The world is quickly becoming a place of rapid technology adoption. As a result, the financial industry has been one of the most rapidly changing industries in adopting new technologies and adapting to changes.
This blog post will explore four key takeaways from legends for Fintech entrepreneurs: Steve Jobs, Larry Page, Elon Musk, and Jeff Bezos. These individuals embody many people’s entrepreneurial spirit as they pursue their dreams with passion and drive every day.
“Yesterday’s ‘Wow’ quickly becomes today’s ordinary” – Jeff Bezos.
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The “Wow” effect is short-lived.
The need for innovation is eternal. As Jeff Bezos points out, “Yesterday’s ‘Wow’ quickly becomes today’s ordinary.”
The divine discontentment with the status quo forces companies to innovate or risk losing their customer base. Customers who will abandon them if they stop finding things sufficiently exciting and fresh.
This may be Amazon’s biggest challenge: how do we meet these rising expectations without driving ourselves mad?
Amazon CEO Jeff Bezos says that customers have an inherent desire for continual change. He pointed out this passionately as a threat in his letter last year to shareholders and speaks of it as one of the great opportunities facing innovative firms like his own company. Where yesterday’s “wow” can quickly turn into tomorrow’s normality.
“Never Stop Innovating” – Steve Jobs
To continue being successful, it’s important as a business owner or entrepreneur to seek out and find innovations and look for ways to implement the newest technologies in your product.
An excellent example of this is Apple Inc., which constantly pushed the envelope. Because Jobs recognized that once businesses stop innovating, they quickly lose their position in the market.
As he put it: “You can’t just ask customers what they want and then try to give them that.”
A thriving company never stops looking for its next big thing. Sometimes these breakthroughs like 3D Touch Technology (which was introduced by Apple) had an immediate impact on sales volume and profit margins; other times, innovation will come from adapting existing products.
Your business is only as good as its representatives. So make sure they understand what it stands for by keeping them informed every day. This will help maintain morale amongst staff members and empower client interactions in an industry where trust is key!
“Always Dream 10x Bigger” – Larry Page
According to Page, success is all about taking risks.
To be successful, they must take the risk of thinking outside the box. Following their dreams even if it makes them seem a little crazy or different from those around them.
The 10x philosophy teaches you to take one of the following directions: either find an empty spot on the market and offer something that is yet unfamiliar with, or build a product that would be 10x better than any other currently available.
Both imply radical business movements that can disrupt your industry and make you unmatched compared to all others within it.
Don’t just settle for being one in a million. Reevaluate your USP if you’re not happy with it. Make it more unique to the current state of the market if needed. In business, dreaming big is about setting new standards that surpass what’s currently available on the market today.
“Always Have Vision For The Future” – Elon Musk
Elon Musk is a pioneer in modern science and technology. His ambitions to transport humans from Earth to outer space via SpaceX passenger flights by the end of 2017, as well as his Tesla car’s self-driving capabilities, are ambitious but realistic given current technology developments.
Predicting what the world will come to in another 20 years is something everyone engages in. Still, if there’s someone who’ll play an active role in shaping its future, it’s undoubtedly Elon Musk.
One day, he reveals his self-driving electric car, while on another, he talks about passengers’ flight to Mars in the coming decade.
Elon Musk, the man, working on transportation and artificial intelligence alike, has warned us for years about a possible future that will come if we don’t prepare.
He’s often alerting people about data breaches, such as when Apple HomeKit-enabled gadgets were compromised. That was because companies aren’t doing enough to secure their products from these types of cyberattacks before they put them out in stores where consumers can buy them.
From the rise of new technologies to an increasingly globalized world, change is inevitable. If you want your business or idea – no matter how small it may be now – to succeed in this ever-changing environment, having a vision and working tirelessly to make it happen are just as important.
Take Away:
The takeaway from this blog post is that if you have an idea for a new product or service, don’t be afraid to pursue it. You may not know where your company’s future will go, but if you’re enthusiastic and motivated every day, there’s a high chance you’ll be successful!
