5 Keys to Building a Successful Business: Part 5
If you want to build your dream life, chances are good that you will need to build a business of your own in order to do it. Building a successful business in the United States is not a difficult thing to accomplish, if you know the formula. Once you know that, all you are required to do is plan according to the formula, work hard, and persevere. While I can’t do much to help you with the work itself, I do have the formula to share.
I came up with this winning formula about 5 years ago, after having researched the richest men in US History and their business models. Each of them had the same 5 distinct elements within their business models, more matter the industry, product line, or service. Since implementing these 5 key principals into my plan, my businesses, and my personal wealth, have continued to grow exponentially for me, and incorporating these keys into your business will do the same for you as well.
There are the five key principles to keep in mind as you work towards achieving your entrepreneurial dreams. In this 5 part series, I’ll detail out one of these principals for you each week for the next 5 weeks. Be sure to subscribe to my blog so that you don’t miss anything as it is released.
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See Part 1 Here
See Part 2 Here
See Part 3 Here
See Part 4 Here
5. Think Bigger:
Thinking bigger is a crucial aspect of succeeding in business. It involves having a vision beyond the current state of affairs and taking bold actions to achieve it. The business models of Henry Ford, Andrew Carnegie, John D. Rockefeller, and Donald Trump provide excellent examples of the power of thinking bigger.
Here are 4 examples of Big Thinkers you should get to know as you seek to grow your business and become a BIG Thinker yourself.
BIG Thinker #1: Henry Ford
Henry Ford revolutionized the automobile industry by introducing the affordable assembly line, which allowed for mass production of cars at a lower cost. While he was not the first to come up with the assembly line, he was first to do it right. He thought bigger than his contemporaries and aimed to make cars affordable to the masses, which ultimately transformed transportation as we know it today and make the ford automobile a staple in the American automotive landscape for generations to come.
His contributions to the automobile industry are undeniable. With his bigger thinking, Ford was able to see the bigger picture and realize that making cars accessible to a wider range of people would lead to a significant shifts in transportation. Thus, Ford cars became more affordable and available to the masses, easily overtaking the competition. Ford’s innovative approach to manufacturing not only revolutionized the automobile industry, but it also set the standard for mass production in other industries such as with airplanes and even aerial mail delivery services. His legacy continues to shape the way we think about manufacturing and transportation still to this day.
BIG Thinker #2: Andrew Carnegie
Andrew Carnegie is known for significantly transforming the steel industry which led the Advancement of the Industrial Age in America. Not satisfied with the compartmental method of doing things that his predecessor and competitors were all comfortable doing with their business model, Carnegie thought bigger. He implemented a strategy of vertical integration which allowed him to consolidate control over the production process, from mining raw materials to transporting finished products. This approach gave Carnegie’s company a competitive advantage by streamlining operations and reducing costs to the point that no one could compete with the speed by which he was able to churn out finished products at an unbeatable rate. But big thinkers think big in more ways than one, and Carnegie had a global vision for his business. Having conquered the mountain in America, Carnegie set his sights on expanding his operations beyond the United States and into Europe and Asia, becoming one of the first global organizations in the World.
Carnegie’s philanthropic efforts were also noteworthy. He believed that the wealthy had a responsibility to use their resources to benefit society, and spent BIG on that as well. He donated a substantial portion of his fortune to causes such as libraries, education, and peace initiatives. He even had the former President of the United States, Theodore Roosevelt, on his payroll. His legacy lives on to this day through the many institutions and organizations and monumental structures throughout the world that still bear his name. His approach to business and philanthropy continues to inspire people around the world today as well.
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BIG Thinker #3: John D. Rockefeller
When you think of overall BIG Thinkers, the Undisputed Heavyweight Champion would have to be John D. Rockefeller. He was a shrewd businessman who aimed, not just to compete and get ahead of his industry, to to take the whole think and hold complete dominance in the oil industry forever.
To achieve this goal, he established the Standard Oil Company, which eventually became the largest oil refinery company in the world. Rockefeller’s strategy was to acquire smaller competitors, which he did through aggressive buyouts and mergers, usually through the use of other people’s money such as George Westinghouse because believe it or not, Rockefeller was dirt poor! Big thinkers don’t allow little things like lack of resources stand in their way though, so he brokered deals and get the backing from those who could help him achieve his goals while he helped them achieve their own.
He established a network of pipelines and refineries to ensure that his company had complete control over the production and distribution of oil. This allowed him to not only dominate the market but also to set the prices of oil. With this move, Rockefeller could start making demands from former partners such as Westinghouse as an example. He insisted that all train lines use Standard Oil on their railways and any that didn’t would find themselves out of business. Standard oil became the biggest, and most profitable industry in the Country, making Rockefeller incredibly wealthy. Despite criticism and antitrust lawsuits, Rockefeller continued to expand his business and cement his place in history as one of the most successful industrialists of his time.
BIG Thinker #4: Donald J. Trump
Turning now to a more recent BIG Thinker, Donald Trump didn’t start off poor as Rockefeller did, but his ambition was always to do more and be go big. Trump’s dad had been in the Real Estate Development business for many years, building housing and Apartment Tenements throughout New York. Donald however, had other things in mind. He didn’t want to be in his father’s Shadow. He didn’t want to settle for Million Dollar properties. He wanted more. He wanted to Build an Empire. So he set his sights on Big projects on 5th Avenue, and he got the City of New York to put in the majority of the money to pay for it. By 1988, at only 42 years old, Donald Trump had wealth in excess of more than $3Billion to his name.
Success as a real estate developer alone wasn’t going to cut it for Trump however. This guy thinks BIG! He eventually decided to explore other industries such as entertainment, hospitality, and education. Through his brand, Trump was able to create a global enterprise that made him a household name and a prominent figurehead in the business world. He even had his own Board Game (and Trump Action Figures)!
Trump’s ability to diversify his business and brand demonstrates his entrepreneurial mindset and his willingness to think BIGGER than the other guy, take risks in pursuit of success, and pursue his goals relentlessly. This approach ultimately helped him become one of the most recognizable business leaders of his time, and secure his name forever in History as a President of the United States of America.
In Conclusion
Thinking bigger is a critical aspect of succeeding in business. It involves having a vision beyond the current state of affairs and taking bold actions to achieve it. By examining the business models of Henry Ford, Andrew Carnegie, John D. Rockefeller, and Donald Trump, we can see the power of thinking bigger and the impact it can have on the world we live in. By putting the 5 principals discussed in this blog series, you too can achieve everything you want in this world. There is no stopping you when you think Bigger than the other guy.
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Check out our other business tool explainer posts from this series so far: