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4 valuable business lessons to learn from famous entrepreneurs

By Aqib Ijaz

Aug 26, 2021

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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.

1. Higher education is not always the key to success

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.

2. Capitalise on your strengths

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.

3. Don't be afraid to take risks

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.

4. Invest your money

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.