teachers, keep track of your money, learn from mistakes, make friends, and always listen to what people need.
You’re on a journey, but you’re not alone. You have friends and guides here in the Powderkeg community who can help you out. You’ve got a map filled with secrets from people who’ve explored these paths before.
Keep learning, sharing stories, and making sure everyone feels included in your adventure. And as you continue on your own exciting journey, remember these lessons. They’re like your gear—tools, compass, and a flashlight—that help you navigate through dark forests and find your way.
And just like in any adventure, it’s all about solving puzzles, helping others, and making the journey fun for everyone. Here’s to your adventure of discovering new paths, creating cool stuff, and being a leader who brings everyone together. Let’s make it an amazing journey!
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CATEGORY: Entrepreneurship