What do successful people like Microsoft's Bill Gates and Hewlett-Packard's Meg Whitman all have in common? They know how to run a business. However, before these titans of commerce were raking in billions of dollars annually, they had to work their way to the top. If you own a company and strive to follow in their footsteps, then there are a few things that you should know. You need to have what entrepreneurial website Inc. calls "business brilliance" – the ability to get ahead in an increasingly competitive market.
To think like a billionaire CEO, you should:
1) Be aggressive and look for openings
According to Inc. around 90 percent of individuals who classify themselves as "business brilliant" revealed that they are always looking to gain an advantage when it comes to everyday operations. Even having a small edge against competing companies can make a huge difference in overall profits.
2) Hire industry experts
If you want to produce a top-notch service, you'll need to work with people who know what they are doing. For example, if you are in the advertising industry, call upon a small business online marketing firm to help you with everything from pay-per-click to video ads. Doing so will allow everyone in your company to capitalize on their strengths and minimize weaknesses.
3) Conquer setbacks
While it can be difficult to overcome obstacles, there is no point dwelling on them. Learn from your setbacks. Focusing on your failures can inhibit you from reaching for the stars. Always remember that with great risk comes great reward.
4) Focus on quality, not quantity
This may sound cliché, but it couldn't be more true. It's much better to be known as a company that offers a few stellar products than one that produces hundreds of mediocre items.