Here’s Why You Should Study Tycoons
Before you can attempt something truly big, you will need the courage.
Before you can have the courage, you will need the knowledge.
Do you have what it takes to succeed at the tycoon level?
Here are three reasons why any serious entrepreneur needs to study tycoons:
– Tycoons are creative problem-solvers. While most people give up on their goals after hitting an obstacle or having a set-back, tycoons almost always find a way to get the deal done and keep their momentum rolling forward. Where there’s a will there’s most certainly a way.
– They are unstoppable. They are real life “Terminators.” Friedrich Nietzsche is famous for having written about the “will to power,” which he believed to be the primary driving force in humans. Specifically, it’s the ambition and drive for achievement, recognition, and the highest possible position in life. Tycoons tend to be the best examples of people with this type of drive.
– And last but not least, they are builders. They build companies, edifices, and empires. The best ones leave behind a legacy as well.
Discover new strategies for growing your business faster.
“After Gates and Slim comes Amancio Ortega, who built the world’s largest fashion empire, Zara. He’s difficult to know, impossible to interview, and incredibly secretive. An exclusive portrait.”
Fortune just published a look at the world’s third richest man, Amancio Ortega, who runs the fashion empire Zara. He achieved his spot near the top of the list by trailblazing an entirely new growth strategy for the company. I’ll cover it in detail in a few days.
For now, read the article.
Growth Strategies: Product Acquisitions
In the theater business there are people who specialize in finding off-Broadway productions with potential. They then tweak them for the big time by reworking the script, recruiting better actors, improving overall production values, providing better promotions, and then relaunching them on Broadway where they will rake in the money.
Back in 2002, Inc. magazine had a brief yet memorable article about a man with a very interesting system for doing basically the same with natural food brands. He finds small regional brands with potential for broader success, acquires them, makes a few production and branding improvements, and then turns them into national brands by running them through his distribution system.
Growth Strategies: Marketing or Acquisitions?
Under some circumstances it makes far more sense to build a company through the acquisition of competitors than it does by attempting to grow organically with more marketing. Take, for example, most businesses which have a subscriber revenue model. Think of ISPs, cable system operators, cell-phone service providers. If an ISP, for example, wishes to start growing at a more aggressive rate it has two basic choices. It can ramp up its marketing efforts and budgets or it can explore a growth through acquisitions strategy.