As we are approaching the second quarter of 2018, entrepreneurs and small business owners are implementing new income-producing strategies and collaborating with like-minded business models. The sense of urgency to reassess current business practices is partly due to the financial shake up that occurred during the first quarter. On February 5th and 6th, we experienced a major plunge in the stock market causing some of the worlds richest men to lose billions in just a few short hours.
We stayed glued to our cell phones, laptops and televisions as financial news outlets reported that moguls like Berkshire Hathaway CEO and Chairman Warren Buffett, Facebook Founder, Chairman and CEO, Mark Zuckerberg, Google Co-founders Larry Page and Sergey Brin and Amazon Founder and CEO Jeff Bezos’ net worth took a dive.
To say that billions were lost yet billions are still in hand is an inspiration for innovation. The saying goes, “You can’t lose what you use.” If you are looking to achieve the type of extraordinary success that some of the wealthiest people in the world have, you’ve got to be ready, willing and able to clearly identify solvable problems.
What lessons can we learn from these modern-day innovators who continue to amaze us with their insatiable appetite for development, production and implementation of consumable ideas even during uncertain times? Here are just a few:
■ The team that makes the dream work! Contrary to popular entrepreneurial belief, innovators know and heavily rely on their networks to raise capital and properly communicate their ideas to others. Innovators also know that joint venturing reduces company risk, increases market share and provides access to additional funding. Tesla Founder Elon Musk is definitely NOT a one-man show! He, along with other famous innovators, possesses the ability to motivate and manage teams.
■ An established expertise causes an innovator to recognize new opportunities and have a clear long-term vision for them. Execution of any new idea is sure to occur when an innovator is confident in their capacity to turn ideas into a successful product or service. There is not one innovator that we know of who hasn’t studied their craft to what they deem to be perfection. We get to enjoy the fruits of a labor that was years in the making.
■ Being the ultimate opportunist has proven to be an instant chart topper! We can ask our current President Donald Trump all about it. It’s hard to believe that there are still so many gaps in the market. However, the opportunistic innovator can easily identify and capitalize on them. Opportunists crave new experiences and have the tenacity to complete projects.
The road less traveled is usually crowded with innovators. Those who demonstrate resilience and have overcome failure, rejection and great perils make history. The success of an uncommon innovator leaves tracks. Will you follow them?