Bill Gates', Richard Branson's advice for successful startups

Just beginning a business venture? Here are a few tips from the two of world's the highest profile billionaires

Starting a new venture is a challenge laden task. While some ventures after months of toil and trouble see the success they aimed for, some also fail to triumph despite being wholly committed to the project. However, there are those too, who are unable to overcome fears of loss and failure and consequently lose opportunities and ideas.

So if you’re indecisive, or just starting a business venture here are a few tips from the two of the highest profile billionaires who did things right.



Starting from a small record shop in Oxford Street London, Branson's Virgin Group now holds more than 200 companies in more than 30 countries, including the United Kingdom, the United States, Australia, Canada, Asia, Europe and South Africa.

Similarly, Bill Gates started Microsoft nearly forty years ago with a vision of “a computer on every desktop and in every home” and look where he is now. Gates is now more focused on using his billions to improve humanity through the Bill & Melinda Gates Foundation.

Richard Branson

1. Think about what drives you

Branson suggests you think about subjects and problems that interest you the most when weighing ideas for a business. Working on something you love and have the skills for will ensure that you are '110 per cent' behind the project.  ‘Don’t start a business just because you think it’ll turn a profit; if you’re not in love with the idea, you won’t move mountains to make it happen.’

This view was also shred by Steve Jobs who said  “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.”



2. Start at your doorstep

After deciding on the industry you want to be a part of, ‘look around yourself’,  start from home. Ask yourself what services you and your friends use that can be immensely improved. Consider your neighbourhood, your street and your city and what your business could do for them. Starting from there one day you can expand into bigger markets suggests Branson.

3. Listen to advice, not to naysayers

It is not uncommon to get bad advice when starting a business venture and there will be many people who will tell you that your idea will not work. However it is important suggests Branson to ask those with experience for advice, especially parents. "When I started out, I lost count of the people who told me that I wouldn’t succeed."

Bill Gates

1. Start as Early as Possible

Bill Gates suggests it is wise to start early, the more time you will have spent in your industry the more you will be to give up. Gates suggests that the time that you’re must influenced by things is when you’re younger and you're less likely to doubt what you can and cannot do.

2. Enter in Partnerships

Gates - who himself was quite happy with partnerships - advises that partnerships unlock new opportunities and come with the potential to learn a thing or two from other successful entrepreneurs. Moreover, partnerships mean more networking which, according to Gates, can be of help in future undertakings.

The point of view also shared by Mark Zuckerberg told startups: Don’t go it alone

 You Will Not Make $60,000 a Year Right out of High School

Gates aptly points out that you don’t achieve success overnight.  You have to work hard for it, it comes after hard work  and determination and  with time. It’s like Thomas Jefferson said:  “I'm a greater believer in luck, and I find the harder I work the more I have of it."

Compiled with excerpts from Forbes, VB and Virgin Entrepreneur