Entrepreneurship Skill and Philosophies

Being a good entrepreneur and building a successful business often start with a good idea and little bit of luck, however as i have discussed it takes much more. Building a successful business takes a lot of hard work, determination, and vision which sets you apart from others trying to accomplish similar solutions. I follow and study many great entrepreneurs and while many of them accomplish things in different ways, and follow their own path to get where they have gotten, some of their insights, experiences, values, and strategies are remarkably similar. Mark Cuban, Richard Branson, and Steve Jobs have all built multibillion dollar empires very different backgrounds and mindsets.

All Entrepreneurs are different and have different ways of accomplishing their task, no entrepreneur tries to mimic another, otherwise they would be a follower and not leader. However there are things we can take from successful entrepreneurs that can be applied to building new businesses.

As i had mentioned before, vision is one of the most significant elements possessed by successful entreprenuers, and Steve Jobs most important element. Jobs believed vision could be applied to all aspects of driving a companies growth and spawning the product synthesis and value propositions we have come to expect from high quality apple products.

Richard Branson believes in sound fundamentals combined with creativity and risk taking can lead to major success. Branson’s Virgin empire is very fundamental when it comes emphasis on branding, customer experience, and communication. Branson does take risks and steps outside the box, but does so with great calculation and thought. He expresses great importance on having quality employees his mangers can delegate too, and providing those employees with a quality experience to promote loyalty within the company. Branson also believes in the proper selection of investors and finding investors for each particular business that are strategically compatible and can be used as an additional asset aside from just the capital provided.

Mark Cuban is another entrepreneur whose cutthroat mentality has made him successful. It has also made him despised by some and revered by others. Regardless he has built and managed many startups generating serious personal wealth. His first real message is Passion, do not start up a business unless you are truly passionate about it, and do not let passion cloud your need for a quality exit strategy. Cuban also agrees that hiring passionate people crucial. He also pushes each of his businesses to focus on their core strengths and exploit them, do not be to broad. Cuban also believes that when starting up a business, there should be complete transparency amongst management and all employees so there are no surprises and all issues are solved collectively which is very important to getting a business up and running.

There are no defining qualities that ensure success in building businesses, however there are certain qualities and experiences which almost all entrepreneur will encounter and each one can learn from.