Does your business seem like it’s about to fail? Do bills pile up and customers don’t come no matter what you do? Instead of giving up, you can learn from the most famous entrepreneurs around the world and follow their examples in finding efficient answers for problems.
Their solutions are different in execution, but they all boil down to these principles:
- Never stop trying – giving up removes any chance of success.
- Grab every opportunity – it’ll provide you with resources to accomplish your ultimate goal.
- Stay focused on your goal but expand your vision – developing in new directions will help you improve and provide additional resources.
- Turn every failure into a learning experience – use the time you have now to learn something new and try a different approach.
- Be patient and persevere – understand that success doesn’t come overnight and one has to work hard to achieve it.
Learn from the Most Famous Entrepreneurs: Examples of Perseverance
Let’s learn about some of the most famous entrepreneurs and get inspired by their stories.
1. Milton Hershey (Hershey’s)
Hershey started three candy companies in different cities, and each of them failed. He kept trying starting the Lancaster Caramel Company, as caramel was the most popular sweet at the time. Once it got rolling, he sold it to start Hershey’s as he believed that chocolate was the treat of the future.
2. Todd Graves (Raising Cane’s)
Graves’ chicken fingers restaurant business plan was failed by the professors in class and rejected by banks. He did not give up and worked extremely long hours (90-hour weeks) to raise money and start his first restaurant on his own.
3. Earl Silas Tupper (Tupperware)
Tupper’s first business went bankrupt, and he barely managed to get a job during the Great Depression. He was hired by the DuPont Chemical company, where he created his first containers and started selling them everywhere he could. The sales were low despite the quality and ingenious design. Eventually, he tried a new approach and established ‘Tupperware parties, suggested by one of the sales executives Brownie Wise.
4. Osman Minkara (CIG Capital Advisors)
Minkara started his business career in the US from the American Express Financial Advisors where he learned all about how to generate more sales leads through cold calls and developed leadership skills. He started his company from the savings he made, but as it began growing, almost all his financial advisors and their clients were seduced away by a competitor. Instead of giving up, Minkara chose to rebuild it from scratch, changing his targeted group of customers and developing a unique line of services. Now his company manages over $200 million wealth.
5. Nick Woodman (GoPro)
Woodman started and failed as an entrepreneur two times. He was reduced to moving in back with parents before trying again and giving his all to GoPro, which turned into a staggering success.
6. Simon Cowell (American Idol, X-Factor)
Bouncing between jobs since he was 15, Cowell finally discovered his passion for music production when he got hired by the EMI Music Publishing (worked in a mail room). His first independent publishing company failed within a year, and he went to a small music company where he stayed for eight years and worked to pay off his huge debts. Then he continued working with talents behind the scenes before he finally managed to launch his most successful franchises.
To Become a Successful Entrepreneur: Never Give Up
There are hundreds of stories similar to these, but all these entrepreneurs teach one most important lesson. One should never give up.
If your original idea fails, don’t just beat the same path. Develop a new approach and try again and again.