There are lessons to be learned from the stars of the business world. Sure, it’s hard to imagine achieving the wealth of Warren Buffett, the influence of Steve Jobs or the appreciation of Oprah Winfrey. But each of these innovators reached those levels of success through their own brand of hard work and their desire to win. By examining the approach and experiences of these icons, it may provide business leaders with inspiration on how to run their companies.
Here are some leadership lessons from 10 renowned business figures.
1. Steve Jobs: Follow your passion
The beloved Apple CEO described getting fired as a blessing in his famous 2005 graduation speech at Stanford.
“Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did,” says Jobs. “You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied 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 settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.”
2. Walt Disney: It’s about people
The hugely influential creative genius was bursting with ideas. But in this quote on disneyanimation.com, he made it clear he couldn’t do it alone.
“You can design and create, and build the most wonderful place in the world. But it takes people to make the dream a reality.”
3. Oprah Winfrey: Be accountable
The television superstar urges self-reliance and taking ownership for your own path to success in this oprah.com video.
“You are responsible for your life. If you’re sitting around waiting on somebody to save you, to fix you, to even help you, you are wasting your time,” says Winfrey. “Only you have the power to take responsibility to move your life forward. The sooner you get that, the sooner your life gets into gear.”
4. Mark Cuban: Effort is everything
The owner of the Dallas Mavericks and star on ABC’s Shark Tank tells financial adviser Dave Ramsey that success is directly tied to the effort you put into it.
“I say it to Maverick players and I say it to everybody in business. The one thing in life you can control is your effort,” Cuban explains. “If you are willing to put in the effort to start the business and you are willing to deal with the challenges and the fact you might starve or live like a student. … If you are willing to fight through those via effort and brain power, anything is possible. There is no reason it can’t be you.”
5. Mark Zuckerberg: Take risks
The innovative Facebook founder suggests that risks cannot be avoided, as quoted by CBS News.
“The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
6. Russell Simmons: Believe in yourself
The hip-hop mogul says to have faith in your ideas in this inc.com story.
“You have to have a little courage. You have to take your thoughts and put them into a business plan — then you are on your way. But you gotta do the work. A lot of people have ideas, but ideas without effort are worthless. Resilience, hard work and dedication is what makes those ideas reality. You have to start, have courage, continue down the path and you can’t quit. There is no reason why an imagined idea doesn’t come to work except that you don’t come to work.”
7. Elon Musk: Be thorough
The CEO of Tesla and SpaceX, quoted by Business Insider, says that approach is key, as is having a thick skin.
“You want to be extra rigorous about making the best possible thing you can. Find everything that’s wrong with it and fix it. Seek negative feedback, particularly from friends.”
8. Warren Buffett: Take time to think
The “Oracle of Omaha” and CEO of Berkshire Hathaway recommends finding quiet moments in this entrepreneur.com quote roundup.
“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”
9. Richard Branson: You and your team should have fun
The founder of the Virgin Group tells entrepreneur.com that business must have a lighter side.
“Fun is one of the most important — and underrated — components of any successful venture,” Branson explains. “If you’re not enjoying yourself, it’s probably time to call it quits and try something else. If your employees are engaged and having fun, and they genuinely care about your customers, they will enjoy their work more and do a better job. Hire people who look for the best in others, who lavish more praise than they dole out criticism, and who genuinely love what they do.”
10. Bill Gates: Think about the future
The Microsoft cofounder and philanthropist urged forward thinking in his book The Road Ahead.
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next 10. Don’t let yourself be lulled into inaction,” says Gates.
