The best way to be great is to learn from someone who has achieved greatness. No one understands this better than the Japanese, who created the concept of mentorship called "Shishio." But these days, finding a mentor willing to teach you what they know and guide you to greatness is far more challenging. Fortunately, you have the internet, and you have Hustle Inspires Hustle. Today, we will share five unconventional business lessons from famous entrepreneurs and their business dealings.
One of the key things to learn from successful entrepreneurs is the ability to recognize and capitalize on opportunities. In many cases, successful entrepreneurs have spotted trends before others, allowing them to make moves that put them ahead of the competition. Each individual mentioned in this blog has done just that, turning their respective companies into industry giants. For example, Walt Disney spotted multiple opportunities in early animation technology, enabling him to create his iconic characters and build a multi-billion dollar empire.
In addition to recognizing opportunities, successful entrepreneurs are not afraid to take risks. Jeff Bezos best exemplifies this; he saw an opportunity with Amazon and took a risk by investing heavily in the venture before it became the behemoth it is today.
Finally, successful entrepreneurs have a clear vision and are willing to work hard to achieve their goals. Steve Jobs was relentless in pursuit of his vision for Apple, driving the company relentlessly as he sought perfection, while Richard Branson made sure nothing interfered with his mission of creating an empire with Virgin Group.
Similarly, Arianna Huffington, one of the most famous female business owners, set out on her mission of creating The Huffington Post even when no one else believed in it, and she worked tirelessly until it succeeded.
These lessons from successful entrepreneurs help us understand how important it is to be persistent and work hard to achieve our goals.
We have discussed the key traits of successful entrepreneurs, but what can we learn from their businesses? Here is a list of 5 important business lessons that you can learn from these famous individuals and the companies they created:
Walt Disney, the American animator and film producer whose creativity and animations transformed the entertainment industry in the 20th century, only started drawing to escape the realities of his family life.
He had an abusive father who could barely cater to him and his siblings, so they had no option but to run away from home. In 1920, Walt Disney and his older brother launched a cartoon business they called Laugh-O-Gram Studios, only for the company to go bankrupt a few years later.
Any average person would have given up after the first 100 rejections, but Walt Disney was far from average. After the loss of his first business and the eventual loss of his animation team, Walt Disney decided to start again from scratch, and it was in this process the legendary Mickey Mouse was created.
However, Mickey Mouse was just a drawing at this time. Walt Disney still had to bring Mickey Mouse to life but needed more funds to make this happen. He tried to get funding but was rejected over 300 times before getting one approval.
Walt Disney went on to create more animations like Snow White and the Seven Dwarfs. In 1955, more than 3 decades after Walt Disney launched its first company that went bankrupt, it opened the gates of Disneyland. But even the opening was unsuccessful and was tagged "Black Sunday." Walt Disney, however, persevered and continued building on his failures.
When most people think of success, they often focus on the positive results instead of the failures that have come before. However, embracing failure can be an invaluable tool in accomplishing success.
By acknowledging and accepting failures as part of the journey, entrepreneurs can learn from their mistakes, build productivity and resilience, and grow from them. Embracing failure also allows you to develop better problem-solving skills while helping them become more resilient when faced with difficult decisions or stressful situations later in life.
Even Walt Disney disclosed that the adversities and failures he faced in his life gave him the strength to build the billion-dollar empire that Disney has become today.
Steve Jobs is well-known for his ability to see the bigger picture when it comes to creating and marketing products and services, but he also has excellent people skills that enable him to build a strong team around him.
He understood the importance of having an effective team who could deliver their tasks efficiently and accurately, so instead of micromanaging them, he allowed them the freedom and trust to create amazing products that formed the basis of Apple's success.
The early success of Apple was largely due to the core team that Steve Jobs had put together. This included Jobs, Steve Wozniak, and Ronald Wayne, bringing unique skills and expertise. As the company grew, more members, including Mike Markkula and John Sculley, who served as CEOs, joined the team. By the mid-1980s, Apple had become a household name with its user-friendly Macintosh computer.
Today, Apple has expanded significantly from its beginnings as a small startup in a garage. Its current CEO is Tim Cook, who has been at the helm since 2011 after Jobs stepped down due to failing health.
Under Cook's leadership, Apple has continued to grow into one of the most successful companies in the world, becoming the first publicly traded American company to reach a market capitalization of $1 trillion in 2018. Apple's success is a testament to the power of an effective team working together toward a common goal. Steve Jobs understood this concept well and used it to his advantage when building Apple's dream team.
By surrounding himself with talented individuals passionate about their work, he created products that have changed the world and revolutionized how we interact with technology today. Ultimately, Steve Jobs' legacy will live on through Apple - an amazing feat for one man and his team.
The key to building a successful team is to have the right person for the right job at the right time. Be bold and bring in people outside your industry who can add new perspectives and ideas.
Having a diverse team with different backgrounds and skill sets will give you an edge over competitors, allowing you to stay ahead of the game while staying true to your company's core values.
Finally, remember that success doesn't happen overnight - it takes hard work, dedication, and a lot of patience. But if you build a strong team around you who are passionate about their work, nothing is stopping you from achieving great things! So put yourself out there, be open to feedback, and surround yourself with individuals who share similarities.
No one ever achieved success by playing it safe. Taking risks is essential to any business, and Richard Branson is the perfect example of this. The British entrepreneur rose to fame in 1972 when he founded his first company, Virgin Records, at 22.
Branson took on the risk of starting a business from scratch, and thankfully, his gamble paid off as Virgin Records went on to become one of the most successful record labels in history. It was so successful that it was sold for $1 billion. His courage and determination eventually led him to build an empire in other businesses that stretched across many industries, including airlines, hospitality, music, and more.
Branson had never shied away from taking risks, even when the odds were stacked against him. He was willing to take on seemingly impossible challenges, such as launching a space tourism company (Virgin Galactic), despite not having any experience in the aerospace industry.
He also took risks in marketing, often pushing the boundaries of conventional wisdom and devising creative solutions that helped bring attention to his brand. His bold decisions have made him one of the most successful entrepreneurs of all time and serve as an inspiration for aspiring business owners looking to make their mark.
As with any business venture, there's always a balance between risk and reward. Taking risks is essential for growth, but it's important to remember that every decision should be carefully considered.
While it's important to take risks to stay ahead of the competition, it's also important to weigh up the pros and cons before making any big decisions and to ensure that you have enough resources (financial or otherwise) to back them up should things not go as planned.
By understanding the concept of risk and reward, entrepreneurs can become more confident in their decision-making process and ultimately succeed in their business ventures. However, we should be mindful only to take calculated risks.
Taking calculated risks can lead to great success and a sense of fulfillment. Just look at Elon Musk, the entrepreneur who revolutionized the auto industry with Tesla.
His willingness to take risks led him to eventually succeed in launching an electric car that could be mass-produced for the average consumer. His ambition and drive to make a difference paid off, and now Tesla is one of the most recognizable brands in the world.
Jeff Bezos' rise to becoming one of the world's wealthiest and most influential people is remarkable. Growing up, Jeff showed an aptitude for problem-solving and technology.
After graduating from college in 1986, Jeff decided to pursue a career in the tech industry. He worked at high-profile companies such as Fitel, Bankers Trust, and D.E Shaw & Co before founding Amazon in 1994 to create an online bookstore that could deliver books quickly to customers worldwide.
It was a bold move that paid off immensely for Jeff and his company. Amazon is now one of the world's largest companies, and Jeff himself is now worth over $110 billion.
Jeff understood that the world was changing and that he needed to keep up or risk being left behind. He was willing to take risks and think outside the box when creating new products, services, and customer experiences.
For example, Amazon Prime revolutionized online shopping by offering customers free two-day shipping on thousands of items for a yearly fee. This innovative approach helped Amazon become what it is today. For you, approaching change and innovation could be as simple as staying informed about industry trends or learning a new skill to stay ahead of the curve.
Adapting to change is a crucial part of success in life. It is important to remain informed, be willing to take risks, and know when to pivot to stay ahead of the competition.
So don't wait until everybody has done it; seize the moment and make the change happen. Jeff Bezos, Elon Musk, and other innovators are prime examples of individuals who embraced change and used it to their advantage.
Arianna Huffington is an inspirational business woman whose career has been marked by her ability to maintain a healthy work-life balance despite her success in the corporate world. She started as a journalist writing for various publications before founding The Huffington Post in 2005, quickly becoming one of the largest online news sites.
Arianna's mindful approach to managing stress and prioritizing self-care enabled her to focus on her goals while caring for herself and enjoying life.
Arianna advocates for "life-work integration" rather than the traditional "work-life balance" concept. Work and life should be seen as intertwined, not separate entities.
For example, suppose you have a demanding job but enjoy playing sports or spending time with family. These activities should be considered part of your overall career plan and given equal attention.
This can provide more meaningful experiences and satisfaction in both areas of your life, allowing you to achieve success without sacrificing one for the other.
As an entrepreneur, it is important to stay focused on your career and goals while taking the time to care for yourself. Self-care is key and should always be addressed to achieve success. It will help you reach those goals faster, allowing you to manage stress and work more efficiently.
Arianna Huffington's philosophy can be a great example for entrepreneurs looking to find a healthy balance between their professional and personal lives.
Successful entrepreneurs have several habits and practices that they use to be successful, and if you want to join the ranks of these successful people, you should take their advice. One of the most important things successful entrepreneurs do is constantly strive for improvement and seek new opportunities.
They always look for ways to innovate, find new markets, and create something new. Additionally, successful entrepreneurs realize that knowledge is power, so they stay up-to-date on industry trends and news to stay ahead of the competition.
Successful entrepreneurs are resilient in the face of adversity or challenges. No business venture will go without occasional bumps in the road, but by staying positive even in tough times and having confidence in yourself and your decisions, you will be better able to handle any obstacles that come your way.
Below, we answer some frequently asked questions about famous entrepreneurs and their business:
Boasting a net worth of $2.5 billion, Oprah Winfrey is the most renowned female entrepreneur in media and entertainment. She owns her own cable network - OWN, as well as co-founding Oxygen Media. Furthermore, Ariana Huffington, Rihanna, Katy Perry, and Beyoncé are all respected entrepreneurs in this sector too.
The most successful entrepreneurs have one key trait in common: they’re able to create something that is truly unique. Work hard, come up with an innovative idea, and find a way to stand out from the crowd.
Becoming an entrepreneur is the perfect way to challenge yourself and develop new skills. You get to be your own boss and have a hand in all facets of your business from start to finish. Additionally, if you are successful, you will reap great financial rewards. Entrepreneurs also get to enjoy the sense of fulfillment that comes with seeing their hard work turn into success.
It is impossible to succeed without ever facing failure. Every successful entrepreneur has faced their fair share of setbacks and failures. The key is never to stop trying, to learn from mistakes, and keep pushing forward. We hope these lessons learned from successful entrepreneurs will help you to become achieve success in your ventures.
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Alex Quin is a full-stack marketing expert and global keynote speaker. Founder and Chief Marketing Officer of UADV Marketing - a member of the Forbes Agency Council.
