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Published on July 23, 2018

What is Success According to These Extremely Successful Entrepreneurs

What is Success According to These Extremely Successful Entrepreneurs

Hey, want to be successful in business? Pretty dumb question right, I mean who goes into business saying “I’m planning on failing at this” or even “I’m hoping to be mediocre in this business”?

No!

Everyone who goes into business plans on becoming successful. So what makes one business successful and another unsuccessful? Is it lack of planning, lack of funds, bad decisions, bad timing, bad luck?

While all of these can play a role, answering the question “What is success?” is the key to achieving it.

We are going to explore the 8 common traits from some of the most successful business people in the world.

1. Thomas J. Watson: Be perseverant

    Thomas J. Watson, the chairman and CEO of IBM from 1914 – 1956. He is the man credited with making IBM the company it is today. During his tenure, IBM became an international force. At the time of his death in 1956 he was known as the world’s greatest salesman.

    Despite what you see in movies, there are no “overnight success stories” in business. Failure is not only inevitable, it’s a critical step to achieving success. Failure lets you know what doesn’t work! And knowing what doesn’t work allows you to better evaluate and understand what does work.

    I used to own tanning salons, and in that industry, membership sales are key. Similar to gym memberships, customers pay a monthly fee for unlimited tanning.

    We also sold single tanning sessions, but I decided to price them high to encourage membership sales. We sold single tanning session at $15 and the monthly membership at $25.

    From my point of view, this was encouraging the sale of memberships (and a monthly income) over single sessions (and one time sales). What I didn’t take into consideration was that there was a high demand for short term tanning.

    Many people wanted to tan 2 or 3 times before an event, vacation, wedding, prom, etc… To these potential customers, I was clearly indicating that I did not want their business. I lost a lot of revenue to my competition because of it.

    But once I recognized this failure, I was able to adjust my pricing, single sessions went down to $9 each, and those short term tanners became a significant source of revenue for me.

    “Would you like me to give you a formula for success? It’s quite simple, really: Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that’s where you will find success.” — Thomas J. Watson

    Failure is not an option in business, it is a requirement.

    2. Steve Jobs: Stay curious and creative

      Steve Jobs, a college dropout who was fired from his job at Apple Computer, a company he started with his friend Steve Wozniak. He went on to start a new computer company called NeXT which never really took off and ended up being acquired by Apple.

      By then, the company he had founded and was fired from was in complete crisis, many in the industry had already written off Apple as a lost cause.

      But Apple’s acquisition of Job’s failed NeXT computer provided him the opportunity to return to Apple becoming CEO. Under Steve’s demanding and intense leadership, Apple created some of the most iconic products ever made, including the iPod, iPad and iPhone.

      A company that was once on the brink of disaster was transformed into one of the most successful and well known companies in the world.

      In 2005 Jobs gave a commencement speech at Stanford University where reflected on being fired from Apple.

      “I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life,” — Steve Jobs

      3. Jeff Bezos: Become an expert

        Jeff Bezos, born in Albuquerque New Mexico to a teenage mother, he grew up in Houston with his mother and adopted father.

        After college, he worked various jobs including at a hedge fund where he became its fourth senior Vice President at the age of 30. That’s when he decided to quit and start selling books on-line.

        He founded Amazon in July of 1994, becoming one of the largest on-line retailers in the world. As of this writing, Forbes ranked him as the number 1 wealthiest person in the world today.

        Amazon is the leader in predictive marketing. They developed an algorithm that predicts a persons future buying preferences based on past purchases. You can love it or hate it, but there is no doubt that it has revolutionized the world of on-line retail.

        If you don’t understand the details of your business you are going to fail. — Jeff Bezos

        4. Tim Cook: Focus on the customer

          Steve Jobs left awfully big shoes to fill at Apple, but as Jobs’s hand picked successor, Tim Cook has risen to the challenge.

          What is success to Tim Cook? It is Apple’s expertise in developing products who’s form, style and function are so beautifully intertwined that they provide a unique experience for the user. Apple’s products are known for their meticulous design and attention to detail.

          Apple is the only company that can take hardware, software, and services and integrate those into an experience that’s an ‘aha’ for the customer. You can take that and apply to markets that we’re not in today. — Tim Cook

          In today’s highly competitive world, having expertise in a field will give you a significant advantage over the competition. Let’s face it, anyone can throw up a website and start selling things. In fact an entire industry.

          But make no mistake, being able to position yourself as an expert in a field significantly increases your credibility and can make you the “go to” person for your niche.

          5. Richard Branson: Take risks

            Richard Branson, founder of the Virgin Group which owns more than 400 companies, he was interested in business at a young age.

            At 16, he started a successful magazine called Student. He went on to start a mail order record company and later a chain of Virgin Record Stores (later called Virgin Megastores). His current ventures include Virgin Atlantic Airways, Virgin Mobile as well as a space tourism company called Virgin Galactic.

            A billionaire businessman and one of the wealthiest people in the UK, he is known for pushing boundaries and thinking outside the box.

            “Far too many people don’t excel in life because they are too afraid of taking the necessary steps to achieve their dreams. Some manifest fear as a safeguard from failure; others don’t even try, believing that they are restricted by limits; while too many get caught up in the status quo. Growing up I felt all these pressures, but instead of giving in to them, I decided to ignore them and push the boundaries. Had I not, I would not be where I am today.”– Richard Branson

            You don’t need to be an exceptional person to be successful, you just need to be willing to do things that other’s aren’t.

            6. Bill Gates: Never be complacent

              As the founder of Microsoft, Bill gates is consistently ranked as one of the world’s richest people. But even after founding one of the largest companies in the world, he still sees more opportunities and new frontiers.

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              Never one to be satisfied, in 2017 the Arizona Republic reported that Gates had purchased nearly 25,000 acres of land in order to build a new “Smart City”.[1] With amenities like high speed public WiFi, self-driving cars and high-tech manufacturing facilities, he’s hoping that it will become the model for the future of urban planning.

              Bill is constantly looking for new ways to integrate technology into new markets. His response to people who wonder if he’s ever satisfied is:

              “If I’d had some set idea of a finish line, don’t you think I would have crossed it years ago?” — Bill Gates

              7. Sandra Day O’Connor: Learn to delegate

                The first woman to serve as a Supreme Court justice, Sandra Day O’Connor grew up on a ranch near Ducan Arizona. With no running water until she was seven, Sandra became a proficient horse rider and marks-woman, hunting rabbits for food.

                First appointed to the Supreme Court in 1981 by Ronald Reagan, in 2009 she was awarded the Presidential Medal of Freedom by President Barack Obama.

                “The really expert riders of horses let the horse know immediately who is in control, but then guide the horse with loose reins and seldom use the spurs.” – Sandra Day O’Connor, former Supreme Court Justice.

                The skill to delegate can be hard for the young entrepreneur who has built a business from the ground up. Giving up control to someone else is a very scary thought.

                But really, what is success in business? It’s having a business that growing.

                There’s an old saying that if you aren’t moving forward, you’re moving backward.

                In short, delegation is just relying on experts to do their jobs. I rely on experts for taxes, legal matters, website development, advertising and a whole host of other things that I’m not an expert in.

                The trick to delegation is to set clear goals and avoid the temptation to micro-manage the people you’ve put in charge. Learn more about delegation in this guide:

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

                8. Oprah Winfrey: Think outside the box

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                  Born in poverty to a teenage mother and molested as a child, Oprah Winfrey is a truly self made billionaire.

                  Starting out as a talk show host, she quickly dominated the industry with The Oprah Winfrey Show shown in over 200 U.S. stations and over 100 countries.

                  Following the success of her talk show, in 1999, she co-founded the Oxygen network which focused on internet and video content for women.

                  In 2000 she started her highly successful magazine O The Oprah Magazine.

                  In 2011 she started a television network called OWN (Oprah Winfrey Network) and in 2017 she sold a majority interest in it to the Discovery Channel for 70 million dollars.

                  While Oprah Winfrey became a millionaire hosting the most successful talk show in history, what success is to Oprah is finding new ways to capitalize on her assets. She became a billionaire by branching out and finding new ways to market her brand.

                  You can either see yourself as a wave in the ocean or you can see yourself as the ocean. — Oprah Winfrey

                  Starting, owning and running a successful business can be one of life’s most rewarding ventures.

                  Providing both the personal and financial freedom to live life on your own terms, and with the advent of the internet, starting your own business has never been easier or cheaper.

                  But the most important thing you can do is to define what success is to you. Does it mean being able to spend more time with friends and family without worrying about bills? Is it paying for the kid’s college education? Or to be able to travel the world with your spouse?

                  Whatever it is, having a clear understanding of what success is to you will keep you motivated and focused through the inevitable ups and downs of entrepreneurship.

                  Featured photo credit: Pexels via pexels.com

                  Reference

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                  David Carpenter

                  Lifelong entrepreneur and business owner.

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                  Last Updated on August 16, 2018

                  16 Productivity Secrets of Highly Successful People Revealed

                  16 Productivity Secrets of Highly Successful People Revealed

                  The same old motivational secrets don’t really motivate you after you’ve read them for the tenth time, do they?

                  How about a unique spin on things?

                  These 16 productivity secrets of successful people will make you reevaluate your approach to your home, work, and creative lives. Learn from these highly successful people, turn these little things they do into your daily habits and you’ll get closer to success.

                  1. Empty your mind.

                  It sounds counterproductive, doesn’t it?

                  Emptying your mind when you have so much to remember seems like you’re just begging to forget something. Instead, this gives you a clean slate so you’re not still thinking about last week’s tasks.

                  Clear your mind and then start thinking only about what you need to do immediately, and then today. Tasks that need to be accomplished later in the week can wait.

                  Here’s a guide to help you empty your mind and think sharper:

                  How to Declutter Your Mind to Sharpen Your Brain and Fall Asleep Faster

                  2. Keep certain days clear.

                  Some companies are scheduling “No Meeting Wednesdays,” which means, funnily enough, that no one can hold a meeting on a Wednesday. This gives workers a full day to work on their own tasks, without getting sidetracked by other duties or pointless meetings.

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                  This can work in your personal life too, for example if you need to restrict Facebook access or limit phone calls.

                  3. Prioritize your work.

                  Don’t think every task is created equal! Some tasks aren’t as important as others, or might take less time.

                  Try to sort your tasks every day and see what can be done quickly and efficiently. Get these out of the way so you have more free time and brain power to focus on what is more important.

                  Lifehack’s CEO has a unique way to prioritize works, take a look at it here:

                  How to Prioritize Right in 10 Minutes and Work 10X Faster

                  4. Chop up your time.

                  Many successful business leaders chop their time up into fifteen-minute intervals. This means they work on tasks for a quarter of an hour at a time, or schedule meetings for only fifteen minutes. It makes each hour seem four times as long, which leads to more productivity!

                  5. Have a thinking position.

                  Truman Capote claimed he couldn’t think unless he was laying down. Proust did this as well, while Stravinsky would stand on his head!

                  What works for others may not work for you. Try to find a spot and position that is perfect for you to brainstorm or come up with ideas.

                  6. Pick three to five things you must do that day.

                  To Do lists can get overwhelming very quickly. Instead of making a never-ending list of everything you can think of that needs to be done, make daily lists that include just three to five things.

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                  Make sure they’re things that need to be done that day, so you don’t keep putting them off.

                  7. Don’t try to do too much.

                  OK, so I just told you to work every day, and now I’m telling you to not do too much? It might sound like conflicting advice, but not doing too much means not biting off more than you can chew. Don’t say yes to every work project or social engagement and find yourself in way over your head.

                  8. Have a daily action plan.

                  Don’t limit yourself to a to-do list! Take ten minutes every morning to map out a daily action plan. It’s a place to not only write what needs to be done that day, but also to prioritize what will bring the biggest reward, what will take the longest, and what goals will be accomplished.

                  Leave room for a “brain dump,” where you can scribble down anything else that’s on your mind.

                  9. Do your most dreaded project first.

                  Getting your most dreaded task over with first means you’ll have the rest of the day free for anything and everything else. This also means that you won’t be constantly putting off the worst of your projects, making it even harder to start on it later.

                  10. Follow the “Two-Minute Rule.”

                  The “Two-Minute Rule” was made famous by David Allen. It’s simple – if a new task comes in and it can be done in two minutes or less, do it right then. Putting it off just adds to your to-do list and will make the task seem more monumental later.

                  11. Have a place devoted to work.

                  If you work in an office, it’s no problem to say that your cubicle desk is where you work every day.

                  But if you work from home, make sure you have a certain area specifically for work. You don’t want files spread out all over the dinner table, and you don’t want to feel like you’re not working just because you’re relaxing on the couch.

                  Agatha Christie never wrote at her desk, she wrote wherever she could sit down. Ernest Hemingway wrote standing up. Thomas Wolfe, at 6’6″ tall, used the top of his refrigerator as a desk. Richard Wright wrote on a park bench, rain or shine.

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                  Have a space where, when you go there, you know you’re going to work. Maybe it’s a cafe downstairs, the library, or a meeting room. Whenever and wherever works for you, do your works there.

                  12. Find your golden hour.

                  You don’t have to stick to a “typical” 9–5 schedule!

                  Novelist Anne Rice slept during the day and wrote at night to avoid distractions. Writer Jerzy Kosinski slept eight hours a day, but never all at once. He’d wake in the morning, work, sleep four hours in the afternoon, then work more that evening.

                  Your golden hour is the time when you’re at your peak. You’re alert, ready to be productive, and intent on crossing things off your to-do list.

                  Once you find your best time, protect it with all your might. Make sure you’re always free to do your best uninterrupted work at this time.

                  13. Pretend you’re on an airplane.

                  It might not be possible to lock everyone out of your office to get some peace and quiet, but you can eliminate some distractions.

                  By pretending you’re on an airplane, you can act like your internet access is limited, you’re not able to get something from your bookcase, and you can’t make countless phone calls.

                  Eliminating these distractions will help you focus on your most important tasks and get them done without interruption.

                  14. Never stop.

                  Writers Anthony Trollope and Henry James started writing their next books as soon as they finished their current work in progress.

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                  Stephen King writes every day of the year, and holds himself accountable for 2,000 words a day! Mark Twain wrote every day, and then read his day’s work aloud to his family to get their feedback.

                  There’s something to be said about working nonstop, and putting out continuous work instead of taking a break. It’s just a momentum that will push you go further./

                  15. Be in tune with your body.

                  Your mind and body will get tired of a task after ninety minutes to two hours focused on it. Keep this in mind as you assign projects to yourself throughout the day, and take breaks to ensure that you won’t get burned out.

                  16. Try different methods.

                  Vladimir Nabokov wrote the first drafts of his novels on index cards. This made it easy to rearrange sentences, paragraphs, and chapters by shuffling the cards around.

                  It does sound easier, and more fun, than copying and pasting in Word! Once Nabokov liked the arrangement, his wife typed them into a single manuscript.

                  Same for you, don’t give up and think that it’s impossible for you to be productive when one method fails. Try different methods until you find what works perfectly for you.

                  Featured photo credit: Unsplash via unsplash.com

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