Have you ever wondered about the nuances of beginning a business worth anywhere from $1 million to $1 billion? Over 60% of Americans polled yearn to be their own boss one day. A solid number might know a few business basics. However, the prospect of beginning their own business and leaving the nine-to-five world behind may prove intimidating. That said, learning secrets from those who have traveled this route might help future entrepreneurs prepare their own paths to future business glory.

Well-known corporate executives like Richard Branson, Martha Stewart, Alexis Ohanian, John Mackey, and Bobbi Brown have never been shy about disclosing both their successes and struggles on their trips to overwhelming accomplishment. 

Never Sleep on Curiosity and Open-Mindedness

Stewart places great emphasis on curiosity, a trait she still employs to this day. She believes that being inquisitive and eager to learn enables potential business people to learn about the world, its people, and what people are interested in.

“I read a lot, and I travel a lot,” she said. “And one of the things I try to do is never drive down the same street twice if there’s an alternative so that I might see something that I’ve never seen before.” 

Know What You Want

Mackey underscores the importance of identifying the type of entrepreneur you want to be. For example, certain individuals might opt to be startup serial entrepreneurs or builder entrepreneurs. 

To those traveling the startup route, he suggests learning when to sell and move on to the next opportunity. Mackey also stresses that builders must familiarize themselves with venture capital. 

“If you are going to be a builder, you should be very clear with investors that you are not looking to sell the business,” he said.

Avoid Taking Your Sweet Time

Johanna Hartzheim, CEO of Wildgrain, stresses that hesitation may prove detrimental. The plain truth is that entrepreneurship involves risk, and future business people must be willing to take the leap and accept that chance is involved. 

“Just go for it because it’s something you learn while doing,” she said. “It sounds kind of cliche, but as long as you’re motivated and passionate, you can do anything.”

Learn to Embrace Failure

Everyone has heard some variation of the quote, “You learn from failure.” Even ultra-successful corporate types experienced their fair share of difficulties. 

Brown asserts that those who hold dreams of owning a business ever want to wonder the dreaded “what if.” 

“If you don’t try, you’ll never know,” Brown said. “I don’t believe in failure because it’s just a message that if something didn’t work out, do it differently.”

Know Your Priorities

Ohanian says that understanding where your priorities lie at a given time also proves critical, and achieving a perfect 50/50 work-life balance is hard. 

“There are times in your life where you need to focus on your career, the work,” Ohanian said. “There are times when you need to focus on life. It’s on a spectrum that’s flowing back and forth.”

Focus on Doing Good

You have likely heard the expression that doing good deeds comes back to you. Wemimo Abbey, the co-founder of Esuru, a fintech platform, adheres to this philosophy. 

“We need to find ways where we can create a win-win construct across the board,” Abbey said. “We really believe in this idea of justice capitalism. We can do good and do well, and it’s by no means mutually exclusive.”

Listen

Branson asserts that the willingness to listen is often overlooked. 

“They don’t know what others are thinking,” he said. “They don’t need to hear themselves saying it out loud, and the only way that they can learn is by listening to other people talk.” 

Work Hard

Above all, achieving the intended results hinges heavily on hard work. Fawn Weaver, the entrepreneur behind Uncle Newman Premium Whiskey, stresses the importance of giving it your all or rethinking your involvement.

“If you’re not going to do it with excellence and with consistency, bow out and get a job,” Weaver said. “Period.”