Those of us who dream of operating global businesses may often find ourselves looking at the track records of established entrepreneurs. After all, if they have been able to find success in this sphere, then it stands to reason that there is much that we can learn from them.
I believe that this is a sensible way of thinking, enabling us to appreciate the approaches that have driven others to success. Where I think that there are risks associated with thinking in this way is when we fail to detach ourselves from the specific businesses that are involved.
Creating the next Facebook
As an example, we may read about Mark Zuckerberg and conclude that we need to build something along similar lines to Facebook. The logic involved here may be pretty simple, given that Mr Zuckerberg has undoubtedly become very wealthy as a result of his involvement with the company. So why isn’t this the best way for you to proceed?
What I would suggest here is that there is far more to be learned from looking at the different approaches taken by entrepreneurs, rather than by focusing on their individual businesses or the industry sectors that they’ve looked to master. If we take technology companies as a fairly specific set of examples, then there’s certainly money to be made by following the way in which they have been unfounded.
Unless you happen to have the necessary technical skills, or a real insight into what’s involved, I would suggest that it may actually be rather difficult for you to make the required breakthrough. This needn’t mean, however, that you should lose heart.
When I’ve researched business owners and high profile entrepreneurs, I’ve tended to be struck by the fact that it’s personalities and attitudes that make the real difference. They will often have a really positive outlook, taking the view that almost anything is possible. This doesn’t mean that they are unable to find reality, of course, but it does mean that they know that they can achieve great things.
What else do they have in common? What becomes clear is that they usually have something very simple in mind when they start out in business. They look at an existing problem and create sensible solutions. Turning those solutions into earning potential is not usually the first priority.
Starting from humble business beginnings
They will rarely start with an enormous amount of capital and it’s striking that many of them start out with little more than their own skills. You’ll discover that with access to transport, some knowledge and the ability to help your business grow, you can really go far.
So when you’re thinking about your next business idea, you may wish to keep things simple. There’s always the potential for you to become the next Donald Trump, but there’s absolutely nothing wrong with starting out on a considerably smaller scale. There will be times when you will find that you need to take risks, but such risks are often relatively small during the initial stages of building a simple business.
As you become more experienced, you’ll naturally start to think about plans that are rather more grandiose. That’s something that becomes a lot easier to do, once you are certain that you understand the business basics and have something that can be used to create a much larger enterprise.
When you’re searching for business ideas, you may tend to find that you are looking to make world-changing inventions, or seeking to push the technological boundaries. It’s worth noting, however, that a rather more basic approach is often likely to pay dividends.