Not everyone gets to the top by following the same rules, and these nine business moguls and Advisors in The Oracles are proof of that. Here, Grant Cardone, Bethenny Frankel and others share the unconventional advice they say has led to their success.
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“Forget about being successful”
Perhaps the craziest advice I ever received was when I was getting out of drug rehabilitation at the age of 25. The counselor told me to give up on any idea of becoming famous, getting rich, publishing a book or having any kind of massive success in life. He basically told me to settle for average in life; otherwise I was setting myself up for disappointment.
That “advice” worked — because it made me want to prove it wrong. It further motivated me to become wealthy, get famous and make my dream life a reality. The lesson is twofold: Pay special attention to who you take advice from. Sometimes the best advice can be found in what not to do.
“Don’t take unsolicited advice”
I don’t believe any idea is crazy. Think about it: people made a lot of money on pet rocks. In fact, all entrepreneurs are a little bit crazy. How you execute an idea is the key, because execution is everything.
I also don’t take unsolicited advice. Never assume that someone else is smarter than you are. Even your doctor or lawyer is only as good as what you give them.
— Bethenny Frankel, entrepreneur and philanthropist; founder of the Skinnygirl lifestyle brand and the charity BStrong, New York Times bestselling author, and Shark on “Shark Tank”; follow Bethenny on Twitter and Instagram
Related: 7 Highly Successful Leaders Share the Advice They Wish They Could Tell Their Younger Selves
“Fail often and fast”
I was told to fail often and fast. This advice didn’t make sense to me at the time. “I’m not a quitter! I’m going to make everything work no matter what,” I thought. But by failing faster, you have more opportunities to get out of endeavors that aren’t working and into ones that will.
Sometimes it’s hard to quit, even when it isn’t working. But failing fast isn’t quitting. It’s testing what works and either pivoting or moving on if it doesn’t. It’s just data. You analyze it and act on what you learn. We’re taught that it’s bad to fail, but failure offers many lessons. So push the boundaries to see whether it’s going to work sooner rather than later. This has helped me achieve wildly more than I would have if I was still the guy who never quits.
— Roland Frasier, principal of 30 businesses, including War Room Mastermind and Traffic & Conversion Summit; host of the “Business Lunch” podcast; connect with Roland on Facebook, LinkedIn, and Instagram
“Quit your job and travel the world”
I will never forget the day my uncle asked me, “Why don’t you quit your job and travel the world?” I was day trading in the morning and working as a customer service rep at night. I was great at my job and could have worked my way up to senior management, but it wasn’t for me. I wanted to start something.
I was making consistent returns as a day trader, but I was nervous about the insecurity and pressure to perform without a reliable paycheck. So I used all my vacation and took a trip to Argentina to try it out. When I realized it was possible, I got back and gave my two weeks’ notice — and I’ve never looked back.
Taking that risk allowed me to experience the unknown. It taught me that no matter the circumstances, you should always rely on yourself, especially if you think you’re capable. As long as you’re willing to put in the effort, you can make it happen.
“You don’t need to start a business to own a business”
The craziest advice I ever received has led me to where I am today: Instead of starting a business from scratch, buy an existing one. It seems everyone wants to start a business right now. I say buy a business using funding from investors or financial institutions. That’s right — you don’t even have to use your own money.
I’ve been involved in over 10 transactions like this and counting and have helped others do the same. For example, I taught a client how to find sellers and negotiate a great deal for everyone. Now I’m investing in one of his deals: a hair salon earning around $1 million a year in revenue. Most businesses take one to five years and a lot of hard work to reach that point from scratch — if they make it at all. We’re buying the business as is, with established clients, employees and revenue. In a few short months, my client will own a million-dollar business without spending a single dollar of his own.
— Moran Pober, founder and CEO of Acquisitions.com, which buys and sells seven-figure businesses and helps others do the same; former partner at Wekix.com and ABD Assets; connect with Moran on LinkedIn, Facebook and Instagram