The five tips of financial guru George Soros when starting a business

George Soros, the 91-year-old Hungarian-American investor and billionaire, shared different keys for entrepreneurs to consider when taking their first steps in personal business.

Born in Budapest in 1930, the magnate and financial guru built an important business path in Argentina. Since 1989 and for a decade he was an ally of IRSA, a company that developed several of the main shopping malls in the country. He also participated in companies in the agricultural sector such as Cresud and Adecoagro. Likewise, the philanthropist and Holocaust survivor was a minority shareholder of YPF, until in 2016 the decline in oil prices caused him to reduce his share.

After leaving Hungary due to Nazi occupation, Soros arrived in London. There he studied and developed in the business world. He began his entrepreneurial career by taking various jobs in commercial banks in the United Kingdom and later in the United States.

According to data released by Forbes this year, the financier's equity reaches USD 8.6 billion.

Important Lessons for Startup Leaders

Through his recently published book “George Soros: A Life In Full “, a compilation of essays from the Harvard Business Review Press, Soros shared his life's lessons for start-up leaders. Here are the five most important tips from the financial guru compiled by Forbes.

1. Search for unique opportunities in the world

Having a cosmopolitan vision and a “global lens” becomes essential to finding unique opportunities around the world. The best ideas can come from anywhere and climb everywhere.

Analyzing business internationally allows you to connect the dots and find underestimated opportunities both in the country where you are and abroad.

2. Bet hard when you have conviction and the time is right

According to the tycoon, you shouldn't just gamble when you think it's the right time to do so. However, entrepreneurs have to take the time to have convictions about their ideas.

You have to generate test products, interview customers, find the right solution. Along these lines, when they are convinced of their idea and are sure that the moment is ideal, they must go thoroughly and strongly.

3. Surround yourself with the best people

Learning, being inspired and leading the best people is another of the main premises put forward by the financial guru in his book. Throughout his career, Soros not only fostered excellent contacts with a wide variety of interests, but also generated a network of networks.

It created opportunities in which individuals, in addition to interacting with it, could connect with each other and thus have new partnerships in a network that was constantly expanding. It is crucial that entrepreneurs listen to their community and surround themselves with the best people around the world in order to achieve their goals.

4. Have a balance between realism and hope

Although George Soros vehemently believes in “open society”, the investor has no illusions about it. His philosophy is to combine “historical realism” with “eternal optimism”.

5. Using feedback loops in favor of one

Markets, like most aspects of life, do not have linear changes. Startups at their best and at their worst must face reflexivity (circular relationships between cause and effect). There are some companies that take advantage of enthusiasm and this contributes to more capital and higher valuations, which drives further growth of the firm. According to Soros' perspective, entrepreneurs must play with positive feedback loops in order to accelerate the business.

KEEP READING: