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5 Important Lessons Start-ups Can Learn From Simon Cowell
Emma / Published on October 29, 2013
Love him or hate him, Simon Cowell is one very powerful and very successful man.
Growing up in a modest home, he is a self-made billionaire, with little qualifications.
If you are an online business or start-up and would love to emulate even an eighth of Simon Cowell’s success, then take a look at the following lessons you can learn from the infamous TV mogul…
1.You don’t actually have to find a gap in the market
We hear time and time again, that the only way to truly succeed in business is to find a gap in the market. However, this isn’t always true. Why not find something that already exists, but improve upon it?
The X Factor wasn’t a novel idea – remember a show called “Popstars”? It came first, but then Simon Cowell came along and created an even better version of the reality show.
No idea is entirely original so don’t get so stuck on being brand new. The key is to innovate.
2. Make everyone your best friend
Throughout the years, ever since he was a teenager, Simon Cowell has always managed to maintain good relationships with powerful people in the music and media industry.
It is actually very hard to find someone who has a bad word to say about Mr.Cowell, which serves him well in business, so learn from the best and make everyone your best friend.
You never know when you might need someone to help you out in the future.
3. Keep on trying until you succeed
At the start of Simon Cowell’s business ventures, he massively failed. He set-up a record label that nosedived and left him bankrupt and sleeping on his parent’s sofa.
It would have been easy for him to give up as an entrepreneur and resigned himself to working for someone else, but he tried again.
Don’t let failure or the fear of failure hold you back. Every time you fail, remember it means you are one step closer to succeeding.
4.Don’t get complacent
When the money starts rolling in and everything runs smoothly, it’s easy to become complacent.
Simon Cowell experienced this after having multiple successes with bands, then going onto waste over a million on a not so great band.
Simon says ‘I honestly thought my boss was going to fire me. But he said, “This is the most important thing that’s ever going to happen in your life.” I’ve never forgotten that.’
5.Believe in the American dream
Us Brits tend to snigger at how patriotic Americas are, however one thing that Simon Cowell advocates is The American dream.
The American dream is essentially the idea of freedom, giving people the opportunity for prosperity and success, and greater social status achieved through hard work.
He says ‘That’s one thing we could learn from America — not to be jealous of success. And also, to be proud of your country. We do give our country a bit of a kicking occasionally, but I’m always proud to be British, just like Americans are proud to be American.’
So there we have it! 5 important lessons entrepreneurs and start-ups can learn from Simon Cowell.
Who do you most admire for their entrepreneurial success?