5 Successful Entrepreneurs Share Their Tips for Starting a New Business in 2020

Without a healthy dose of insight, ambition, and tenacity, taking the plunge into entrepreneurship is an exercise in futility. Budding entrepreneurs need to be both willing and able to glean knowledge, diversify their understandings, and seek counsel from successful mentors. 

Starting a New BusinessHere are some pearls of wisdom that noted business tycoons urge prospective business owners to heed.

Practice Resilience

As the founder of an online wine marketplace, Heini Zachariassen knows what it takes to nurture a novel idea. From raising money to forging partnerships, Zachariassen maintains that numerous challenges await entrepreneurs. 

According to Zachariassen, the only surefire way to make it through these obstacles unscathed is via the power of resilience. When stumbling blocks rear their ugly heads, Zachariassen recommends “holding on” while the precarious journey unfolds.

Lead With Empathy

Tricia Liu, the COO of CouponBirds, believes that any business owner worth their salt has adopted a client-oriented mentality. In fact, she states that “entrepreneurs must stand in users’ shoes to think and understand what they really need.” 

What’s more, Liu subscribes to the notion that “better user experiences are the driving force behind progress.” In other words, those who fail to address the wants and needs of consumers are bound to create a product that lacks appeal, making it crucial to understand market demands.

CouponBirds is  a platform that was built with the customer in mind, and makes finding online coupon codes fast and easy. 

Establish A Well-Oiled Team

Martin Rawls is the brains behind Reverie, a Michigan-based sleep technology company. He attributes his enduring success to the savvy experts he keeps at his side. 

Though Rawls recognizes that entrepreneurship is often a solo endeavor, he believes that there’s strength in numbers. It’s for this reason why he encourages business owners to “build up a very strong team of people.” In substance, a reliable support system bodes well for long-lived prosperity.

Feed Your Passions

At the heart of every successful business venture lies unbridled passion. Julie Clark, the founder of Baby Einstein, is a strong proponent of this belief. 

As a mover and shaker in the business realm, Clark understands how easy it is to be consumed by greed. However, when money is the motive, failure invariably follows. In the hopes of seeing an undertaking through, Clark suggests following your heart in all that you do.

Embrace Innovation

Most prominently known as the CEO of a web security solutions company, Bill Holtz grasps the importance of reinventing the wheel. Holtz maintains that entrepreneurs who don’t innovate increase their chances of growing stagnant. 

With that said, he advises others to harness their ingenuity. In his words, “innovation is paramount to ongoing success.” Simply put, Holtz maintains that great reward accompanies pioneering efforts.

When it comes to finding success as a new business owner, you don’t have to reinvent the wheel. By leading with the customer in mind, and finding a good mentor, you can mitigate some of the risks associated with business ownership.


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