Here are a few of the lessons that entrepreneurs can learn from Steve Wynn:
Build a platform, not a single product.
Wynn didn’t just set out to build hotels after he transformed the Golden Nugget. Instead, he created a number of resort casino properties with space that he could lease to national retailers and restauranteurs. He built the real life equivalent of a software platform company. He could have simply built hotels, which would be more akin to building a single product feature company. By building a place where people could drink, party, gamble, shop, dine, sleep, and see a show all under one roof, he kept the activity in his controlled business ecosystem.
Keep enough cash on hand to ride out economic downturns.
Wynn’s empire continued to stand strong during one of the worst economic downturns in Las Vegas history. While construction stopped on many projects located at the north end of the strip, Wynn was not worried about the economic health of his new resort Encore because his empire had enough cash to float expenses during the recession. He planned for the dip in business ahead of time. Startups should plan for similar circumstances.
Pay attention to the details.
Wynn is a notorious perfectionist who is interested in beauty and design. Although his aesthetic is luxurious as opposed to Steve Job’s restrained aesthetic, both Wynn and Jobs set their companies apart from the competition by obsessing over design details. Consumers are demanding beautiful products now more than ever because beautiful products signal quality products.
Zig where others zag.
Great entrepreneurs buck the trends. By taking on more risk than others are willing to, the best entrepreneurs will either crash and burn or reach the moon. They know that if you don’t set goals higher than everyone else’s, you’ll never be better than everyone else. Wynn’s Mirage project was viewed as insane at the time, but its success sparked the megaresort building boom on the strip. Tech entrepreneurs can similarly achieve greatness by bucking the trends. Is everyone building a social local mobile app? Build enterprise software. Is everyone building enterprise software? Move onto something else. If everyone else is already doing something similar to you, it’s time to move on.
Make the mundane magical.
In 1993, Wynn oversaw the implosion of the Dunes hotel and turned the mundane construction project into a televised event, complete with fireworks. Showmanship is an important skill for entrepreneurs to cultivate. Creating newsworthy events out of routine business activities can elevate your startup in the press and get potential new customers to discover your brand.
Steve Wynn’s dedication to showmanship, creating magical experiences, and empire building can teach new entrepreneurs valuable lessons about becoming a legendary business mind.
