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7 Famous Eccentrics Who Can Teach You A Lot About Success

7 Famous Eccentrics Who Can Teach You A Lot About Success

Whatever career you are pursuing, you have an ambition to succeed. That success is measured by your aspirations, and not everyone has the same idea of success. We have been learning about it our whole lives, but let’s see what eccentrics can teach us about success. Maybe you’ll find something that you haven’t heard or thought about before.

1. Quentin Tarantino on never giving up and staying true to yourself

“There are two ways: my way and the highway.”

Quentin Tarantino is one of the best and most famous directors in the world. His success didn’t happen overnight and without effort. We can learn a lot from Quentin Tarantino, but the most important lesson he has taught us is to always be original and not to stop after the first bad review.

Because of his eccentric nature, and an incredibly unique point of view on how films should be made, he has faced many bad reviews from critics in the past. Even his film True Romance was rejected many times by the studios. No matter what some people from the movie industry said, he stayed true to himself and his work; he never changed to fit a mold and he never gave up on his work.

Just like Quentin Tarantino, you should always stand up for yourself, stay true to yourself, and proudly fight for your work. On your path to success, you will face many rejections and not everyone will say nice things about you. The most important thing is not to get discouraged and never give up if you want to succeed.

2. Hetty Green (aka “The Witch of Wall Street”) on thinking smart and being determined

“There is no great secret in fortune making. All you do is buy cheap and sell dear, act with thrift and shrewdness and be persistent.”

Hetty Green was the richest woman in the world 100 years ago. She inherited a lot of money from her father, but she reached true success on her own. She was the textbook definition of a miser and she didn’t really enjoy her fortune. But, what she enjoyed even less was the idea that someone else would get their hands on her wealth, so she made a will to ensure that her relatives didn’t inherit a cent of her vast fortune.

There are many funny stories about her and her temper, but she made it possible for women to get into the business world. She was fierce and many men were were afraid of her — they just couldn’t keep up with her smart moves and strategies. She taught us is that there is no secret in fortune making when it comes to Wall Street, you just need to buy cheap and wait for the hype to build, then sell for a lot of money.

What we can learn about success from “The Witch of Wall Street” is that, no matter how hard it is out there, a smart strategy combined with determination can take you to the top.

3. Hunter S. Thompson on luck in life

“Luck is a very thin wire between survival and disaster, and not many people can keep their balance on it.”

Hunter S. Thompson was an eccentric journalist who never regretted his way of life and, as he said, had a different perspective on life. One of his most famous works, Fear and Loathing in Las Vegas, was based on actual personal experiences and is a perfect testament to the man’s exquisite eccentricity.

As Hunter knew very well, luck constantly swings back and forth, and most of us cannot control it. However, what we should learn is to take the best of what luck brings us, and try to find a solution when it betrays us. Many people are just surviving in the business world, and many of them, unfortunately, give in to disaster.

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Success doesn’t depend solely on luck, although luck can significantly contribute to it. We have to learn to get the best out of the good times, when luck is on our side, and prepare for the hard times equipped with knowledge and solutions.

4. Björk on believing in happiness

“You can’t say no to hope. Can’t say no to happiness!”

She is an eccentric singer, songwriter, and multi-instrumentalist who released her first album with when she was 27 years old. Björk had released an album previously, in which she sang covers of popular songs, but when offered another record deal, she refused. Instead, she bought a piano with the money she’d earned and started composing her own tunes.

Through her music and life choices, she always believed in nature, goodness, hope, and happiness. When she went to music school and released an album, she didn’t give up on making it on her own by infusing it with her unique and eccentric style. Björk managed to do everything she wanted, because she never stopped believing in happiness and hope.

Those are the two things you need to have all the time. Otherwise, you will give in to disaster and not be able to keep the balance. If you don’t believe strongly that you will succeed, why start your career at all? Becoming successful in any field is tough, and you will fail many times before you find your way to the top. What will keep you motivated and determined is your hope.

Believe, hope, work on your success, and always choose happiness.

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5. Nikola Tesla on failure

“Our virtues and our failings are inseparable, like force and matter. When they separate, man is no more”

The textbook example of an eccentric genius inventor, Tesla paved the road for many of the technologies we take for granted in this modern age. He knew a thing or two about solid work ethic. As Nikola Tesla said, our virtues and failings are inseparable, and there’s no successful person in the world who hasn’t failed. You cannot simply got through life without making a wrong move, because it’s the only way to learn.

In short, there’s no success without failure.

6. Lord Byron on being a leader

“When we think we lead, we are most led.”

When you get to become a leader of a team, you will probably have a lot on your mind. By reading about being a great leader, you can get a basic grasp of the core principles, but you won’t truly become a great leader until you’ve been in the trenches with your team and made tough judgement calls.

A good leader isn’t focused on leading, but on being led by their team members. This doesn’t mean being manipulated by them, but having open conversations and meetings with them and, together, coming up with solutions. Your employees will lead you through their advice and comments on how to make them the best they can be.

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A great leader is constantly learning, while being led by their employees.

7. Woody Allen on the key to success

“Eighty percent of success is showing up.”

According to Woody Allen, the key to success is showing up — this is a rule everyone should follow. There is no way to catch a good opportunity if you don’t show up. Even if you think some interview or meeting is meaningless, show up and find out for sure. It may be a waste of time, but it may also bring you success. Never assume you won’t get some opportunity. You never know who you might meet and who can help you out.

This formula applies to other spheres of your life, like achieving your fitness goals and learning new skills. The way to guarantee steady results is to show up for work, show up for the classes, and drag your butt to the gym. You have to stay consistent with your efforts and put in the work. The rest will come naturally.

These famous eccentrics never gave up on their unique points of view, and they all succeeded in their fields. Some of their traits and strategies might have been wrong, but in the end, we will always know them as great minds. Always stay true to yourself, fail, believe, and only then will your success become an inevitability.

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Nemanja Manojlovic

Editor at MyCity Web

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Published on December 13, 2018

How to Start a Company from Scratch (A Step-By-Step Guide)

How to Start a Company from Scratch (A Step-By-Step Guide)

If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

So how to start a company?

Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

1. Do an Honest Evaluation of Yourself

Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

2. Evaluate Your Idea

If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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3. Make a Business Plan

I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

  • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
  • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
  • Market Strategies – How are you going to penetrate the market and sell your product.
  • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

Playing up the positives while minimizing the negatives is almost expected in a business plan.

Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

4. Decide on a Business Structure

You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

Sole Proprietorship

This is a common way for small businesses to get started.

The pros being:

Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

Finally, sole proprietorship’s are relative easy to dissolve.

The cons of using a sole proprietorship include:

You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

Partnership

A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

The pros of a partnership include:

Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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As far as the cons go:

It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

Some employee benefits may not be able to be deducted on income tax returns.

Limited Liability Company (LLC)

This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

The pros of an LLC include:

Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

Corporation

A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

The pros of a corporation include:

Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

A corporation can raise capital much easier just by selling more shares in the company.

Cons of corporations include:

Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

5. Address Finances

Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

Now, how do you get that money?

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Self Funding

If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

Friends and Family

They can be a good source of funding your business if they can see and understand your vision.

Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

Banks

These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

You should also brush up on everything in the plan so that you can answer any questions they have with authority.

Crowdfunding

Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

6 Crowdfunding Tips To Get Your Project 100 Percent Funded

6. Register with the Government

As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

7. Assemble Your Team

Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

What about marketing? You can hire someone in-house or out-source that too.

Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

Check out this guide and learn how to delegate effectively:

How to Delegate Work (the Definitive Guide for Successful Leaders)

8. Buy Insurance

No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

9. Start Branding Yourself

Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

If you aren’t sure how to kickstart branding yourself, check out these ways:

5 Ways to Build your Personal Brand & Make More Money

The Bottom Line

Starting a business from scratch can be one of the most rewarding experiences a person can have.

But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

More Resources About Entrepreneurship

Featured photo credit: Tyler Franta via unsplash.com

Reference

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