4 Ways in Which Entrepreneurs Make it Big in the Business World

Forbes recently issued the list of world’s richest persons for the year 2017. Bill Gates is the richest person in the world for fourth year running with Amazon’s Jeff Bezos second and Warren Buffet on third. Bill Gates has secured the number one place in the list for 18th time in the last 23 years. Warren Buffet and Jeff Bezos also regularly feature in the top 10 for the last several years. So what is the secret of their success and how they are able to sustain it for decades now? Read on for the answer coupled with analysis about habits of effective leaders that transform them into successful entrepreneurs in this regard.

  1. Hard Work

There is no substitute to hard work. You can take the example of Bill gates who worked day and night to launch a new version of DOS in 1981. Windows 95 was the result of years of hard work and everything else is history. The success of Microsoft, as a company, cannot be attributed to just Mr. Gates but he is the catalyst behind all the success. He showed everyone around him how the things need to be done and what kind of commitment is needed to make a product or service the best in the market.

Thus hard work and relentless approach to succeed in whatever you do is the key through which a person can become an entrepreneur and accomplish the goals he planned for.

  1. Independent Thought

It’s very easy to be along with the crowd and support the popular verdict. But swimming against the tide is difficult. The top entrepreneurs in the world are the ones who just listened to their inner voice and went for the unchartered territories in terms of doing business. With the passage of time their independent thought do translate into something very big. So believing in their capabilities is one aspect.

I can give you an example of Warren Buffett in this regard who is termed as an authority on the domain of investing. Whether it is stock market making new acquisitions, he always hit the bull’s eye. The secret lies in his way of thinking of choosing the road less traveled. We always look for someone else’s advice when investing while Mr. Buffett believe in his capabilities and comes out triumphant virtually every time.

  1. Courage to Take Risks

The act of taking risks, even calculated ones, is not everyone’s cup of tea. In such a volatile marketplace where a news can swing the mood of the investors and the general public, taking risks is not a rational decision at all. But this is what makes a person a leader and an entrepreneur to look forward to. The Microsoft’s acquisition of Hotmail in 1997 was a bold move but turned out to be a master stroke.

The 400 million dollars that Microsoft paid to Sabeer Bhatia was a hefty sum 2 decades ago. But we all know it paved the way for Microsoft for a long dominance of free email service market. Taking risks like these what makes an entrepreneur from ordinary to great and cemented Bill Gates’s position as a visionary tech leader of his generation.

 

  1. Tech Savvy

Being tech savvy and able to use different softwares and tools to their advantage is another important aspect of being a successful entrepreneur. Let’s take example of a person who has just started a small business. In the beginning, to manage even a small team can be hectic for the owner who has to take care of lots of other important stuff. The use of a task management software for small businesses like TaskQue is one way to deal with the problem.

Jeff Bezos started Amazon as a little online bookstore and turned into an e-commerce giant. He must have used such a software or tool in the beginning. Being tech savvy and able to use latest products in the market helps entrepreneurs make a difference in the way they do business.

I know this list is very short and precise and if you are looking to add something here, please go ahead and use the comments section below.