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They say imitation is the greatest form of flattery. But perhaps even more flattering is having someone emulate rather than imitate. Here’s why. While the two concepts are similar, what underlies them is quite different.
Imitation is the act of copying someone’s actions, style, or habits to replicate what they’ve done. For example, a businessman might choose to wear gray t-shirts every day just like Mark Zuckerberg. That is, however, unlikely to make him a billionaire at any age. That’s because imitation involves no thought or creativity, and it doesn’t get to the root of why he does what he does and how that has helped him.
Emulation, on the other hand, is about trying to equal or surpass someone admired by learning from their accomplishments and striving to master their skills. Emulation involves studying a CEO’s actions to understand what works and why, and then using that knowledge to chart a new unique path. For example, someone might look at why Zuckerberg wears gray t-shirts for work every day. He does it to eliminate the need to decide what to wear every morning. In addition to saving precious time, he does it because he knows that clothing is irrelevant in the tech world. More importantly, he understands that decision-making is a muscle that gets exhausted each day as more decisions are made. He doesn’t want one of those invaluable decisions to be on his attire. Someone wanting to emulate him needn’t wear a gray t-shirt daily. Wearing white dress shirts every day, in a setting where attire does matter, achieves the same thing if it saves time and decision-making effort. This reflects taking inspiration from a role model and learning what guides their decisions and then using that to guide a distinct but helpful path.
For the last two weeks, we’ve been examining the guidance shared by some of most successful self-made billionaires in the world to understand what they think and why. When it comes to business, it pays to emulate, not imitate, the most successful. So here is some more guidance from self-made billionaires about success. This is meant to help get you into the “millionaire mindset.” And it’s advice to emulate.
Insights from Business Greats
6. I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance. – Steve Jobs
If asked, billionaires would likely all agree that extraordinary people are just ordinary people willing to play the game of business for an extraordinary length of time. Very few people are willing to play the game for decades, despite setbacks and trials. Anyone willing to do that has an unfair advantage over most everyone else.
As such, most ultra-successful businesspeople would probably agree that perseverance is the cornerstone of entrepreneurial success. It is the one trait that stands out as the unwavering bedrock upon which empires are built. This indomitable ability to press on despite setbacks and challenges – to just keep going when it would be easier to call it quits — is the catalyst that transforms dreams into reality. It is the fuel that ignites the fire within, driving individuals to overcome obstacles and achieve extraordinary heights.
Perseverance is more than just tenacity; it is a mindset, a belief that no matter how daunting the circumstances, there is a way forward. It is the courage to face adversity with unwavering determination and the resilience to bounce back from failures. History is replete with examples of self-made millionaires and billionaires who have harnessed the power of perseverance to achieve extraordinary success.
Let’s take the internationally recognized name of Walt Disney. Born to a family of modest means, Walt Disney created an empire that brought joy to millions with his animated creations and his theme parks. There’s really no question that he was successful. He created more than 81 feature films and hundreds of short films. In his lifetime, he earned more than 950 honors, including 48 Academy Awards. He founded the California Institute of the Arts. And he built Disneyland and Disney World. When Walt Disney passed away in 1966, he left behind an empire worth an estimated between $100 million and $150 million, which is equivalent to about $750 million to $1.1 billion today when adjusted for inflation.
Yes, Disney built an empire, but it was not without many setbacks. He faced bankruptcies and rejection of his ideas. He lost the rights to his first major character, Oswald, the Lucky Rabbit. During World War II, his facility was taken over by the government and he had to have permission just to go into the studio. He was blocked by movie studios that didn’t want him to create television shows. He had trouble finding financing for Disneyland. There were countless trials. And, due to the stress, he had physical and emotional breakdowns. Despite all this, he persisted, fueled by a relentless belief in his vision. Walt Disney’s perseverance paid off, and Disney eventually became one of the most influential figures in the entertainment industry.
Today, The Walt Disney Company has a net worth of $164.24 billion. Disney’s assets include movies, television, publishing, and theme parks. The company’s net worth has grown over time due to the success of its creations and business ventures, including the opening of Disneyland in 1955, the construction of Disney World in Florida, and the establishment of Disneylands in Paris, Tokyo, and Hong Kong. In 2023, Disney’s global annual revenue reached a record high of $88.9 billion, up 7% from the previous year.
But Disney is not alone in the role that perseverance played in his journey. Jack Ma, the Chinese entrepreneur and founder of Alibaba, said “No matter what your current condition, how or where you grew up, or what education or training you feel you lack, you can be successful in your chosen endeavor. It is spirit, fortitude, and hardiness that matter more than where you start.”
Oprah Winfrey, the media mogul and philanthropist, is another inspiring example of the transformative power of perseverance. Despite a difficult childhood and early career setbacks, Winfrey rose to become one of the most influential women in the world. Her success is a testament to her resilience and determination. About perseverance Winfrey said, “The big secret in life is that there is no big secret. Whatever your goal, you can get there if you’re willing to keep working.”
And Elon Musk, the visionary entrepreneur behind Tesla, SpaceX, and other groundbreaking ventures, is another testament to the power of perseverance. People have called Musk a lunatic with every company he ever launched. He has faced numerous challenges, including near-bankruptcy and massive setbacks in his space exploration endeavors including many rockets that exploded. Yet, he has remained steadfast in his pursuit of ambitious goals, driven by a relentless determination to make a positive impact on the world. As he put it, “Persistence is a cornerstone of success in business.” He emphasizes the importance of it, even in the face of seemingly insurmountable challenges (like populating Mars). For him, persistence pays.
These are just a few examples of the countless entrepreneurs who have achieved extraordinary success due, in large part, to their perseverance. Perseverance is not just about enduring hardship but pressing on despite it. Perseverance is the resilience to bounce back from setbacks and the determination to press on despite challenges. By harnessing the power of perseverance, entrepreneurs can achieve extraordinary heights and make a lasting impact on the world.
7. In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.” — Charlie Munger
In a 2014 Reddit “Ask Me Anything” thread, someone asked Bill Gates “What is your best personal financial advice for people who make under $100,000 a year?” His answer: “Invest in your education.” Even though he didn’t graduate college, Gates is a voracious reader and lifelong learner.
At a Harvard commencement speech he gave in 2007, Gates reflected on his stint at the school. “What I remember above all about Harvard was being in the midst of so much energy and intelligence. It can be exhilarating, intimidating, sometimes even discouraging, but always challenging. It was an amazing privilege — and though I left early, I was transformed by my years at Harvard, the friendships I made, and the ideas I worked on.”
This belief that it is important to continually “sharpen the axe” is shared by more than Munger and Gates. It is a widespread belief that it is an imperative to sharpen the axe before chopping down the tree. Most billionaires spent years identifying their key business insight. That might look like wasted time, but it allowed them to deploy their energy and insights with 100 or 1000x the leverage later. Continual learning was, and still is, imperative.
Indeed, that may be why the most successful investor in history, Warren Buffett, invests 80% of his time in reading and thinking throughout his career. Learning is the single best investment of our time that we can make. Or as Benjamin Franklin said, “An investment in knowledge pays the best interest.” According to Paul Tudor Jones, self-made billionaire entrepreneur, investor, and philanthropist, “Intellectual capital will always trump financial capital.” And as the world becomes increasingly complex, learning will be needed just to keep up with the speed of change and new ways to deliver business and innovate.
Perhaps the best example of the rising value of cutting-edge knowledge is the self-driving car industry. Sebastian Thrun, founder of Google X and Google’s self-driving car team, gives the example of Uber paying $700 million for Otto, a six-month-old company with 70 employees, and of GM spending $1 billion on their acquisition of Cruise. He concludes that in this industry, “The going rate for top talent these days is $10 million.” That’s $10 million per skilled worker, and while that’s the most stunning example, it’s not just true for incredibly rare and lucrative technical skills. People who identify skills needed for future jobs, such as data analysts, product designers, biochemical engineers, geneticists, etc, and quickly learn them are poised to win. Those who work really hard throughout their career but don’t take time out of their schedule to constantly learn will be the new “at-risk” group. They risk remaining stuck on the bottom rung of global competition, and they risk losing their jobs to those who in the know.
These are both good pieces of advice from the mouths of the most successful. Advice worth emulating. Next week, stay tuned as we look at some other key pieces of advice that could transform your career.
Quote of the Week
“Only the curious will learn and only the resolute overcome the obstacles to learning.” Eugene S. Wilson
© 2024, Keren Peters-Atkinson. All rights reserved.
The post To Succeed, Do as the Billionaires Do, Part 3 first appeared on Monday Mornings with Madison.