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Success Recipe: The Secret Formula of Famous Entrepreneurs

If you dream to be an entrepreneur, then take heed of Michael Dell’s formula for success. “People ask me all the time, ‘How can I become a s...

If you dream to be an entrepreneur, then take heed of Michael Dell’s formula for success.

“People ask me all the time, ‘How can I become a successful entrepreneur?’ And I have to be honest: It’s one of my least favorite questions because if you’re waiting for someone else’s advice to become an entrepreneur, chances are you’re not one.”

By @Comic24Derick

And if you choose to ignore such wisdom from America’s billionaire businessman, founder, and CEO of Dell Technologies, one of the world’s largest technology infrastructure companies, then, chances are high that you are not an entrepreneur, at all.

Entrepreneurship comes from within; it does not need to be taught.

Self-belief is must

The journey to becoming an entrepreneur is dotted with roadblocks, however, self-belief is a must to reach your goals, according to Mukesh Ambani.

“In the journey of an entrepreneur, the most important thing is self-belief and the ability to convert that belief into reality,” said the richest person in Asia and ranked among the richest in the world, according to Forbes magazine.

Entrepreneurs are motivated by action

While others complain about everything, a resourceful entrepreneur sees opportunity in every problem to make money, and this was proven by Naveen Jain, a business executive, entrepreneur, and founder of InfoSpace, which briefly became one of the largest internet companies in the American Northwest.
Entrepreneurship comes from within; it does not need to be taught. (Image: Pixels)
Jian’s advice agrees with Peter Drucker, who popularized the saying, “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

The late Australian management consultant was a celebrated author, whose writings contributed immensely to the practical foundations of the modern business corporation.

Don’t live in the shadow of past glory

Your past, however successful, can’t guarantee you future success in the unpredictable entrepreneurial journey. 

“Past success is no guarantee of future success, so I have learned to be an entrepreneur. I began to produce and direct my own projects,” said Ian Ziering, an American actor, identified for his roles as Steve Sanders on Beverly Hills, 90210.

Ambition must be part of your plan to become a better entrepreneur, and Kim Kardashian says, “I’m an entrepreneur. ‘Ambitious’ is my middle name.”

Not a bed of roses

Being an entrepreneur will change your lifestyle, it will make you uncomfortable, and most of all, you can say goodbye to regular vacations.

“If you want to be an entrepreneur, it's not a job, it’s a lifestyle. It defines you,” warns Swedish entrepreneur, Niklas Zennström.

The entrepreneur added: “Forget about vacations, about going home at 6 pm – the last thing at night you’ll send emails, first thing in the morning you’ll read emails, and you’ll wake up in the middle of the night. But it’s hugely rewarding as you’re fulfilling something for yourself.”

Set timelines to get motivated

To become a better entrepreneur, you need to set deadlines and accomplish them. That way, you won’t depend on a daily job, and this is what motivated Nick Woodman to form GoPro, an American technology company in 2002.

“When I got out of college, I gave myself till I was 30 to invent a product. If I couldn't do it by then, I would just get a real job,” said Woodman. “And that fear – the fear of a real job – motivated me to be an entrepreneur.”

Experiment and fail to get better

“I would say, as an entrepreneur everything you do – every action you take in product development, in marketing, every conversation you have, everything you do – is an experiment,” commented American entrepreneur, blogger, and author, Eric Ries.

“If you can conceptualize your work not as building features, not as launching campaigns, but as running experiments, you can get radically more done with less effort.”

Assets of a real entrepreneur

Entrepreneurs are animals of trial and error, they don’t relax, until they hit the right target. Reaching your goals is not achieved by cutting corners, it demands honesty and integrity, one of Zig Ziglar’s entrepreneurship quotes said.

“Honesty and integrity are by far the most important assets of an entrepreneur.” In addition to honesty, Min Kao says, “Every entrepreneur needs ideas, vision, and creativity – no matter what the product or service.” 

He adds, “Not only that, but the product should truly delight customers and become an essential part of their lives.”

Invest responsibly

With a multi-billion empire, Richard Branson understands the importance of responsibility in business operation. 

“For a successful entrepreneur, it can mean extreme wealth. But with extreme wealth comes extreme responsibility,” cautioned the Virgin brand founder. 

Branson added: “And the responsibility for me is to invest in creating new business, create jobs, employ people, and put money aside to tackle issues where we can make a difference.”

You have unlimited potential, don’t be limited

Entrepreneurs must dream big, and not be limited to what they grew up with. “So many black kids aspire to be entertainers or professional athletes because those are the only role models, they see that they see that look like them,” said Troy Carter, an American music manager.

“There are only 300 jobs in the NBA but an endless amount of opportunities as an entrepreneur. With enough hustle, entrepreneurship opens to a world of opportunities,” Carter continued.

Shared responsibility means collective success

The passion to succeed can drive you to try and achieve everything alone, however, Sallie Krawcheck believes this can wreck your gains.

“As an entrepreneur, it’s easy to feel ownership over every aspect of your business because you’re putting your reputation, your money, and other people’s money on the line,” the CEO and Co-founder of Ellevest held. 

“Oh, and you're sleeping, breathing, and eating your passion project - that, too. But if you try to do it all yourself, you're almost certain to fail.”

‘Poverty is an advantage’

Jain of InfoSpace grew up in poverty in India, but he turned it into an advantage to succeed. “Because I was poor, I had one special advantage. When you are poor, and basic survival is your concern, you have no alternative but to be an entrepreneur,” Jain said. 

“You must take action to survive just as you must take action to seize an opportunity.” so, your situation must not determine your destiny, according to Jain. 

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