Jeff Bezos, Elon Musk and Other Top Entrepreneurs on What You’ll Need To Do To Be One
Many people dream of being their own bosses and becoming self-made millionaires. News outlets often highlight individuals who drop out of college to pursue their dreams and make it big. However, becoming a successful entrepreneur requires certain traits and actions. Some of the world’s most famous entrepreneurs have weighed in on what it takes to be successful in this field.
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Work 25 Hours a Day, 8 Days a Week
“Shark Tank” star Kevin O’Leary has said entrepreneurship isn’t for everyone. Only one-third of the workforce has decided to try to work for themselves. He explained that becoming an entrepreneur is all about how you view your future self and work toward that version of yourself.
Being an entrepreneur requires a lot of sacrifice. According to O’Leary, if you’re willing to “work 25 hours a day, eight days a week,” you’re an entrepreneur. Putting in a hefty amount of work during your 20s and 30s will let you reap the benefits of more free time later on in life.
Create Change
In an interview with former President Barack Obama, Mark Zuckerburg, the founder of Facebook, stated that entrepreneurship is about creating change more than starting a company. The most effective entrepreneurs find motivation for their work through missions and creating improvements. Some entrepreneurs don’t even set out to start companies at all.
When Zuckerberg started Facebook, he wanted to give everyone the opportunity to share what was important to them. He didn’t think that his project would become a company. With each step and improvement to Facebook, he would receive criticism that it wouldn’t catch on and that there was no money in it. Facebook grew into the major social media giant it is today because Zuckerburg cared deeply about it.
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Overcome Wishful Thinking
Zuckerberg isn’t alone in his views. SpaceX founder Elon Musk said it’s very important to focus on making something that will be highly valued by others. He also thinks that entrepreneurs must be meticulous when it comes to self-analysis.
One of the most significant challenges for an entrepreneur to overcome is wishful thinking. To be a successful entrepreneur, you’ll need to differentiate between really believing in your ideas and chasing an impossible dream.
Be Relentless and Flexible
Coming up with new and exciting ideas isn’t the most challenging part of being an entrepreneur. Amazon founder Jeff Bezos explained that successfully navigating the steps between coming up with an idea and turning it into a successful product takes a combination of stubborn relentlessness and flexibility. In addition, influential entrepreneurs must know when to exercise each trait.
Bezos said you need to be relentless when it comes to your vision. Without that persistence, you may stop tying altogether. On the other hand, your preconceptions won’t always be correct. The best way forward is to be flexible about the details and make adjustments as needed to stay aligned with your overarching vision.
Be Attuned to What’s Happening
To be a successful entrepreneur, Michael Dell said you can’t wait for change to happen to you. You’ve got to go out and make the changes first. While this sounds obvious, it requires entrepreneurs to be very aware of what’s going on in their industries and how it will affect the future.
Dell, the founder of Dell Technologies, explained that business changes quickly. Predicting how things will evolve and what you’ll need to do to take advantage of it is a key skill that entrepreneurs must have. The ability to do this will maintain and increase your relevancy.
Have Passion
When asked for the single most valuable piece of advice he’d give an entrepreneur, Steve Jobs, founder of Apple, referenced passion. The process requires entrepreneurs to continue on their paths for so long that most rational people would give up. Jobs joked that the entrepreneurs who quit are the sane ones because of how challenging of a task it is. When looking at successful entrepreneurs, he said they love what they do.
Find Smarter People
When Alibaba founder Jack Ma started out, he admitted he didn’t know a lot about technology or management. Some entrepreneurs might feel like they should be the smartest person in the room, but Ma took a different approach. Instead of trying to learn everything, Ma always tried to hire and work with people who were smarter than him.
He explained that his job is to make sure smart people can work together. Ma joked that it’s not very hard to get stupid people to work together, but getting smart people on the same page and in agreement can be challenging. However, when smart people work together, it’s easier to achieve your vision.
Be Grounded
Oprah Winfrey, the world-renowned talk show host, spoke at the Stanford Graduate School of Business about why she has achieved so much success over the years. She attributes her success to staying grounded. When hiring new employees, she would often ask candidates what practices they do to take care of themselves and stay centered.
According to Winfrey, the motivation behind her work was for her to be a better person. She explained that her show worked because she knew there wasn’t any difference between her and her audience. This allowed the audience members to develop a deep connection with her.
Save Up
While many famous entrepreneurs preach that you need passion, love and motivation to become a successful entrepreneur, Mark Cuban said you need money. Cuban, a successful businessman and “Shark Tank“ personality, gave some advice to aspiring entrepreneurs: Save your money first.
While many love the romantic idea of quitting their jobs and becoming their own bosses, it’s essential to prepare for how much it will cost. Cuban pointed out that most people don’t hear the stories of the many entrepreneurs who fail in their endeavors or give up. Before starting a new business, Cuban said you should have at least six months of income saved up in case your business doesn’t take off right away.
Know How To Convince Others
While giving a speech, Bill Gates, a founder of Microsoft, explained that entrepreneurs need sales skills to succeed. Gates said that you not only need to convince customers to buy your product or service, but you also need to sell investors and employees on your vision.
In the beginning, your company will be very small. Because you’re hoping to grow your business, you want to find employees who are overqualified and will continue to excel as the business expands. Having the ability to convince skilled candidates to work for your company is another vital part of being an entrepreneur.
Don’t Fear Failure
Larry Page, a co-founder of Google, reflected on his early days in entrepreneurship. He said that he had been taught not to fear failure, but to fail a lot early on to learn how to succeed. He came up with a slogan called “healthy disregard for the impossible.” This idea would drive him to write down things that seemed impossible, but that he may be able to achieve.
Page said that it’s necessary to take risks and fail. He took a lot of risks that didn’t achieve any success but also came up with Google. Because he took a lot of risks, he didn’t worry about the things that didn’t work out. Page encourages entrepreneurs and business owners to take more risks in order to find success.
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