Albert Einstein's name has become synonymous with the concept of genius. Although he was a theoretical physicist, not an entrepreneur, much of his wisdom remains relevant for small business owners. Here are six of Albert Einstein's best quotes to help inspire you on how to run your small business.
6 business lessons we can learn from Albert Einstein
Albert Einstein's words of wisdom are definitely applicable to small business owners, even if you didn't know them at the time. Here are six of Albert Einstein's best quotes that you can use as a starting point for new business ideas or changes to your current model.
1. “If A is success in life, then A = x + y + z. Work is x, play is y, and z is keeping your mouth shut.”
This simple equation may tell you exactly what it takes to succeed in life, but it's also true in business. It takes a lot of hard work and determination to make any venture a success. But small business owners who are burned out can't clearly envision the future of their company. That's why they need “play.” And by “shutting up,” I mean listening to others and voicing only the most important complaints.
For example, let's say you're working 60 hours a week to grow your business. You feel like you're at your limit and are frustrated by an employee's poor presentation in the current meeting. Reacting angrily won't change anything. Instead, realize that the presentation might not be so bad; you're just overworked and unusually angry. Take some time off (“play”) and come back later with a clearer mind. You'll then be able to address the issue more productively, such as coaching your employee to improve their presentation skills.
2. “You can't solve a problem with the same thinking that created it.”
Simply put, this is another way of highlighting one of the most important (yet overused) buzzwords in business: innovation. No matter how cliché it may be, thinking outside the box is a necessary and effective way to solve problems and generate new ideas.
Great entrepreneurs, like Einstein, understand why innovation is important. They know the value of improving on something that already exists to make it better and more appealing to their target customers. This requires finding a gap to fill, seizing an opportunity, and taking a risk. And innovation is not the same as creativity; the latter is the type of thinking that creates the former.
3. “Any clever fool can make things bigger, more complicated, more violent. It takes a bit of genius and a lot of courage to go in the opposite direction.”
Success in business often requires taking a leap of faith or taking the road less traveled, but the decision to do so isn't always easy for entrepreneurs or companies.
Einstein's wisdom here applies to those who are currently starting a business as well as those who aspire to be one. For example, let's say you're currently an employee and you're ready to go out on your own with a narrower, sharper solution to your field. Einstein's quote encourages you to take a big career risk and go out on your own. Your path may not be as big or complicated, but trying a narrower solution can help you develop a business niche that attracts new customers.
4. “Logic gets you from A to B. Imagination takes you anywhere.”
Numbers and projections can only go so far. Success in business relies heavily on a willingness to take risks and the ability to be the first to come up with new ideas.
While this quote from Einstein is meaningful, it doesn't fully address the situation of small business owners, given his lack of entrepreneurial experience. That is, the quote fails to mention the importance of testing small business ideas before committing to them. Einstein was right that imagination drives great progress, but a wild idea can only move forward if it meets a market need.
Ask your friends and family for honest feedback on your business idea. The people who care about you most won't let you do anything that will hinder your success.
5. “Learn from yesterday, live for today, hope for tomorrow. But the important thing is to keep asking questions.”
Once a business reaches a certain level of success, it is easy for companies to become complacent. This is a good way for a business to quickly get overtaken by its competitors. No matter how big and successful your business is, never stop looking at ways to improve.
This is where four business growth strategies come in handy: No matter how old your company is or where you stand in your industry, you can use one of the following strategies to stay competitive.
- Market strategy. This strategy prioritizes getting existing customers to spend more, primarily by raising prices (but not so high that customers go elsewhere) and launching new marketing campaigns.
- Product development. Rather than increasing prices or improving marketing, target existing customers through new products and services.
- Market development. This strategy involves expanding your market share in new target markets. A good example would be expanding into another state if you are confident that it will generate significant revenue for you.
- Diversification. This strategy combines market development with product development: expanding your offerings while entering new markets. This is probably the most aggressive and risky way to grow a business, but a risk-taker like Einstein would probably support it.
6. “Anyone who has never made a mistake has never tried anything new.”
Einstein's quote on failure is one of the most meaningful on the subject. It's a succinct way to reframe failure as a stepping stone on the road to success. Instead of beating yourself up when you fail, thinking about what you did wrong will help you approach it better next time. This is how you turn failure into success. And in Einstein's speculative realm of theoretical physics, mistakes are always a path to insight.
