Why Underdogs Make Great Entrepreneurs

You might think that to make lots of money, you need to have the right background and upbringing. After all, the world’s billionaires made their fortunes because they were handed them on a silver platter, right?

It turns out that the typical image of billionaires having a massive head start in life is incorrect. Yes, there are some people, like Donald Trump, who got a lot of help from their parents, but most of the world’s billionaires got to where they are today with hard work.

There seems to be a connection, therefore, between being an underdog and being successful. It turns out that being an underdog is often beneficial. One of the reasons is that underdogs are usually hungrier for success. It turns out that they usually want wealth more precisely because they’ve experienced poverty. To get to a position where they are able to compete with the rest of the market, underdogs have already had to fight a lot harder than their peers. And this strength that they’ve built is something which stays with them for like.

 

They Rebel Against The System

inspiration-sml

Underdogs rarely go with the flow. In fact, they’re the sort of people who never really fit into the system. But today, entrepreneurs are usually more successful when they’ve suffered financial setbacks. Take Elon Musk, for instance. When three of the first four of his SpaceX rockets exploded without achieving their missions, his company was in dire straights. He desperately needed investment to keep the business afloat and nearly didn’t survive. But this experience forced him to make sure that he was spending every single dollar in an optimal way. What’s more, with business loans for bad credit guaranteed in many cases, it’s possible to finance an enterprise even if you’ve made a loss in the past. In other words, even if you do make a mistake, you can still rescue your business.
They Turn Weaknesses Into Strengths

One of the main things that top entrepreneurs do is turn their weaknesses into strengths. Take Steve Jobs, CEO of Apple Inc. for instance. Though he was a gifted technician and salesman, he wasn’t good when it came to managing and motivating people. He expected everybody at Apple to love the company as much as he did and he demanded their undying loyalty. For nearly 20 years, he applied his ruthless management approach at Apple, and the company floundered.

steve-jobs-lived-with-purpose-sml

Jobs realized that if Apple was really going to be as successful as he believed it could be, then he needed to shake things up in the managerial department. He began delegating more of the job or organizing staff to people who had experience working in teams, and he continued to focus on the things that he could do well: innovate and market. Over time, Apple began making better products until it had its massive breakthrough with the iPod in 2004 which set the company up for renewed success when the iPhone released in late 2007.

Being an underdog, therefore, isn’t necessarily a bad thing. In fact, if you can channel it in the right way, it can actually be an advantage.

Print Friendly, PDF & Email

About Dequiana Jackson

Dequiana Jackson, CEO of Inspired Marketing, Inc., is a small business marketing coach who shows women entrepreneurs how to use solid marketing strategies to turn their life’s passion into a profitable, service-based business. Dequiana is the author of Know Your Business: How to Attract Ideal Clients & Sell More and runs the award-winning blog, Entrepreneur-Resources.net.

Check Also

How Do The Smartest Entrepreneurs Get Customers Hooked On The Net?

Online possibilities have transformed the world of business forever, not least when for start-ups. The …

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge