Mark Cuban, Bill Gates, Warren Buffer, Mark Zuckerberg; what do all these personalities have in common? Other than the fact that they are some of the most successful entrepreneurs in the world today, you also need to know that they came up by their own bootstraps.
An Arduous Journey to the Top
If you are an aspiring entrepreneur angling to make it big, then you must be ready for an arduous trip to the top. Indeed, data from the U.S Small Business Administration (SBA) shows over 67% of small businesses fail within the first two years of their launch.
But that’s not all; a report on U.S Money indicates over 50% of small businesses did not survive the 2007/2008 global recession thus highlighting the treacherous nature of the markets. But is it all gloom? Is it time to wrap your business and call it a day?
Learning from the Best
Well, one thing for sure, Barbara Corcoran, the NY real estate billionaire on Shark Tank, would not have made it from a tea girl to the current prominent position with such an attitude. This is the reason you need to learn from people like Barbara and Gates who all came up through missteps before attaining entrepreneurial glory.
Here are some ideas these moguls freely share.
- Time is a Precious Commodity
David Lai might not be a familiar name at once, but you are definitely familiar with Hello Design. Lai says your time organization will define your success in business. The way you use this precious commodity determines how the most critical tasks in your business will be accomplished.
- Learn from Failure
Bill Gates of Microsoft is arguably one of the richest people in the world, but never started at the top. In an interview with Forbes he exhorts entrepreneurs to celebrate success but more importantly learn from their failures. Failing in a business venture is not the end of the world, and with a careful review of the failure, you will rise like the proverbial phoenix from the ashes.
- Follow Your Passion
Can you envision Mark Zuckerberg owning a line of fast food stores? It doesn’t even make sense because this young billionaire is definitely very comfortable running Facebook. Social networking is something Zuckerberg loved even in college and kept at it till it become a global sensation. Following your passion is a sure way to entrepreneurial success.
- There are No Shortcuts
Mark Cuban is a classic study in business success. The Dallas Mavericks owner puts it succinctly that you have to work relentlessly and work smart in order to cut it in your niche. For a guy who was once a bartender but now sits comfortably in the billionaires’ lounge, you can bet these words actually work. Sara Rotman of MODCo Ads also detests getting comfortable at any point.
- Enjoy it
It might sound paradoxical but enjoying what you are doing is one great way of making your business tick. Billionaires ranging from Tony Hsieh of Zappos, Richard Branson of Virgin and Lisa King of Brownie Points Inc. all emphasize the need to have fun while at it. You will experience more focus and the money will flow right in.
Of course there is so much more to do, and as an entrepreneur, you must will yourself to keep learning and pushing boundaries.
Author Bio: Charlie Brown is a business writer who has worked in the financial industry for over 20 years. He also consults and comments on topical financial issues such as debt review.