As a potential entrepreneur, you’re probably used to looking at success stories with stars in your eyes. With a little bit of hard work and determination, you could be just as successful. Did you know that you can pull lessons from success stories, just like you can with stories of failure? Here are some lessons that every aspiring business person should take to heart.
Accepting Failure
Stories of success often hide failure, but only by reading how many times an entrepreneur failed can we learn that accepting failure is part of business. Everyone encounters failure at one point or another, and it can be a chance for a growing company to learn. Take any of these stories for example. Arianna Huffington, of Huffington Post, was rejected by 36 publishers. Bill Gates saw his first business crumble, and Walt Disney was told that he lacked creativity. All of these entrepreneurs later came to own some of the biggest companies in the field.
Passion for the Product
Two brothers by the name of James and Tom Monaghan bought a pizza restaurant and started a company called DomiNick’s. One of the brothers sold all his shares to buy a used car while the other invested the money and revamped the company. This later produced one of the largest pizza delivery companies in the United States—Domino’s. Tom became sole owner and followed his dream, just like you should do. If you have a passion for your product or service, don’t give up on it.
New Marketing Tactics
Many people know Kenneth Cole as a luxurious shoe designer, but did you know he got his start through movies (unconventionally of course)? Instead of renting out a hotel room, which was commonplace at the time, he came up with the idea to make a full film called the Birth of a Shoe Company that allowed him to sell shoes using his trailer. It worked, and he sold 40,000 shoes in just two and a half days. The lesson from this story is that if the marketing techniques available don’t work, think outside of the box and come up with your own method to get your product out there.
Find Strength in Weaknesses
Finding strength in your competitor’s weaknesses isn’t always easy, but it’s possible if you’re observant. This was the case for the famous luxury sports car maker, Lamborghini. Ferruccio Lamborghini was well versed in cars by the end of the war and owned many vehicles we could consider luxurious today, but something was missing. They were built with inferior clutches and other mechanical issues. So, he took those weakness and designed one of the best-known brands in the world.
Listen to Yourself
Becoming an entrepreneur isn’t always about success. Sometimes, your peers and mentors won’t encourage your actions. This was the case of Frederick Smith, the founder of FedEx. Now, one of the biggest shipping companies in the United States, this postal service started out as an idea on paper that earned him a C grade. It took him years to start up his company, but when he did, it grew and grew. In the end, Smith listened to his own ideas and followed his dreams. If you know your idea has marketable qualities, pursue it.
