Entrepreneurs have always been the backbone of an economy, creating wealth and job opportunities. What does it take to become a successful entrepreneur, and what can we learn from them which we can use to benefit our own businesses?
Jeff Bezos is the founder and CEO of Amazon, and he believes that to be successful you must be stubborn when it comes to your vision, and flexible in the tactics you employ to make that vision a reality. For example, when Bezos was trying to raise the funds to launch Amazon in the 1990s, many of his investors didn’t even know what the internet was. However, Bezos was determined, and he had the vision and creativity to see that people would be buying products and services from their computer in the not-too-distant future.
Stephen A Wynn CEO bought a tired and shabby gaming hall called the Golden Nugget in downtown Las Vegas in 1971 and had the vision, passion and savoir-faire to transform it into the best hotel and resort in Las Vegas. He has gone on to refurbish and build resorts in Las Vegas and is CEO of Wynn Resorts Limited, developing and operating high-end hotels and casinos, including Wynn Macau in China. His award-winning resorts combine gambling casinos with luxury hotels, restaurants, shops, spas and even artificial lakes.
Oprah Winfrey has also been able to think ahead, asking herself how she can bring something different to the table using the skills she has. She has had a knack for captivating audiences since she was a toddler and has used her expertise and ingenuity to become the number one daytime talk show host in America. She knows she must use hard times to her advantage by learning from them – about herself and about those around her. Successful entrepreneurs know how to overcome defeat – experimentation is required to know something doesn’t work. Ask yourself what your company can do that is different and better than others. Know that people are going to misunderstand you; there will be critics, people who want to stick with the old way of doing things.
To be successful you must choose something you are passionate about, then start with the customer and work backwards to bring something new – just like Jeff Bezos, Stephen Wynn and Oprah Winfrey. Keep experimenting to find new ways of doing things better; do not be disheartened when you receive criticism, but continue to learn from your customers. By introducing a new concept to benefit your customer you will gain their loyalty in the long term – just like the people discussed here, go with your instincts and do not give up.