The entrepreneurialrock stars during the industrial revolution created a massive growth in the United States. When you go back in time almost 150 years ago, you will meet these visionaries who defied a lot of things to make sure their dreams come true. Studying the characteristics of these individuals will help you to move radically and achieve your great potential and think new ways. Let’s start with the man also known as Commodore (the senior captain of a shipping line).
He was tough and decisive – At a very young age, he loaned 100 dollars to buy a ship. He thought that using his grit will help him reach financial freedom. After a couple of years, he achieved the unthinkable; he made himself a millionaire and the leading manufacturer of the biggest ships in entire America. Vanderbilt also sees the future when he entered the railroad industry. All profit from his fleet ship manufacturing was invested to the newly formed industry. Like Vanderbilt, you can use business loans to finance your dream but remember that you need to be so obsessed with your idea and have incredible work ethic to win the game against the competition.
Hunger to win – His competitors thought that Vanderbilt can no longer compete since he’s an old man. During that time he’s already at his 70’s and the average life expectancy that time was only 55 years of age; you are either killed in war or deadly disease at late 1800’s. New businessmen came in the railroad industry, so they tried to exclude him from having deals. Later did they know, Vanderbilt saw another opportunity to declare war against his business rivals. Historians revealed that he owned the only bridge that can only pass the East coast, knowing that he decided to close it. All the competition can’t go to the other side of the country, soon they lost their profits. Wall Street heard the news and a massive fear spread to all the investors, stocks of those rival companies went down, he bought a lot of shares and Vanderbilt was able to control the majority of the railroad line. It was considered as a hostile takeover during that time but he outsmarts his competition. Failure is not an option.
Big thinkers train their successors – When he lost his favorite son from the civil war, he needed to train someone else. The old man was able to develop his younger son William in managing the business deals. Though William was less accomplished compare to his brother, Vanderbilt needed to train him like a Vanderbilt. He understood the part that he needed to pass his entire estate to the next generation when he’s finally gone. He never let the past of losing his talented son hinder him since it will only drag misery to his business and finances.
BIG people maximize opportunities – Vanderbilt saw that the railroad industry was overbuilt during that time. Great entrepreneurs look for new opportunities to increase profits and he wanted to be back at the top. The right time came when a young oil man from Ohio named J.D. Rockefeller was introduced to the king of railroad. They made an alliance and were able to seal a deal that he can ship 60 barrels of oil everyday across America. With the newly formed products, he was back at the top against his rival companies.
Visionaries are always ahead of the game – The king of railroad knows that he needed to differentiate himself from the rest and be better at everything. He innovates a lot and was able to control majority of the railroad line. He always keeps on giving value to a lot of people. Like what they said, innovate or your business will evaporate.
Entrepreneurs are ordinary people with extra ordinary dream. They think and act differently and use a lot of leverage to get ahead of the game. Profit will follow once they create value to the market. Without the creation of value you should not expect profits at all.
David Isaiah Angway is a RFP and a financial consultant for IT-BPO-Banking, HealthCare Industry and Manpower Agencies. He is a conference speaker and was featured in ANC On the money, Bloomberg TV Philippines. He is also columnist at BusinessMirror, Rappler, and MoneySense magazine. He is a licensed nurse and a former Senior Fraud Specialist of the largest bank in the world, JP Morgan Chase & Co.
He is the CEO and founder of WinLongTerm Financial Consultancy, helping young urban and educated millennial (Gen Y). It sets and achieves their long-term financial goals by empowering them through behavioral finance.
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