AdviceBusiness ResourcesGrowthHow I did itSalesUncategorized

Leading entrepreneurs share the best business advice they ever received – Page 2 of 2 – StartupSmart

7. Dave Slutzkin – Listen to your customers

 

The head of website marketplace Flippa has heard plenty of advice in his day, but his favourite is a mantra for good customer service – although he can’t quite remember who told him the proverb.

 

“Customers have your best ideas,” he says.

 

“Both 99designs and Flippa came about largely when we started focusing on what our users were already doing on the SitePoint Forums way back when, and there’s obviously been a huge amount of success since.

 

“Since then we’re always concentrating on what our large user base is doing, because if we can make their lives easier with a new product then we can probably sell that to others in the world.”

 

8. John Winning – Control the supply chain

 

The head of Appliances Online has been in business since he was young, with his father teaching him the ways of retail. But Winning’s favourite piece of business advice actually comes from his grandfather:

 

“You can’t control what you sell something for; all you can control is what you buy something for.


“The market controls the sell price, so the only thing you can control is the supplier relationship and this will help you remain competitive.”


Appliances Online has raised eyebrows for selling at such low costs and with free delivery. But based on the company’s $300 million in sales, it seems this piece of advice is doing Winning and his family very well indeed.

 

9. Andre Eikmeier – Be careful what you spend money on

 

Eikmeier and his trio of co-founders at Vinomofo have been enjoying a busy year after buying back their online wine business from Catch of the Day. His favourite piece of advice comes from his “biggest inspiration”, entrepreneur Seth Godin.

 

“Don’t spend your resources on ‘customer acquisition’,” he says.

 

“Invest in your product; get your product so right that people love it so much they have to tell their friends about it. It’s simple, but profoundly game-changing. It’s real, and it’s sustainable, and it keeps your efforts focused on what really matters.

 

10. Tristan White – Don’t try to do too much at once

 

Tristan White has built his aged healthcare business The Physio Co from nothing to a powerhouse with millions in revenue, double-digit growth every year and awards as one of Australia’s best places to work.

 

His best piece of advice comes from George Nadaff, the founder of the American fast food chain Boston Market: “You can’t sit on two toilets.”


George is adamant entrepreneurs should focus on growing just one business at a time,” says White. “Not trying to ‘sit on two toilets’ or run two businesses. George speaks from experience having grown and exited fast food franchises multiple times in the last 40 years.”

 

11. Naomi Simson – It’s in your control

 

The head of ‘experiences’ retailer RedBalloon, Simson has steered the company into huge success. Her favourite piece of advice harks back to 10 years ago – when the business was just a fraction of the size it is now. The proverb came from a colleague who attended a presentation.

 

“If it’s meant to be, it’s up to me,” she says.

 

“It is really easy to blame other people for how life is. Have you ever blamed the ‘traffic’ for being late to work? There is so much freedom when you learn to accept that you just did not leave home early enough.

 

“To me this does not mean that I have to do all the work. In fact, what a bad leader I would be if I toiled 20 hours a day. What it means to me is that I am accountable, and I can live in a world without blame.”

 

12. Jacqueline Arias – Your products aren’t special

 

The founder of Republica Coffee has built her empire on sustainable, free trade products. Her favourite piece of advice comes from Carolyn Cresswell, who founded Carman’s – one of Australia’s other food-based success stories.

 

“Stop believing that your products are special, and start playing the very best game you can play.”


“This single statement fundamentally shifted my thinking about my business. I love everything about Republica, the ethics, the taste, the look, etc. But in order to grow the business I needed to take out my emotional attachment to the ‘baby’ I had created, and see it for what it is, a coffee product that competes on supermarket shelves.”

 

13. Dean Ramler – Details matter

 

Dean Ramler has built his online furniture business, Milan Direct, into a profitable empire, with significant growth ahead. His best piece of advice comes from his grandfather, who also worked in the furniture trade.

 

“There is no such thing as a detail too minor!”


“My grandfather taught me this invaluable lesson as he used to walk me around his furniture factory, and I would shadow him whilst he was speaking to and training his staff on all the smallest and finest details to improve their area of work.”

 

“At the time I thought he was fussing over some very minor details, but the lesson he was teaching me (and that he lived by) was that business is all about paying attention to the million little details that comprise the business.”

 

This story first appeared on SmartCompany.

Leave a Reply

Your email address will not be published. Required fields are marked *