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Steve Wynn reveals the secrets to his business success

Steve Wynn reveals the secrets to his business success
Steve Wynn reveals the secrets to his business success
Mike Clarke/AFP/Getty Images

Famed hotel magnate, serial entrepreneur and shrewd businessman, Steve Wynn knows what it takes to succeed. Known best for his Las Vegas strip casinos, Wynn has the golden touch when it comes to recognizing and capitalizing from hidden gems. His newest hotel built in 2005, the Wynn Las Vegas, is one of the most profitable hotels in Las Vegas, attracting visitors from around the globe. Many people want to know the secret of his success. There are several principles that he has followed that have propelled him to business success.

Steve Wynn Knows How to Talk to People

While that advice may seem simplistic, it is not. Steve Wynn built his empire on relationships. He put himself in the right place and surrounded himself with people wiser and more powerful than he. Wynn understands that business is about making connections and using those to your advantage. With this skill he was able to build a multi-million dollar empire from a failing bingo operation. Building quality relationships is one of the best things you can do to enhance your business and grow successful.

Build an Empire, Not a Product

Wynn enjoyed great success when he bought the Golden Nugget, one of the Strip's most profitable properties. He did not stop there. He went on to build hotels that were one stop shops for all of a tourist's entertainment needs. His resort style hotels featured casino gambling, restaurants, shopping, and entertainment. There was longer a need for guests to venture out of the hotel for these attractions, keeping a steady stream of funds flowing throughout his properties. Small businesses can use this tactic to build not just one product, but a suite of products that serve every need. Instead of simply publishing a book, for example, offer classes, workshops, a blog, webinars and consultations. Capturing the entire market is the key to success.

Create an Experience

When developers decided to implode the crumbling Dunes hotel in 1993, Steve Wynn saw an opportunity to create a magical experience. He turned what should have been a routine construction project into an event, complete with fireworks, press and televised coverage. While most people simply would have ignored this event, he used it as a way to sell the "experience" of Las Vegas. Out with the old, in with the new. Wynn's hotels are known for their extravagance, ultra luxury and all over experience.

Diversify Your Profit Centers

Don't just go with one product; keep your interests diversified to enjoy greater success. While Wynn is one of Forbes magazine's most richest Americans, he has also seen his share of setbacks. By spreading out and diversifying his income centers, he has been able to avoid being hit too hard by economic forces outside of his control. Other moguls will give the same advice. By keeping your eggs spread between many baskets, creating multiple streams of income and remaining open to new ventures, you will be able to build and create greater wealth and weather harsher storms.

Surround Yourself With Top Talent

An interview with Steve Wynn on Bloomberg revealed one of his greatest secrets to success. Wynn gave credit to his team for helping him to build the empire he enjoys today. His team of research and development specialists, analysts, financial managers, marketing professionals and developers has helped to catapult him to the top of the business food chain. Wynn has enjoyed untold wealth and increased profits by surrounding himself with smart, intuitive people.

Building a better, more successful business is a complex maze of networking, relationship building, research and just plain smarts. Steve Wynn has shown, time and again, that he can master these principles, creating magic and soaring to new heights. Millions of people a year visit the Wynn Las Vegas, Wynn Macau and the Bellagio, his signature properties. Small business owners can learn from his tenacity, out of the box thinking and business acumen.

Follow his tips to earn your place at the top of the business food chain and never be afraid to dance.

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