Book Review: Forbes Greatest Business Stories of All Time It would be an understatement to say that the twenty figures presented in Gross's Forbes Greatest Business Stories of All Time are success stories. These people have molded and shaped the way we live our everyday lives through their incredible achievements. Imagine starting with only a vision, while lacking the financial resources and personnel to make that dream a reality. This was the case for most of the entrepreneurs presented in this book. They found a way to create something out of nothing. Obviously, they had to overcome constant obstacles and setbacks on their way to success. A few also faced some morally challenging issues that may have been questionable, which will be addressed later. The striking similarities amongst some of the most innovative and recognized entrepreneurs in the world helped contribute to their revolutionary business ventures. By reading and analyzing this book, lessons and advice can be inferred and applied to our everyday lives. By noting and analyzing the common character traits and themes among the major figures in the book, it will allow the reader to see how their accomplishments were achieved. A reason for many of these entrepreneurs' success was their attention to detail. Specifically, Robert Morris used his attention to detail to become the nation's first real businessman, establishing his reputation by gaining connections to important people. He used these characteristics to ultimately establish the Bank of North America as well as finance the U.S. during the American Revolution from his own resources. Ray Kroc also paid great attention to detail while establishing his McDonald's empire. While developing the concept of franchising, he expanded with the idea of continuity on his mind. He wanted the exact same product served at his restaurants all across the country. Sam Walton, creator of the Wal-Mart empire, was also someone who paid great attention to detail.
Mentor: The Kid & The CEO by Tom Pace (with Walter Jenkins) When I first read the requirements for this book review assignment, I wasn’t currently reading a book. I knew I wanted to do it on a Nicholas Sparks books as those are easy reads for myself and I knew a lot of them had to do with family issues. I went to check out a few options at the library when I stumbled across this book, “The Mentor”. I started reading
As the Joker once said in The Dark Knight, "if you are good at something, you should never do it for free." That statement, despite being said being a crazy man who quite literally burnt millions of dollars to the ground and has no regards to human life other than himself is what people deeply generally feel on the inside, what is the point of being at good at something when they are not being paid at all to do so, especially if its set within a major setting, where millions of people are watching college players pouring out their blood, sweat, and tears in order to get a chance to be successful within their respective field of sports. This is where the NCAA controversy comes into play.
Third and lastly, look at how both men treat their workers and customers in order to achieve the most possible profit for their company. Let us first look at Mr. Andrew Carnegie. Carnegie was a mogul in the steel industry. Carnegie developed a system known as the vertical integration. This method basically cuts out the ‘middle man’.
Brian, a young business executive, started a small software company in his mid twenties. He would invest long hours developing his business, often working late into the nights. When the business became profitable, Brian incorporated and went public through a stock offering. Flood gates open and money poured in the company coffers and Brian grew exceedingly wealthy.
Krames, Jeffrey A.. What the Best CEOs Know : 7 Exceptional Leaders and Their Lessons for Transforming Any Business.
The Samuel Moore Walton legacy began in 1918 on a farm in Kingfisher, Oklahoma. The family moved to Orlando, Florida around 1921, when the family’s second son was born. Sam Walton was the eldest son of their family. Sam’s childhood was never ideal for an American because of him being raised during the Great Depression.Sam became the youngest ever Eagle Scout in the state of Florida when he was an adolescent. His father and mother never made enough of a living, so the two sons were forced into work to try to cover the bills. Samuel’s father and mother had jobs in repossessing farm land of locals. Sam grew up doing the odd and sometimes difficult jobs. He often had to milk cows, bottle the surplus, and deliver each bottle to the specified customers. If this wasn’t enough, he also delivered newspapers and magazine subscriptions around his town. He continued these jobs in Florida until his high school graduation when he left for the University of Missouri. He went to college searching for a better way to make a living to supp...
Storytelling can be traced back since the birth of human beings. When it comes to entrepreneurs, storytelling is the most powerful weapon. O'Connor, E. (2002) in his article “Storytelling to be real: narrative legitimacy building and venturing”, quoted the view of Gartner (1992), that before the existence of company, it’s all about storytelling, even after the company comes into being, it’s still remain largely fiction. The most important story one will ever tell to its stakeholders or investors is one entrepreneurial story. According to (Martens & Jennings, (2007)), storytelling is being recognized as a powerful tool of entrepreneur’s. Similarly, huge
Sam Walton had no idea his business would take off like it has. Today, years after his death, the company is still growing steadily. He never thought that his little $25,000 investment in a retail store would be a huge success, but Walton had an idea that no one had ever thought of. This would be the thought that would not only change his life, but the lives of millions of customers as well. The creator of K-mart Said he fabricated up the idea that if he offered well-know brands and sold them around 15% cheaper than other retailers, then this would make them a powerful source in the retail business, and little did the creator of K-mart knew Walton was right. Regarded by many as the entrepreneur of the century, Walton had a reputation for caring about his customers, his employees and the community.
In the book “Think and Grow Rich,” the author, Napoleon Hill, provides a set of principles that he calls the key to financial success. The idea at the center of these principles is that one becomes what he or she frequently thinks about, in this case success (i.e. rich). Hill lays out a method he created to translate one’s thoughts into reality, creating an insatiable hunger and drive within an individual to succeed. Using the examples of his son and some of America’s legendary iconic business leaders, of which Hill studied and interviewed, including Edwin C. Barnes, he demonstrates that anything one puts his or her mind to can be produced and conceived.
Kroc attempted to describe what had made his business the global empire that it is today. It was not as simple as providing delicious hamburgers, fries and chicken nuggets. Kroc was an ambitious and shrewd businessman that embarked on a vision that followed a strategic plan of expansion that would cover every continent. Kroc not only created a successful company, he also built a global brand and revolutionized the American cultural landscape.
For this assignment, I used Walmart as an example for an organization that is a major player in the U.S. economy. They have been in operation since 1962, and their services are many, including retail, groceries, electronics, and home improvement. Walmart is considered the largest among all retailers, so it truly belongs to the retail industry. They do, however, face many challenges from industry competitors, such as Target, Big Lots, and Costco. Mr. Sam Walton (Walmart’s founder), however, has earned incredible success for Walmart in the retail market with an ever-expanding customer base. He started his business back in 1945 from a branch of Ben Franklin Stores, with a focus on selling products at lower prices to get higher-volume sales at lower-profit margins.
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how
Dearlove, D. (1998) Business the Bill Gates Way: 10 Secrets of the Worlds Richest Business Leader. Capstone Publishing, Oxford.
The path to achieving great success is not easy. Whereas there are many shortcuts, the long and patient walk is what takes a person many miles ahead. This concept applies to any individual who aims at becoming a successful businessman. The process of becoming a successful businessman requires a person to attain several accomplishment levels. Each of the level takes energy and time, as well as the ability to recognize the things that make a person truly successful in the business world and life. Becoming a successful businessman requires measurements that take into account not only the monetary and material gains but also the greater scheme of things. Therefore, true success measure achieves in light of creating wealth and value. These factors are vital in the lifetime of success as they present an intangible worth and measurable profit. This essay discusses the way a person can become successful as a businessman.