Lynn Tilton is the millionaire founder and CEO of Patriarch Partners, a group made up of 75 companies that she built from scratch herself. Her advice for entrepreneurs is short and simple, but it matters, because there are many problems that come with starting a business that nobody tells you about, not even at the best business schools.
Basically, Lynn Tilton tells us that going it alone as an entrepreneur can be terrible: whether we’re heading for success or failure, we’ll need people we can trust and lean on, especially when the business is going downhill or we enter that dark zone full of obstacles.
That said, we have always argued that every business owner needs a “second in command”: someone we trust completely, who can run the company in our absence even better than we would ourselves.
The video comes from The Wall Street Journal.
Watch: Tip of the week: billionaire Lynn Tilton
Further reading
- 9 tips for entrepreneurs from billionaire Richard Branson
- 7 psychological traps that are holding back your success
- Donald Trump: the mindset of an entrepreneur
Featured image: Richter Frank-Jurgen, CC BY-SA 2.0, via Flickr.
