Start-up tips from successful entrepreneurs

The world's best entrepreneurs have learned about the ups and downs of running a business by experiencing great success and terrible failures. The lessons they've learned are invaluable to new business owners. Here are some tips from big names in the business world:

• Avoid excessive risk-taking: While many entrepreneurs are naturally risk savvy,  a trait that can be good for business, Sir Richard Branson, founder of Virgin Group, advises that no risks be taken without a safety net to fall back onto. He told Entrepreneur, "One of the most important phrases in my life is 'protect the downside.' It should be one of the most important phrases in any businessperson's life. Protecting the downside is critical. Make bold moves but make sure to have a way out if things go wrong."
• Experiment: Amazon CEO Jeff Bezos believes in conducting small experiments often and failing early on in the process. Rapid experimentation allows for mistakes that occur early on in the process and do little to no harm in the long run. "And when we hit on something that is really working for customers, we double down on it with hopes to turn it into an even bigger success," Bezos stated.
• Never forget your customers: Sir Richard Branson believes the customer always comes first. If businesses do not orient their innovation to benefit the consumer first they cannot be successful. Virgin Atlantic offers free seat-back TVs, onboard massages, a glass-bottomed plane and stand-up comedians, to encourage individuals to not only want to purchase Virgin Atlantic services but to go out of their way to fly with the airline.

Entrepreneurship is exciting and filled with potential. Hire an experienced small business attorney as soon as possible to ensure you have legal protection should the need ever arise.

Categorised in: Starting a Business in Arizona

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