Strengths of a Good Businessman
This research provides three case studies of businessmen or entrepreneurs who have built successful brands. Notable businessmen who have founded some of the biggest companies in the world include Jeff Bezos, Mark Zuckerberg, and Larry Page. These founders have unique traits that make them very successful, including the ability to see things differently, being very ambitious, and having high standards.
Mark Zuckerberg — Facebook
- Successful Brand/Business Built: Mark Zuckerberg is the chairman, co-founder, and chief executive officer of Facebook. His company, Facebook, is "the largest social networking site in the world."
- Currently, Facebook has more than 1.7 billion active users. Zuckerberg has an estimated net worth of US$55.3 billion.
- What Makes the Business Successful: One of the reasons why Facebook has been successful is because the platform is easy to use. Also, its products are updated constantly, its features are engaging and addictive, and it launched mobile versions of its products quickly.
- Facebook has acquired several companies; a total of 77 companies have been acquired by the social networking giant. Its services are available to users all over the world. The company "tries to eliminate anonymity on the web," thereby making "it appear safe and more inviting to people from around the world."
- Also, by creating Facebook Connect, going public, and introducing the news feed video feature, Facebook has maintained its success over the years.
- Business Leadership Qualities and Strengths: One of the top qualities that have led to Facebook's success is the fact that Zuckerberg sees things differently. Besides being a talented coder, his vision differentiated him from other people with the same skill set.
- Also, he surrounds himself with the right people. When Facebook was first launched, Mark Zuckerberg started by collaborating with his "roommates and friends who believed in the project and had skills that would complement his technical background."
- This same strategy is being applied as Facebook expands; Zuckerberg continues to partner "with people who are similarly passionate about his vision for Facebook."
- Also, Zuckerberg created a culture that suits his organization. Facebook is highly regarded as a company that values creativity, innovation, and out-of-the-box thinking. The company favors friendly competition, openness, and employee autonomy. Its employees are encouraged to work on projects that they are passionate about. The company prioritizes an employee's contributions more than rank or experience.
Larry Page — Google
- Successful Brand/Business Built: In 1998, Larry Page founded Google in partnership with Sergey Brin. Since 2015, Page has served as the CEO of Google's parent company, Alphabet. He recently stepped down as CEO of Alphabet in December 2019; however, he continues with the company as a board member and a controlling shareholder. Currently, Page is worth $65.8 billion.
- What Makes the Business Successful: By "taming the sea of information", Google has achieved tremendous success. The company uses a scoring approach to deliver more accurate results than a lot of the existing search engines that were present in the market before Google was launched.
- A major advantage it has is its algorithm, which has often been improved and is constantly being modified and updated to give its users the most relevant results.
- Also, the company gained a bulk of its revenues by monetizing its search service. By introducing Google Adwords three years into its existence, the company monetized its position in search. Adwords are responsible for generating "the automatic revenue that powers Google’s activities."
- Additionally, Google took deliberate steps to become a digital powerhouse. Examples of steps taken include "publishing and acquiring digital assets that would deliver more ad-driven revenue." The company also improves its flagship products constantly. This has become a basic business practice for Google. According to Investopedia, "The more interesting factor in Google’s ongoing success story is the dedication to continuous innovation." The company sees innovation as part of its mission and empowers its employees to get creative.
- Business Leadership Qualities and Strengths: In terms of business leadership, Larry Page is intelligent and creative. He is also very ambitious, driven, and collaborative. Page is always looking out for crazy ideas; he believes that such ideas would change the whole world.
- Page instigates members of his company to focus on building a team; he also avoids bureaucracy in his dealings. He does not like traditional management styles; instead, he is fast and concise when it comes to making organizational decisions.
- Larry Page also appreciates the small moves and steps taken by his company. He once revealed to an audience that "he gets "a new build" on his Android phone each day." These little improvements make the phone work better daily.
Jeff Bezos — Amazon
- Successful Brand/Business Built: In 1994, Jeff Bezos founded Amazon, an e-commerce giant. He remains the company's CEO and owns close to 12% stake in the business.
- In 2018, Amazon generated revenue of $230 billion and a net profit of $10 billion. Its profits for 2018 were a major increase from the $3 billion generated in the previous year. Currently, Jeff Bezos is worth $115.5 billion.
- What Makes the Business Successful: Amazon’s success is greatly driven by its innovative technologies and practices. Many of these innovations were championed by the company's CEO, Jeff Bezos.
- The company also has a strong commitment to delivering world-class customer service. To achieve this, Amazon has developed a variety of helpful tools that "users can employ to track packages and quickly return or exchange ordered items, bringing simplicity and convenience to their online shopping experiences."
- Other factors that have influenced Amazon's success are its excellent execution of customer orders, diversification of product and service offerings, outstanding user experiences, merging content with design, and its mindset which is centered on winning.
- Business Leadership Qualities and Strengths: According to Andy Jassy, who was previously Jeff Bezos' technical assistant, the major qualities that make Bezos an outstanding business leader include being a big thinker, having high standards, being strategically patient and tactically impatient, and being an amazing learner.
- Bezos has a way of inspiring teams to think bigger. He also demands a lot more from his teams, thereby inspiring really smart, talented, motivated, and ambitious people to stretch and aspire to achieve those goals.
- He believes that his ideas and long term goals are possible and he is stubborn when it comes to implementing his vision. However, in the interim, he stays patient when things do not move as fast as he had hoped.
- While Jeff Bezos usually comes with a lot of ideas in mind, "he is open and curious about learning about new areas and new topics and opinions."