6 Business Tips From Albert Einstein

Six business lessons from Albert Einstein

Even if he didn’t know it at the time, Albert Einstein’s words of wisdom certainly apply to small business owners. Here are six Albert Einstein quotes to use as the launching pad 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 show exactly what it takes to be successful in life, but the same is true for business. Loads of hard work and determination are necessary to make any given venture a success, particularly in business. But a small business owner facing burnout can’t envision their company’s future as clearly, which is why “play” is necessary. And “keeping your mouth shut” means listening to other people and only airing your most important grievances.

For example, let’s say you’ve been working 60-hour weeks to grow your business. Maybe you feel stretched to your limit, and an employee’s imperfect presentation at your current meeting is pushing your buttons. Reacting angrily won’t get you anywhere. Instead, recognize that maybe the presentation isn’t that bad – you’re just so overworked you’re unusually prone to ire. Take some time off (“play”), come back later with a clearer head and you’ll likely address the issue more productively, such as by coaching the employee to improve their presentation skills.

2. “We can’t solve problems by using the same kind of thinking we used when we created them.”

Simply put, this is another way to emphasize one of the most important (if overused) buzzwords in business: innovation. Thinking outside the box, no matter how cliché, is a necessary and effective way to fix problems and come up with new ideas. 

Great entrepreneurs understand why innovation matters, just as Einstein did. They know the value of improving something that already exists to make it better and more appealing to their target customers. This requires a mix of finding gaps to close, seizing opportunities and taking risks. And no, innovation isn’t the same as creativity – the latter is the type of thinking that results in the former.

3. “Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius – and a lot of courage – to move in the opposite direction.”

More often than not, success in business requires taking a leap of faith or following the path less traveled. That, however, does not make the decision to do so any easier for entrepreneurs and businesses.

Einstein’s wisdom here is as relevant to aspiring entrepreneurs as current ones. For example, let’s say you’re currently an employee and you’re ready to fly solo with a narrower, sharper solution for your field. Einstein’s quote encourages you to take a big career risk and step out on your own: Your way might not be as big or complex, but trying a solution with a narrower scope can help you develop a business niche that attracts new customers.

4. “Logic will get you from A to B. Imagination will take you everywhere.”

Numbers and projections can only take you so far. A large part of making any business a success relies on your willingness to take chances and your ability to come up with new ideas before anyone else.

Though this Einstein quote is meaningful, it’s also one that, given his lack of entrepreneurial experience, doesn’t fully consider the small business owner’s circumstances. Namely, this quote doesn’t mention the importance of testing your small business idea before fully committing to it. Einstein is right that imagination will take you a long way, but a far-fetched idea is no way forward if it doesn’t meet a need in the market.

5. “Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.”

Once a business reaches a certain level of success, it’s easy for the company to become complacent. This is a good way for businesses to quickly be passed over by the competition. No matter how big and successful your business is, don’t stop considering ways to improve.

This is where the four types of business growth strategies come into play. You can use any of the following strategies to remain competitive, no matter your company’s age or position within your industry. 

• Market strategy. This strategy prioritizes encouraging your current customers to spend more money with you. It primarily involves raising your prices (but not so high that you send your customers elsewhere) and launching new marketing campaigns.
• Product development. Target your current customers through new products and services rather than higher prices or improved marketing.
• Market development. This strategy involves increasing your market share in new target markets. A great example is expanding your business to another state if you’re confident you would earn significant revenue there.
• Diversification. This strategy combines market and product development: You’ll expand your offerings while branching into new markets. This is perhaps the most aggressive and risky way to grow your business, but a risk-taker like Einstein would probably endorse it.

6. “Anyone who has never made a mistake has never tried anything new.”

Einstein’s quote about failure is among the most profound on the subject. It’s a succinct way of reframing failure as a stepping stone on your path toward success. Instead of kicking yourself when you mess up, figuring out how what you did wrong can inform your approach next time. That’s how you turn failure into success – and in Einstein’s guess-filled realm of theoretical physics, mistakes always line the path to insight.

Learn from the best

Albert Einstein wasn’t just a genius – he was an innovator and a force of imagination. You don’t need to be a genius to be a successful entrepreneur, but thinking outside the box like Einstein to give your customers the solutions they need will always serve you well.