They say there are two sides to every story, and there is definitely much truth to that when it comes to being an entrepreneur. For instance, it is easy enough to start a business especially if you’re armed with the right ideas and a foolproof business plan. However, it can become quite difficult when your ideas don’t pan out the way they’re supposed to, or it takes a while before your desired outcome is achieved. In fact, most business entrepreneurs will unanimously agree that achieving success in a business is an entirely different matter. Even the most promising businesses don’t always hit their target and may fail after a few months of operation.
You may be thinking, though, “Do successful business entrepreneurs have a magic formula that can guarantee victory?” Truth is there is no secret trick. You just need to observe indispensable business ethics all the time if you want to bring it to unreachable heights.
Take, for example, the successful and interesting lives of some of these highly successful and famous entrepreneurs. Their success stories are proof that if you are passionate about something and persevere in it, you will always reap bountiful rewards. There is an attestation that even if you face insurmountable hurdles, persistence will ultimately bring success. Check out the following success stories of some famous business entrepreneurs and see which “trade secret” they applied.
This guy created and launched the largely popular social networking site Facebook in his Harvard college dorm room, where he was then majoring in computer science and sociology. That is not to say, though, that Zuckerberg is a late bloomer. He actually started writing software programs when he was in middle school. Zuckerberg has made it to various top 100 wealthiest and most influential people list time and again and was even named Person of the Year by “Time” magazine in 2010. As of 2019, his net worth is apparently $70.5 billion.
He got to where he is today due to his stubbornness. Finally graduating in 1988 after having been rejected four times before that, he struggled to get hired for a job and got turned down by more than 40 companies. He also saw all of his postgraduate applications (there were 10 of them!) to Harvard Business School turned down. However, one fine day in 1995, Ma discovered the Internet, took on various web development undertakings for Chinese companies and raised $20,000 that he used to launch an online directory for Chinese businesses. Armed with these experiences, he went back to China in 1999 and launched Alibaba, one of the biggest online marketplaces today. In 2014, he raised $25 billion for Alibaba’s IPO stock exchange offering, an amount considered the highest ever for a floated company. The Alibaba group has since given way to nine major subsidiaries, and Ma’s estimated net worth as of 2019 is $39.2 billion.
He is the brains behind tech giant Microsoft and was touted the richest in tech back in 2017. His parents wanted him to be a lawyer, so he studied it for about two years before dropping out from Harvard University in 1975. He co-wrote Altair BASIC, which became the initial offering of Microsoft to the market. He has since sold or given away much of his stake in Microsoft, although he remains a board member of Microsoft. Apparently, he now only owns over 1% of the company’s shares. However, he is still the second richest billionaire for 2019 on Forbes’ list with an estimated net worth of $105.7 billion.
He is the founder and CEO of Amazon. He also owns “The Washington Post”. He studied computer science and electrical engineering in Princeton University, graduated summa cum laude in 1986, and became the youngest senior vice president of D.E. Shaw, an investment firm, in 1990. He left after four years and gambled in opening an online bookstore in the hopes of tapping potential online buyers. In 1995, Amazon.com opened, although it wasn’t until two years later when it was launched to the public. It was shaky at the start and many wondered if Bezos can pull it off, but by September 2018, Amazon’s estimated value is at $1 trillion. On the other hand, Bezos’ net worth is estimated at $113.3 billion, making him the richest man in Forbes’ list for 2019.
Aside from passion, perseverance, resilience, and determination, what do you think helped these famous people to become successful entrepreneurs?
For one thing, they dared to dream big dreams. As cliché as it sounds, dreaming big is vital if you want to take that initial step towards success. You can sum it up with these words: having no dreams is being without hope, and being without hope is having no purpose at all. The aforementioned mindset is applicable to business entrepreneurs. Their dreams can help them shape clear goals, their hope will help them achieve these goals one step at a time, and their purpose in life is to make sure they pursue these goals successfully. In his book “The Seven Habits of Highly Effective People”, best-selling author Stephen Covey described the above process as beginning “with the end in mind”. So basically, as an entrepreneur, you will already try to visualize what and where you want your business to be in five years’ time. Doing so will make all the struggles, hardships, challenges, and obstacles worthwhile.
Another thing these people did is focus on their strong points rather than dwelling on their faults. Yes, having a business will sharpen you as a person, enabling you to overcome your weaknesses in the process. Nevertheless, it’s still important to be passionate about your role as an entrepreneur since that’s where your strength will matter most. For instance, if you have out-of-this-world marketing skills, use that to your advantage in order to become a successful entrepreneur. Alternatively, be honest enough to admit your weakness in particular areas of your business and hire the right people to handle those. For instance, if you lack accounting skills or don’t know the first thing about setting up and maintaining a website, then, by all means, hire people well-versed in those.
Third, those famous entrepreneurs planned what they will be doing. It wouldn’t hurt if you have plans, too, since these will direct you on the right path. Moreover, if you write your plans down, you can review them every now and then to see if you’re still sticking to them and whether or not you’re making progress. If you see that you’re not, make adjustments along the way. A modern-day proverb says, “Failing to plan is planning to fail,” and that can’t get any truer when applied in entrepreneurship.
Finally, the above-mentioned entrepreneurs worked hard. Many wannabe entrepreneurs failed because they thought having a business was “it” and they didn’t have to work hard anymore. You’ll want to avoid that misconception if you want to succeed as an entrepreneur. Actually, business owners work harder than their employees. As a business owner, you need to learn everything about your business, and you need to be able to do everything, so much so that you can turn it into a one-man show if need be. You will need to work beyond what you have anticipated your normal schedule to be.
By applying these pointers and contemplating on the success stories of the four entrepreneurs discussed here, you’ll be more inclined to work hard and do what you can to have a successful business endeavor.