The billionaire businessman and former NYC Mayor Mike Bloomberg recently said “When I was 39, I was fired from the only full-time job I’d ever had – a job I loved. The day after I was laid off, I started my own company, based on an idea nearly everyone thought would fail: making financial information available to people, right on their desktops. Remember, this was before people had desktops! Setbacks are only setbacks if you allow them to be – and in order to succeed, you must first be willing to fail.”
From Mike Bloomberg’s statement, there are several valuable lessons for entrepreneurs or aspiring entrepreneurs:
- Embrace Setbacks: Setbacks are a natural part of any journey, and they don’t define your ultimate success. Bloomberg was fired from his job, but instead of letting it discourage him, he used it as an opportunity to start his own company. Recognize that setbacks can be catalysts for growth and push you towards new opportunities.
- Persistence: Bloomberg’s story exemplifies the importance of persistence. Despite facing skepticism from others who thought his idea would fail, he persisted in pursuing his vision. As an entrepreneur, you may encounter doubts and challenges, but staying determined and committed to your goals can lead to remarkable achievements.
- Innovation and Vision: Bloomberg’s success stemmed from his innovative idea of making financial information easily accessible on desktops. He saw an opportunity where others didn’t, even before desktop computers were commonplace. Entrepreneurs should focus on identifying unique solutions or opportunities that can disrupt existing markets or meet unmet needs.
- Risk-Taking: Starting a company often involves taking risks. Bloomberg’s decision to start his own venture after being laid off was a leap of faith. Entrepreneurship requires a willingness to step outside your comfort zone, take calculated risks, and believe in your ideas, even when they appear unconventional.
- Adaptability: Bloomberg’s success was partly due to his ability to adapt to changing circumstances and embrace emerging technologies. Despite the lack of widespread desktop computers at the time, he recognized their potential and capitalized on the opportunity. Entrepreneurs should stay flexible and adapt their strategies to keep up with evolving market trends and customer demands.
- Learning from Failure: Bloomberg’s statement highlights the importance of learning from failure. By acknowledging that failure is a stepping stone to success, he encourages entrepreneurs to view failures as learning experiences. Reflect on mistakes, iterate your approach, and use failures as opportunities for growth and improvement. In summary, Bloomberg’s journey as an entrepreneur teaches us to embrace setbacks, persist in the face of challenges, innovate, take risks, adapt, and learn from failure. These lessons can inspire and guide entrepreneurs on their own path to success.