THE journey of becoming an entrepreneur is both challenging and rewarding. The Entrepreneurship Essentials online course’s findings indicate that only 25% of start-ups survive beyond five years, with 50% having already reached this stage.
According to Harvard Business School professor William Sahlman, a company’s success is dependent on its ability to make the right decisions.
“It has uncovered the means to generate and capture customer value,” Sahlman said.
The truth is that every small business proprietor must confront a tough dilemma. Even in favourable circumstances, the majority of small businesses do not succeed.
As a result, when successful companies establish business empires, the entrepreneurs, who produce such companies are often considered to be larger and more captivating. What factors contributed to the success of small businesses when they were frequently unsuccessful?
Some individuals rely on the ability to endure, persevere, and encouragement from their loved ones.
Others consider it to be determination, heightened awareness and perseverance. The majority of them are known for their boldness, taking risks, and attempting things they have never tried before.
It is crucial to gain insights from others when exploring entrepreneurship or in the early stages of a project, as it can help you avoid common mistakes and identify which decisions were significant in ensuring entrepreneurial success.
To inspire your entrepreneurial journey, check out these success stories from entrepreneurs.
Although there is no question that Thomas Edison was brilliant, it was his business acumen that truly demonstrates his intelligence, not his exceptional abilities as an inventor.
Innovation was transformed by Edison into the process of research and development.
He subsequently sold his services to several other companies and embarked on a solo venture to establish the bulk of the American electrical power infrastructure.
Despite being one of the founders of General Electric, Edison played a significant role in the establishment of several companies, including Edison Electric and Con Edison.
Edison’s legacy will be remembered by the companies he worked with, despite his higher patent holdings than corporate connections.
Adidas’ founder Adi Dassler is a prime example of how major brands can be traced back to their humble beginnings, and no one can match the passion and drive found within them.
He began his profession as a shoemaker in the washroom of one of his mother’s homes, which is situated in Bavaria, Germany.
At that juncture, Dassler began the process of designing and cobbling shoes, and thus resolved to create what would eventually be called the ultimate sports shoe.
Dassler’s strategy during that period, when many shoemakers were present, was to distinguish himself from competitors by heeding athletes’ suggestions for a shoe, what they wanted to see in shoe, where they could improve, and how his initial designs came together.
This feedback was instrumental in Dassler’s ability to create an athletic shoe with a significant customer base and solidified his business when he registered “Adi Dassie Adidas Sportschuhfabrik” in 1949 at the age of 49.
In that year, it was registered as the first shoe to display the Adidas three stripes, which would soon become its signature.
Adidas has developed into a global brand that is recognised for its top-quality athletic wear. The significance of asking target customers about their aspirations, necessities, and obstacles is highlighted by Dassler’s tale.
The website of Adidas states that Dassler had a unique secret to success: he personally interviewed athletes, studied their pitches and continuously investigated new ideas to meet their needs. This was documented on the company’s website. The most reliable source of trust and confidence in Adidas and its founder.
At the age of 21, Dangote completed his college education and borrowed US$3 000 from an uncle to import agricultural commodities in Nigeria.
Within three months of starting up his business, he was able to repay the entire loan and see that it had already been a success.
Dangote eventually grew from a local commodities trading business into “scalability” to multi-billion-dollar corporation. Today, he is considered to be one of Africa’s foremost industrialists and philanthropist.
Dangote has been crowned as Africa’s richest man for the 12th year in a row, with an expected net worth of approximately US$13,5 billion. He holds the title of the richest black person globally.
Over 30 years ago, he began building his business empire, which is now known as Dangote Group, and it is one of the biggest private sector employers in Nigeria and the most valuable conglomerate in West Africa.
Which individual is considered the most successful business tycoon globally? The title was bestowed upon Elon Musk, the CEO of Tesla Motors and founder of SpaceX and PayPal, by Forbes as of February 2023.
The world’s wealthiest individual is often the top entrepreneur globally, depending on the question asked. Jeff Bezos, the founder and former CEO of Amazon, is considered by some to be the number one entrepreneur, while he holds the title of the second wealthiest person globally.
By studying the experiences, struggles, choices, and achievements of other entrepreneurs, it is possible to understand what your experience could be like. Can you identify any commonalities between the examples mentioned above?
Can you identify the common traits of these prosperous business owners? Employ their insights as guidance to shape your strategic approach and immediate decision-making.
When enhancing your entrepreneurial skills, it is important to consider courses that incorporate case studies. You can not only visualise yourself in their circumstances but also take their insights with you on your entrepreneurial journey.
- Denhere is an investigative journalist and entrepreneur. WhatsApp +263 773 894 975 — [email protected]