There are many extremely successful entrepreneurs around the world such as Bill Gates, Richard Branson and to some extent Donald Trump. The popularity rating of successful entrepreneurs varies widely during their lifetime as we have seen with Donald Trump in particular. However, are successful entrepreneur simply in the right place at the right time?
Making the most of an opportunity
If we look back on our own life there must be many occasions where we have been in the “right place at the right time” but never exploited the situation as much as we should have. Have you ever had a thought about a new business idea? Perhaps you spotted a share price which then increased dramatically over the years? If so, what is the difference between you and a successful entrepreneur?
Determination
Determination is the name of the game and there are no business people in the world who have not experienced down trends in their career. Richard Branson has had more than his fair share of controversy with allegations of insider trading in his early days. Bill Gates was once the darling of the computer industry before Microsoft was seen as “exploiting” its position to the detriment of consumers. Donald Trump, well what you say about the man who has been there, done it, lost it and risen from the ashes time and time again?
Strong personalities
Can you imagine being a successful entrepreneur having earned yourself billions of dollars only to attract jealousy and criticism from people you don’t even know? Well, this is normal life for successful entrepreneurs, everybody has an opinion, everybody knows better but who actually followed through with a good idea and made the most of it?
The same can be said of successful investors in the stock market, making the most of your profitable investments while limiting the downside on your unsuccessful punts. How many people have bought into a share which has risen significantly and bailed out at the first sign of a downturn? While it is easier said than done, one interesting strategy which has proven extremely lucrative for many people is to sell enough shares to get your original stake back and keep the additional “free” shares.
The harder you work, the luckier you become
Have you ever noticed how serial entrepreneurs and successful investors work excessive hours, very often behind the scenes? How many times have you commented that a successful business person “is lucky” to attract the opportunities put in front of them? The simple fact is the harder you work the lucky you become because if you get a reputation as a savvy investor you will receive all kinds of introductions and investment opportunities. It can be difficult to separate the wheat from the sheaf but again this is where experience, skill and an opportunistic approach to investment come in.
Timing
If we look at individuals such as Sir Clive Sinclair, who introduced one of the first modern day electric powered vehicles, he could see into the future but he was too far ahead of business, investors and consumers. As a consequence, his electric powered vehicle failed although we only need to look at the likes of Tesla to see how electric cars are seen today. So, being in the right place at the right time is vital but it is no coincidence that the harder you work the luckier you become.