You don't have to make billions to be considered successful. After your risks have payed off, you adapted to failures that happened, and built the right mindset you have unlocked the keys to success and your business will reap the benefits. According to an article from the journal of happiness studies there are different forms of success and determining it it based on the entrepreneurs personal characteristics and by comparing the business to other similar ones. What we can take from this is that it is good to see where your competition is at to get a look at where you are. You can do this by comparing how much your business is making compared to others or by customer satisfaction.
Listed below are three very successful entrepreneurs from today's time who each have the traits required to be a successful entrepreneur. Their stories show how by not giving up and innovating on new ideas play a big role in a businesses success.
It is safe to say that Elon Musk is one of the most successful entrepreneurs in the world. Musk made his riches by launching his first company in 1995 called Zip2 Corporation which was an online city guide. Only four years alter Musk sold that company for over 300 million dollars. Musk used this money to start his next companies and eventually grew them more and more. Musk is now the Ceo and owner of Spacex, Tesla, and more companies and his success story shows us how by never giving up and always striving to be better and better is a great entrepreneurial trait to have.
Howard Schultz the current Ceo of starbucks has a impressive story of how he went from growing up in a poor family to managing a billion dollar company. With the help from investors Schultz bought Starbucks in 1987 when there were only 17 locations. Today Starbucks is worth over 100 billion dollars providing jobs for hundreds of thousands of people. Schultz had many setbacks in his career and was turned down by banks and investors multiple times but never gave up and it payed off in the end. Schultz story shows us how not giving up and taking risks are crucial for success.
Sara Blakely has an amazing success story. She started her company SPANX in 1998 with $5,000 from her savings and made 4 million dollars in her first years revenue. She got the idea for her business by cutting the feet off of pantyhose and wearing them. Blakely's genius idea payed off fast and brought her to billionaire status by 2013. Her story shows how everyday ideas can help entrepreneurs innovate and create new ideas that improve people daily lives because that's exactly what she did.
These three successful businessmen and woman All hold the mindset needed to be successful. They have all had to adapt to changes in their businesses, learned from failures that occurred, and were willing to take risks that would pay off for them.