Often young entrepreneurs and business people look up to the successful CEOs in their stream to understand how they made it big in this competitive market. Great businessmen follow a few principles that make them stand apart from the rest of the crowd. David Koch from America is one such billionaire businessman, chemical engineer, political activist and a philanthropist who has made it big in the business world. He has millions of followers across America and the world who love him for his success story. His genuine advice to youngsters is to always keep on working hard. Only hard work can bring you the best rewards says the billionaire. Read on.
Business Is All about Sensing Opportunities
When Koch was working at Sunrise Network as a finance editor, he came across an opportunity to become a host. He was happy for that. It seems that he keeps asking himself: “How on earth did a finance journalist end up hosting Sunrise?” And he answers that he has always been an opportunist and whatever he is today is all because of the dedication and commitment that he had put in.
Self-Belief Can Move Mountains
“Always have enough confidence in yourself to give anything a go. But also have enough confidence, if it doesn’t work out, to go and do something else.” That’s the single best bit of advice I’ve ever received, and I’ve tried to follow it to the letter. It came from my father, and I’m trying to pass it down to my children. In essence, it means never be scared of an opportunity. Grab it, give it your best shot, and if it doesn’t work out, then move on to something else. But never be left wondering ‘what if?’
Be Distinctive in Whatever You Do, Be Unique
When I was a young, ambitious 25-year-old journalist, I looked around at all the finance media icons to see what I could learn and how I could be as good. They were all highly skilled with great contacts and much older than I was.
So I looked for what could be the next big thing in finance journalism, something so new and different than the usual rules wouldn’t apply and age wouldn’t matter.
I’d seen the boom in personal finance media in the US while visiting my parents, who were living in San Francisco at the time. So I decided to do the same thing in Australia. I think the key in any career is to look around and find an in-demand specialty where you can develop a unique set of skills that can set you apart from the rest.
Value Your Present Job Role Critically
The economy and technology have dramatically changed the working landscape. Tens of thousands of positions have been made redundant and some jobs have disappeared altogether — including many jobs in print media, where I started out.
If you’re in a large company, the first step is to look for the right department and job. Ignore the gossip and check with the personnel department to see which divisions are hiring. Internal transfers usually receive preference. Ask department heads about their long-range plans, and scan trade magazines or websites to learn which parts of your industry are expanding.
Optimism Is the Difference between Success and Failure
Every New Year I ask Libby and the kids what goals they’ve set for themselves for the next 12 months. For years they’d laugh at me. As they got older, there were fewer laughs and even a couple of answers.
Life’s so busy these days that we don’t seem to take a deep breath, stop and think about what we want to do as individuals. But if you don’t have some sort of map, how do you know where you want to get to?
Always Look Ahead
I’ve always vowed I’d never depend on radio or television for a living. While they’re great jobs, in some ways they’re horrible industries to be in because they’re so cutthroat and volatile. When you have a single income, a couple of kids and a mortgage, that volatility is unacceptable. So I’ve always worked other jobs on the side because I don’t want to put the family at risk.
That little stash of cash from a second job gives you a fallback position for when things go wrong and flexibility.
Passion in Your Work Is the Key to Success
There’s no doubt money is important. Being paid what you’re worth is important. But it isn’t the be all and end all.
My top priority has always been to be in a job I love and then be paid appropriately for doing it. I’ve always thought it’s better to be happy to be paid a little below what you’re worth and keep your job than push for every last dollar and run the risk of being let go at the next downturn.
Like most industries, the media runs in cycles.
So many people stress about how much they’re being paid down to the last dollar. I tend to look at the other rewards first and balance them up — enjoyment, colleagues, potential, conditions.
Put Your Efforts on Branding
Branding is important for every organization. The same is applicable for your career as well. Do what best you can at work and build up your reputation at workplace. Take up responsibilities in your company even if it is not a part of your daily work. For instance, it could be anything from helping a committee to being a first-aid representative. This can help you develop your personal brand.
The Right Mentoring Can Be Very Effective
Enthusiasm and passion can be probably good to run your business, however important guiding points from trusted mentors can make all the difference required for your success. The knowledge that comes with experience can be very handy for young people and allow them to fill the gap between their current situations and goals. Make sure you have a team or even single mentor who can guide you in the right manner at every step!