Entrepreneurs are credible to introduce several new innovative technologies, goods, and services in the market. Existing firms are challenged by the entrepreneurs that ultimately lead to increased competition in the field. Entrepreneurs play an enormous role in creating jobs, bringing wealth to society, developing small businesses, and providing new opportunities.
Role of Entrepreneur
Entrepreneurs have to practice their leadership skills to create a motivating group for common objectives. Entrepreneurial leadership focuses on optimizing the risks to take the best advantage of opportunities. We can take inspiration from Scott Paterson Toronto, who is one the great leaders in the business world. A talented entrepreneur has the ability to change the way we are living and managing every aspect of life. Entrepreneurs are the investors and make investments to significantly contribute to the global economy. Scott Paterson Toronto has made a great contribution to the investment industry and now he is one the successful people in his field.
Entrepreneurs Who Started With Nothing And Became Successful
In the initial years of startups, business is more likely to fail when goods and services don’t compete with the market needs. Below we are discussing the entrepreneurs who started with nothing and now leading the world, which will be inspiring for you.
1. Jan Koum
Jan Koum is the co-founder and CEO of WhatsApp, which is the World’s biggest mobile messaging service. He was born in a village near Kyiv in Ukraine. When he was 18 years old, he was keenly interested in programming. He also worked at Ernst & Young Global Limited as a security tester. In 1997, he was hired by Yahoo for the post of Infrastructure engineer. After spending years in this industry, he developed his potential and introduced WhatsApp Inc. in 2009 which made him a Ukrainian American billionaire. As of January 2021, his net worth is estimated at US$9.9 billion.
2. Howard Schultz
He served as chairman and CEO of Starbucks Coffee Company which is now one of the world’s top brands. His life was full of challenges; his fees were paid with government loans. He earned money by doing a part-time job. In 1981, he visited Starbucks Coffee Company and was hired as director of retail operations and marketing. Later in 1985, he left Starbucks and decided to open his coffee shop and somehow managed to raise $500,000 to open his store. After two years, Starbucks sold its retail unit to Shultz and II Giornale for US$3.8 million. Now the net worth of Shultz is estimated at US$4.3 billion as of October 2020.
You will be surprised to know that around 34% of startups fail due to a lack of meeting market needs. Entrepreneurs are responsible for raising our living standard with their innovative and revolutionary ideas. They should constantly make improvements in their goods and services to generate more sales and profits. Their high earnings help to grow the nation’s economy with high tax revenue generation.