2020 was a year that saw the downfall of many businesses that just couldn’t pivot their way to success in the midst of a global pandemic. Unfortunately, the COVID-19 pandemic was a global phenomenon that hit many people hard and not everyone was equipped to handle it. At the end of the day, that’s just the reality of business. Even companies and businesses that seem like they’re doing really well can find themselves in deep holes in just a matter of months. In order to find success in business, it’s essential that organization’s leaders always put themselves into a learner’s mindset. This will allow them to not be complacent and to find ways to continually make their organizations future-proof.
In this article, we are going to go over some of the most profound lessons that we can learn from some of the world’s top business leaders:
Be Willing to Take Risks
“We were the ultimate gamblers,” said online gambling tycoon Denise Coates. Online casinos now prove to be some of the most lucrative business models in the world. However, for Denise, it wasn’t always the case. It was back in the year 2000 when the internet was first being rolled out in mass proportions to the global public. Denise put her money where her mouth was by setting up an online casino platform even when the concept wasn’t all that popular back then. Nowadays, more and more people are transitioning from traditional land-based casinos to online platforms because of their convenience and their accessibility. It’s thanks to the willingness to take risks that Denise now enjoys being one of the most successful and accomplished business leaders in the world. It was very scary for her to have risked everything to create her first online casino platform, but it eventually ended up paying off for her a hundredfold.
Follow Your Effort, Not Your Passion
Dallas Mavericks owner and Shark Tank judge Mark Cuban doesn’t believe in the idea of following one’s passion. “One of the great lies of life is ‘follow your passions,’” says Cuban. He goes on to explain how entrepreneurs are told over and over again to just pursue their passions. However, the problem with that, Mark argues, is that your passions aren’t necessarily things that you are good at or are what people want to pay money for. Sure, there are some lucky individuals out there who are able to earn a considerable living by following their passions. Although, these people represent the very select few. So, instead of following your passions, Mark posits that you should follow your efforts as well. “The things I ended up being really good at were the things I found myself putting effort into,” explains Cuban.
It’s okay to have passions in life. But it’s also okay for the main source of your livelihood to be something that you’re not necessarily passionate about. It’s still possible to find substantial success in something that you’re not entirely passionate about.
Acknowledge Other Peoples’ Experiences
Absolute Games is known worldwide for developing some of the most immersive and addicting mobile games on the market. And this is an organization whose leader swears by the effectiveness of acknowledging other peoples’ experiences. Pokin Yeung, the company’s founder and CEO, says, “I’m reminded of how unequal this pandemic has been. My personal experience and the experiences of those around me are not at all representative of the general population.” Yeung explains that whenever she makes business decisions, she doesn’t just take her own perspective into consideration. She’s constantly trying to put herself in the shoes of other people. Whether it be her staff or the market that she’s trying to sell to, Yeung always makes it a point to try to empathize with others in order to understand them more.
At the end of the day, it’s not going to be easy to find success in business. However, there are always going to be a few fundamental principles that hold true regardless of the market or industry. There is no secret formula to making it work in business. Different approaches have found success in different capacities. Although, the universal principles always stand up to the test of time.