Jeff Bezos, Bill Gates, Mark Zukerberg, Warren Buffet, Elon Musk – What do they all have in common?
The word “Businessman” is often linked with luxury, world tour and wearing branded clothes and shoes. The moment we hear this word, we often start to daydream about being popular, wealthy and perhaps even greater than or equal to one of those leading Business Tycoons. However, most of us don’t have too much knowledge about having a startup or what it actually takes to make the impossible journey from zero to business tycoon possible. A business tycoon is an entrepreneur of great influence. It can be both male and female who had assembled wealth through their business activities.When we visualize business magnates as a success and entrepreneurship, we can estimate that their position is not the outcome of a privileged or divine path.
Business tycoons are entrepreneurs who have accumulated their fortune through the building and running of one or several businesses. It’s not that easy as it sounds; being a successful businessman means achieving several levels of accomplishment. Each of these consume a lot of time and energy, but also gives us the ability to recognize what makes an individual truly successful in business as well as in life. Successful businessmen will measure their accomplishments in terms of creating value and wealth. These are always going to have importance in their lifetime success, because these have an intangible worth and also a measurable profit in the material life. Keeping these concepts in mind, let’s explore how someone may become a successful business person.
If we focus on the careers of these successful business magnates, like Henry Ford and Steve Jobs; we will find out that all of them share common values and principles that helped them to build up their identity as tycoons. Success wasn’t assured by birth or as a result of their education. Rather, it came from the capability to develop a flexible and problem-solving entrepreneur’s mindset. Hence, an entrepreneur must have the attitude to think positive at all costs and have patience. Giving up is not an option; entrepreneurs don’t have an easy time building up their businesses. The ability to stay focused and optimistic helps them to move forward. Our mind is one of the most powerful tools we have in life, if we are determined to do something, we are more likely to achieve our goals than if we don’t have in us the drive that will push us further. The route to business is full of obstacles and failures. Many successful entrepreneurs have tripped and failed over issues, whether it was a bad idea or picking the wrong time to reach a new market. But failures are lessons that can be learned, there’s a saying, “You need to fail today if you want to succeed tomorrow.” The most important lesson in business is that it’s never too late to start. We can consider our loss as an advantage of coming back with more experience and wisdom.
It will take time for people to know who we are, so we need to stay focused on accomplishing our short term goals and go with the flow. The crucial component to make money in business is consistency. We have to consistently keep doing the things essential to be successful day in and day out. This will produce long-term positive habits that will help us to make money in the long run. Another key factor which a businessman should possess is problem – solving skills. An entrepreneur should at least master a few problem – solving skills. The most important one is thinking critically and laterally. Critical thinking is the ability to think clearly and logically about what to do or what to believe before generating a judgment. On the other hand, lateral thinking allows us to think outside the box when we are solving a problem. Both of them help us to scrutinize all the factors that are connected to the problem and come up with an appropriate solution.
To be successful, we can’t be afraid to study and learn from our competitors. As an entrepreneur, if we let our fear guide us then we won’t be able to listen to our instincts, we will be afraid to take the necessary risks. Well, we don’t know everything and aren’t exposed to new ideas and new approaches of this industry hence, to improve our business and to make it stand out from the competition we need to be in search of new ways and information each and every day. At times there will be no other choice left rather than taking risk, it is in these times we need to be more careful before taking any crucial decisions. We need to analyze how others are serving their customers and make ourselves capable enough to provide best services from our company. We don’t need to make our products perfect, all we need to do is concentrate on how we can make the same product perfect over a period of time. Providing better service to our customers, will motivate them to come to us next time instead of going to our competitors.
Competition is important for our business because it allows us to identify our specific and unique traits that are appealing to customers. Classifying and harnessing these traits will enable us to market our business more effectively and bring in new customers. Last but not the least, we need to learn to promote ourselves as well as our business. Promoting ourselves is proportionate to promoting our business. It is important to understand that we self represent our business. Promoting our expertise on a regular basis is in essence, sharing the knowledge and experience of our company as a whole.
Nobody is born as successful entrepreneur therefore, it’s not an impossible dream to be a business tycoon. Starting and running a business can be challenging at times. It will require a long term focus and success won’t come overnight. We need to remain steady in challenging situations. It’s our attitude towards the business and our pragmatism that can make us the magnates of tomorrow.