If you’ve ever been to a workshop or a class that tries to teach you about business, then you might leave with a starry-eyed impression of how the world really works. If entrepreneurs such as Richard Branson are any example to go by, then it’s clear that success doesn’t, and will never, follow a simple road. In the words of the great entrepreneur himself, “screw business as usual and do things your own way.”
The most typical path of progress that an entrepreneur takes involves trying and failing at multiple businesses. They start an idea, see how far it goes, and then ditch it to start over again with more experience. This trial and error process eventually lands them at a good idea which they can capitalize on, make their millions, then expand into other industries. However, this rarely goes as planned and, as you’ll learn from this article, you don’t need to go to college in order to become successful.
Case Study: Steve Jobs
Let’s have a quick recap of what life was like for Steve Jobs, arguably one of the most successful entrepreneurs of our generation.
Known for his position as the co-founder and CEO of Apple Inc, Steve Jobs brought the iPhone and iPad to the world, creating a cult following and a company that continues to see major success many years after his death. However, Steve Jobs didn’t start with millions of dollars in funding nor did he have a company to start with. Steve Jobs actually dropped out of college because he did not want to spend his parent’s money on it. He eventually lived off free meals and returned empty Coke bottles in exchange for money to get by. However, despite this rough upbringing and his lack of an official education, he went on to form Apple, one of the most respected and widely known brands in the world.
This story shows us one important thing: that official education and degrees do not play a factor in the success of your business. With some good fortune, a drive to succeed and a passion for something, you could create a business from scratch and become just as successful as Steve Jobs.
Understanding What Education Means
When you attend college or university, you’re essentially trying to learn something. But who has the authority to teach you? Typically, it will be professors that have studied a particular field for a long period of time and have made contributions to a specific industry. For instance, a professor that is tutoring you about technology may have contributed to the founding of a company, the discovery of a certain technology or even the writing of a thesis that has helped to improve technology for the betterment of mankind.
However, it’s important to note that however experienced and well-educated these professors are, you have to take what they say with a grain of salt—especially if it concerns business matters. Industries are volatile and are dominated by consumer expectations and trends. If something is popular, there’s no guarantee it will continue to be popular and a lot of research and educated guesses have to be made when it comes to planning for the future. For instance, you could start a company to take advantage of a particular service or need that consumers have, but who’s to say that a new piece of technology won’t come out that makes your company redundant, or consumer demands won’t fall as a result of a dying trend?
Learning to start a business isn’t just a case of listening to a lecturer and following what they say. Rules and strategies that used to work may no longer be viable, and the ever-changing landscape of a global market cannot be tamed by a single company or a business. There are, of course, anomalies that appear every now and then. For instance, Microsoft’s operating systems market share currently sits at over 90% against Mac and other alternatives. That’s the definition of market dominance, and it’s not something that can just be taught. It’s a combination of adjusting to consumer needs, taking advantage of a situation, and maintaining that grasp over the market.
You can analyze it as much as you want and try to pick apart Microsoft’s success and how they achieved it, but at the end of the day, it’s all about reacting to the market and consumer needs to create a product that is indispensable. In short, education is all about learning, but learning is something that can be done without paying ludicrous amounts of money per year. Instead, you can learn through experience, free resources, and of course, utilizing the internet.
Building an Empire
Now that we’ve established what education means, we can stop focusing on the traditional method of gaining success to forge your own path to greatness. The first thing you need to come to grips with is that if you want to be successful, you need to think big. You need to think about all the different industries that your company can have a grip on, you need to think about how to handle millions of customers, and you need a foundation on which to build your empire.
For example, if you plan to provide a product to the masses, then you need to start thinking about manufacturing. Everything from sourcing raw materials to paying for labor needs to be taken into consideration. You have to find a place to build a factory, you need to think about a transport network to ferry finished products to store locations, and you need to think about what machines you need to rent or purchase in order to equip your manufacturing line. If you have no idea where to start, then considering looking at equipment information here to learn more. In short, there is a lot to learn no matter what type of business you operate, and the key to obtaining that knowledge is to read and study as much as possible. However, you need to pick the correct things to study—don’t just open a “Business for Dummies” book and expect to learn a lot.
One of the best ways to start building an empire is to start with a solid foundation. Think about what the world needs or wants. Perhaps you have an idea to bring food to poor countries, maybe you want to get involved in renewable energy sources, or maybe you have bigger aspirations and want to be involved in sending people to Mars. You have to dream big if you want to become a successful entrepreneur because dreams are the source of our inspiration, motivation and drive.
Without a dream, you have no real foundation for your empire. You need to have a vision and you need to share that vision with everyone who works under your banner. Be it the janitor you hire to clean your office or the foreman that runs your factory, you need to convince everyone that works for you that they’re are contributing to a cause.
Maintaining Your Empire
When we talk about unconventional success, we have to mention ways to look after your company that aren’t copied and pasted from popular magazines or other sources of information. You need to look into your heart to find your inspiration and you need to search your brain for ideas on how to act on that inspiration. For example, if you want to inspire loyalty among your staff so that they go the extra mile for you, then you need to give them a reason to trust you and be loyal to you.
Loyalty isn’t about money. In fact, using money as a means to convince someone doesn’t inspire any form of loyalty. When you wage a war, be it metaphorically or literally, using money as a means to inspire your troops is akin to hiring mercenaries. These soldiers of fortune work for the highest bidder and there is no loyalty. However, if you are fighting for your country, you’re inspired by the idea that you are protecting your country and that you are fighting for a cause that is bigger than you.
The same counts for a business. Your employees aren’t going put in extra effort for you just because of money. If you provide them with a reason to be loyal to you, then they will happily work extra hours and stick with your business through bad times because they believe in you and your ideas. If you really want to inspire employee loyalty, then you need to give them not just a job, but a career. Treat your employees well, nurture them so that they become trustworthy leaders, and promote them to senior members of staff that will handle future expansions, store locations or other important matters. Anyone that has been with your business for a long period of time and shows no sign of leaving you for a higher-paying company is someone that deserves your trust and loyalty.
If you want to have a globally recognized business that provides a product or service to the masses, then you need to trust in your employees, and the only logical way to achieve that is to inspire their loyalty. Stop thinking in terms of numbers and stop treating your employees like cattle. Treat them with respect, and they’ll stay with your business no matter the conditions and work feverishly to help you be successful.
