We all admire famous people, probably because of how important and powerful they are. They have perfected their craft and have huge followings. They also influence the general public in different areas—like fashion and technology. Some celebrities aren’t just talented, they’ve shown us that they are also very intelligent. They’ve created unique businesses that have taken the world by storm. For example, Dr. Dre created Beats by Dre headphones that quickly became popular. His company was later acquired by Apple for $3 billion.
The list of successful entrepreneurs is endless, and there are many lessons you can learn from them. In this article, we’ll be looking at four specific lessons you can learn from famous entrepreneurs in order to guide you on your entrepreneurship journey.
We’ve all read stories of successful entrepreneurs who dropped out of school. Apple founder Steve Jobs dropped out of Reed College while self-made billionaire Richard Branson dropped out of high school at 16. These entrepreneurs proved that a university degree is not the key to success. Branson says that higher education is important when you’re learning about sciences, technology, or math. But the best thing entrepreneurs can do is get out in the real world and learn by experimenting.
Famous entrepreneurs built a name for themselves by capitalising on their strengths—whether it’s inventing, participating in sports, or acting in movies. They worked very hard to stand out from the crowd. If you want to become a famous entrepreneur, identify what you’re good at and make the most of it. Once you identify your skills and talent, build a name by making products that are better than everyone else’s.
Mark Zuckerberg once said, “The biggest risk is not taking any risk.” Successful entrepreneurs are risk-takers. Amazon billionaire Jeff Bezos quit employment to pursue his entrepreneurial dream. He left his job to start an online bookstore using money he’d gotten from his parents. Today, Amazon is the world’s largest online store and a multinational tech company.
Modern entrepreneurs can learn many lessons from Bezos’ entrepreneurship journey. First, don’t be afraid to give up a career to pursue your dream. Also, take advantage of the available resources. The Amazon billionaire got money from his parents, but you can search for “car title loans near me” to start your venture.
Smart celebrity entrepreneurs know they won’t always be in demand. At one point, they’ll have to take a back seat. For instance, Puff Diddy, a successful hip-hop artist who topped Billboard charts in the ’90s, started several business ventures when he was still flying high. Although we don’t hear much about him today, he’s still very successful. He owns a recording label (Bad Boy Records), a fragrance line, a clothing line, and other businesses. His net worth is $900 million.
Entrepreneurs should learn how to diversify their income instead of saving money. Understand business trends and plan for the future. Your products or skills may not be in demand in the years to come.
“We help patients unlock the healing power of the mind through Psychedelic Inspired Medicines & Experiential Therapies. Together we can overcome,” reads MindMed’s website. The company is known for discovering, developing, and deploying psychedelic-inspired medicines to improve health, promote wellness, and alleviate suffering in patients. And that’s not all, on Tuesday 27 April, the biotech company went public on the Nasdaq exchange under the ticker “MNMD.” Here’s how MindMed hopes to capture shares of those markets with its alternative, psychedelic offerings.
After its Nasdaq listing debut on Tuesday, MindMed became the latest psychedelic drug developer to use a major US exchange as a pathway to raise money and bring new mental illness and addiction treatments deeper into the mainstream. This listing means the stock now trades on the Nasdaq Capital Market as well as on the NEO Exchange in Canada.
“Shares surged 33 per cent over the counter on Monday ahead of Tuesday’s listing,” reported Investor’s Business Daily. But things didn’t exactly go to plan—in a public market where stocks can do no wrong, MindMed got torched by close, dropping as much as 30 per cent.
That didn’t stop CEO JR Rahn to stay hopeful about the future of the stock listing, who said in a statement that it would “increase our visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately enhance long-term shareholder value.”
And MindMed’s future does seem interesting. The biotech company is working on an array of projects from LSD’s impact on anxiety and ADHD to a compound it calls 18-MC (a non-hallucinogenic synthetic derivative of ibogaine that is in trials for addiction treatment).
And according to an investor deck, industry stats are all good trips to get on. The global antidepressants market is expected to grow colossally in the next few years, from anxiety and ADHD drugs to depression and anti-addiction treatments.
Like many other psychedelic drug companies, none of MindMed’s major projects has generated revenue or profit yet. In a March filing, the company said it expects operating losses to continue and that it expects to incur “significant costs associated with its research and development initiatives.”
It makes sense then that it is looking for opportunities to garner more attention and money. Now, the question is: is the stock a risky buy currently? Although the global psychedelic drugs market has grown significantly in recent years due to an increasing prevalence of mental disorders, depression, and breakthroughs relating to psychedelic drugs, the market still faces considerable risk and uncertainties before it can secure the US’ FDA approvals.
On top of that, the stigma associated with the use of psychedelic drugs is also a big burden. As of now, the psychedelic drugs market remains at an early developmental stage, with most companies still executing clinical trials. This could hinder MindMed’s growth in the near term. “Although its pipeline projects look promising, there remains high uncertainty regarding its commercial prospects and value,” writes Entrepreneur.
The stock soared 773.9 per cent over the past year, mainly because of a surge in the popularity of psychedelic drugs. That being said, uncertainties regarding a timeline for potential FDA approval of its therapies could mean danger ahead. That’s why it would be wise to avoid the stock and simply enjoy psychedelics as a recreational drug for now. Looks like MindMed is about to go on a bad trip…