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May-11-2016 22:42printcomments

6 Business Lessons That Will Propel You to Success

Basic lessons for new entrepreneurs!

Steve Wynn
Steve Wynn
Photo: Barbara Kraft

(SALEM, Ore.) - Many entrepreneurs strive to emulate successful moguls by blazing new paths. What they don’t realize is their predecessors didn’t reinvent the wheel.

They applied a basic set of principles that enabled them to realize their dreams. For instance, it is worthwhile to study the experiences of Steve Wynn, the wildly successful Las Vegas real estate tycoon.

Wynn was responsible for much of the revival of Las Vegas in the 1990s. He developed a number of properties along the Strip, including the Golden Nugget, The Mirage, Treasure Island, Bellagio, Wynn, and Encore.

His projects contributed to his net worth of $3.9 billion. Here are some basic lessons for new entrepreneurs:

Offer a Personal Touch – Wynn knows that when you make people feel good about themselves, they appreciate it. At his resorts, all of Wynn’s employees engage with customers on a personal level. A positive guest experience is the most important part of his business.

Therefore, make an effort to develop a relationship with your clients. When customers feel good about themselves and their interaction with your company, they will be eager to do business with you again. In turn, they will be willing to recommend your offerings to their family and friends.

Recognize Outstanding Work – In Wynn’s businesses, all teams meet with their supervisors at the beginning of each shift. Team members are encouraged to share their experiences from the previous day. When an employee highlights a significant contribution, the individual is recognized for his or her work.

There are a couple of important lessons here. First, open lines of communication are critical. Listen to your employees on a regular basis so you can address their concerns. When you see that someone has gone above and beyond the call of duty, recognize that individual for his or her contributions. Team members will feel appreciated for their work, and they will be willing to do what it takes to make the business a success.

Take Risks and Establish New Trends – In the 1980s, Wynn came up with the idea to build a megaresort, which combined a hotel, casino, 5-star restaurant, shopping mall, and world-class entertainment venue. Since a new hotel hadn’t been built in over 20 years, many people scoffed at his idea. Wynn’s innovative model helped make Las Vegas one of the leading entertainment destinations in the world.

When you bring new ideas to the marketplace, there will be people who will doubt your motivations or your ability to succeed. Instead of worrying about what others think, listen to the voice in your head. Only you know what it will take to reach your most ambitious goals.

Speak Your Mind – Wynn has been active in political causes, and he has not been afraid to voice his opinions, even when his candidates for office disappoint him. When he turned 68, Wynn adopted a vegan diet. He has been outspoken about the benefits of his nutrition plan, and has offered vegan-friendly menu items in his restaurants.

While you pursue your dreams, you will find your inner voice. Don’t be afraid to use it to champion your causes. In Wynn’s case, his vegan diet led him to become an advocate for animal rights. You may discover that you will be able to use your influence to make the world a better place.

Plan for Unforeseen Circumstances – During the recent recession, Wynn’s businesses continued to thrive. Due to prudent planning, he used his cash reserves to cover expenses and support his new Encore resort during one of Las Vegas’ worst economic downtimes.

As you establish your business, set aside funds that can be used to tide you over during unforeseen circumstances. If you plan for unexpected events, you will be able to ride out the storm while other businesses fail.

Exhibit Good Taste – Wynn’s resorts are first-class establishments. Over the years, Wynn has become an avid art collector. Many of his acquisitions, including works by Picasso, Monet, Rembrandt, Van Gogh, Degas, and Vermeer are displayed in his resorts. Wynn also purchased the famous statue of Popeye by Jeff Koons for a whopping $28 million! People who come to his properties know they will be vacationing in a luxurious setting.

As you grow your business, develop your brand with care. How you present yourself in the marketplace says a lot about who you are and the type of business you run. In this world of social media and internet marketing, first impressions are everything.

Whether it’s showing customers and employees that they are valued or setting new trends and establishing a world-class brand, Steve Wynn knows what it takes to turn his visions into reality.

As you begin your foray into the business world, keep these principles in mind. Your customers and employees will realize that you are bringing something special to the marketplace. As a result, they will reward you with their loyalty, referrals, and repeat business.

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Sean Flynn was a photojournalist in Vietnam, taken captive in 1970 in Cambodia and never seen again.

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