In an effort to tap some of this wisdom, we called on business gurus to tell us the very best piece of advice they've received. From hiring to philanthropy and more, their responses were as varied as the companies they run.
"Do what you love, and the rest will come." "When I look back at my career to this point, I've spent the last 10 to 15 years following the same narrative, building things that people want to use and want to tell their friends about," he says. "All of these [concepts] started as me working in my apartment building on something I thought would be cool," he says. "All are projects that turned into products that turned into companies."
Rick Alden, founder, Skullcandy
"The fastest route to revenue wins."
The way Rick Alden sees it, coming up with ideas is never a problem for a creative team. Instead, he says, the challenge is learning to say no to nine great ideas to free up the resources necessary to push one product to market immediately. "That one product may not be your fantasy, but revenue on a simpler product today always beats running out of money developing a more complicated product that won't launch for another year," he says.
Sheila Johnson, founder and CEO, Salamander Hotels and Resorts
"Surround yourself with a great team, and build that team slowly."
Sheila Johnson certainly knows a lot about teams. She is owner or partner in three professional sports franchises: Washington, D.C.'s Capitals, Wizards and Mystics. She was also founding partner of the BET network and built Salamander, a manager of luxury resorts, from the ground up. "Your team is one of your most important investments," she maintains, "and if you are careful about hiring only the best people, it will pay dividends."
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