It’s been 12 years since the passing of Steve Jobs, one of the most extraordinary entrepreneurs of the last 100 years, who left behind a legacy that continues to inspire. Drawing from memorable movie lines, here are 7 invaluable lessons for aspiring entrepreneurs.
What Jobs did.
There are very few rules in business that work all the time except, perhaps, one – great entrepreneurial fortunes are made by entering emerging high-potential trends (See Nothing Ventured Everything Gained). That is what Jobs, and nearly every other billion-dollar entrepreneur from Sam Walton and Dick Schulze to Brian Chesky and Mark Zuckerberg, did. Enter when the industry is emerging with the skills to navigate the fog of an emerging trend, to analyze the emerging industry, and to find the unicorn strategy.
#2. “I could’ve been somebody.” On the Waterfront.
What Jobs told himself when he was fired from Apple.
Jobs started Apple with Steve Wozniak. To finance the venture, he got capital from an angel who joined the company. Jobs was not the CEO, but he was the guiding force behind Apple in the emerging PC industry. Lesson for Entrepreneurs: Learn skills to delay or avoid VC and keep control of the venture.
#3. “A man’s got to know his limitations.” Dirty Harry.
What the board of Apple told Jobs when he was fired.
Jobs recruited John Sculley as CEO. Sculley and the board fired Jobs. Why did Jobs not become CEO himself? The key lesson is that entrepreneurs should not relinquish control of their ventures. Very few entrepreneurs became billion-dollar entrepreneurs by ceding control. Among the ones that did are Earl Bakken (Medtronic) and Pierre Omidyar (eBay). At the emergence of revolutionary trends, no one knows the right strategy to dominate. Entrepreneurs should have more self-confidence. That’s what 94% of billion-dollar entrepreneurs did.
#4. “Love means never having to say you’re sorry.” Love Story.
What the Apple board told Jobs when it invited him back.
Jobs was lucky that multiple CEOs, from the time he was fired till the time he was invited back, did not measure up and that Apple was floundering. So, the board was forced to accept reality and invite Jobs back to save Apple from irrelevance. Their invitation for him to return as CEO was one of the smartest moves in business.
#5. You’ve got to ask yourself one question: Do I feel lucky?” Dirty Harry
Get lucky like Jobs did.
Few entrepreneurs who are replaced get a chance to fix the problems created by the VCs and their CEOs. Perhaps that is why about 75% of VC-funded ventures fail and more than 9 out of 10 billion-dollar entrepreneurs stay in control of the venture avoiding or delaying VC. To become even luckier, seek VC from the Top 20 VCs who know what they are doing.
#6. “Keep your friends close but your enemies closer.” The Godfather Part II
What Gates told himself about investing in Apple’s turnaround.
When Jobs returned to save Jobs and take it to the pinnacle of global business, he received turnaround capital from Bill Gates. Gates and Jobs had been strong competitors. But when Jobs needed capital, Gates helped.
#7. “My precious.” The Lord of the Rings: The Two Towers
How entrepreneurs should treat every dollar and the opportunity.
Value your opportunity if you want to control its growth. This means learning finance-smart strategies and skills to build unicorns without VC, or getting VC on your terms to stay in control of the venture and the wealth you create.
MY TAKE: People are very inventive at finding new ways to fail. Save time. Save your opportunity. Study success. Study genius. Study Jobs.
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