Entrepreneur Businesses Examples – It’s a hard truth that any small business owner must face. Even in the best of times, the vast majority of small businesses fail. So when companies succeed and business empires grow, the entrepreneurs behind the success are often seen as larger than life and attractive. After all, when so many small businesses fail, what made them succeed?
For some, it is a reliance on patience, determination and suggestions from close associates. For others, it is perseverance, superior knowledge and perseverance. For almost everyone, it’s daring, taking risks and trying things that have never been done before.
Entrepreneur Businesses Examples
There is no single list of top achievers because so many talented businessmen and women have contributed to our economic society today. In this article, we’ll look at ten entrepreneurs who not only succeeded at what they did, but also built vast business empires, often spanning multiple industries.
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You may know many of today’s entrepreneurs from their frequent appearances in the news, but there have been famous entrepreneurs over the past two centuries. These entrepreneurs changed their industries and culture, built vast wealth, and created innovations that continue to impact our lives today.
John D. Rockefeller was the richest man in history by most measures. He made his fortune by extracting efficiencies through the horizontal and vertical integrations that made Standard Oil synonymous with monopoly. However, the price of fuel has dropped dramatically for the average consumer. The government ended Standard Oil definitively in 1911.
Rockefeller’s hand can still be seen in companies like Exxon (XOM) and Conoco, which benefited from the R&D and infrastructure they received as part of the separation. Rockefeller retired at the turn of the century and devoted the rest of his life to philanthropy. More than 80 years after his death, Rockefeller remains one of the great figures on Wall Street.
Andrew Carnegie loved efficiency. Since its beginnings in the steel industry, Carnegie plants have always been at the forefront of technology. Carnegie combined his superior processes with excellent timing, acquiring steel assets in every market downturn.
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Like Rockefeller, Carnegie spent his golden years giving away the wealth he spent most of his life building (while not as remembered as some of his contemporaries, Andrew Carnegie’s legacy is strong and moralistic).
There is no doubt that Edison was a genius; however, it was his business sense, not his talent as an inventor, that clearly demonstrated his intelligence. Edison took innovation and turned it into the process now known as research and development. He sold his services to many other firms before striking out on his own to create most of America’s electric power infrastructure.
Although Edison is one of the founders of General Electric (GE), many companies today owe their existence to him – Edison Electric, Con Edison, etc. Although Edison had many more patents than corporate connections, there are companies that will carry his legacy into the future.
Although Charles Richard Patterson and Frederick Douglas Patterson were not on this top 10 list, they successfully founded the first and only African-American automobile company, which lasted 74 years and closed in 1939. These successful entrepreneurs undoubtedly helped shape the automotive industry as it is known today. , fueling the automotive industry. demand for innovation, customer service and creative thinking when the car was created.
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Henry Ford did not invent the car. He was part of a group that worked on cars, and probably not even the best of them. However, these competitors sold their cars at a price that made them a luxury for the rich. Ford put America – not just the rich – on wheels and unleashed the power of mass production. His Ford Model T was the first car to satisfy a majority of Americans.
Ford’s progressive labor policies and his constant effort to make every car better, faster and cheaper ensured that his workers and ordinary Americans alike thought of Ford (F) when they bought a car.
One of the richest and most influential women, Oprah Winfrey’s career began as a news anchor and became a consummate businesswoman. Her program The Oprah Winfrey Show was syndicated nationally in 1986, becoming the highest-rated American talk show and winning Oprah several Emmy Awards. Oprah also acted in films, including in a leading role and as a voice actress in several animated films.
Oprah is a pioneer in entrepreneurial ventures, breaking into an on-air book club in 1996 and launching O, Oprah’s magazine, in 2000. She co-founded Oxygen Media, cable television for women, and debuted a satellite channel in 2006. Most notably, Oprah created Oprah’s Angel Network. , sponsoring charitable efforts around the world. Oprah has not only paved the way for many women entrepreneurs, she is constantly demonstrating how to use entrepreneurial power for good.
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Sam Walton chose a market that no one wanted and then set up a distribution system that no one had tried in retail. By building warehouses between several of its Wal-Mart ( WMT ) stores, Walton was able to save on shipping and deliver goods to busy stores much faster. Add a state-of-the-art inventory control system, and Walton has cut its cost margins well below those of its direct competitors. Rather than recording all the savings as profits, Walton passed them on to the consumer.
By offering consistently low prices, Walton attracted more and more business wherever he chose to settle. Eventually, Walton took Wal-Mart into the big city to even the margins with the big boys—and the Bentonville beast never looked back.
Some question the business success methods of Walmart and Sam Walton. Human Rights Watch found that while many US companies use weak US laws to prevent workers from organizing, Walmart stands out because of the size and aggressiveness of its anti-union apparatus.
Charles Schwab, commonly known as “Chuck,” carried Merrill’s love of the little guy and belief in volume over price into the Internet age. When May Day opened the doors to negotiated rates – all brokers previously traded at the same price – Schwab was one of the first to offer discount brokerage to the individual investor. To do this, he reduced research staff, analysts and advisers and expected investors to be able to themselves when placing an order.
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From a basic base, Schwab then added services that were important to its customers, such as 24-hour customer service and more branches. Merrill brought individual investors back into the market, but Chuck Schwab made it cheap enough for them to stay.
If you’ve driven down an American highway lately, chances are you’ve seen one of the 600+ travel stops and country stores scattered across 42 US states. Known for its 24-hour access, dining deals and travel items, Tom Love has built an empire with more than 38,000 employees working in convenience stores across the country. In addition, Love employs staff at its corporate office in Oklahoma City.
A member of the Chickasaw Nation, Love and his wife Judy rented their first gas station in Watonga, Oklahoma in the 1960s. In 2019, Love was inducted into the tribe’s hall of fame, noting that “the same love and qualities that define Love’s Travel. Stops Define Chickasaw Nation”.
Born in Arkansas in 1918, John Johnson is considered one of the most influential African-American editors in American history. After achieving success with its 1942 release of
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, the most popular African-American magazine in the world since its launch in 1945. Six years later, Johnson launched the largest weekly African-American news magazine
Johnson did not stop at publishing, however. He ended up owning Fashion Fair Cosmetics, the largest black-owned cosmetics company in the world. He later became chairman and CEO of Supreme Life Insurance as well. In 1996, President Bill Clinton awarded Johnson the Presidential Medal of Freedom, the nation’s highest civilian award.
Steve Jobs co-founded Apple (AAPL), one of the only technology companies that offered a significant challenge to Microsoft’s dominance. In contrast to Gates’ methodical expansion, Jobs’ influence at Apple was one of creative explosions. Apple was a computer company when Jobs returned to it.
Now the iPod, iPhone and iPad are the engines of growth that pushed Apple past the once unassailable Microsoft. In 2010, Apple surpassed Microsoft’s market share for the first time. And in 2022, Apple CEO Time Cook announced that the active installed base of devices reached a record of 1.8 billion devices.
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The healthcare industry is full of bright and talented entrepreneurs, such as doctors who run their own practices, independent travel doctors and other professionals who take risks to create new business opportunities or new ways of doing business.
For example, Ara Chackerian is a co-founder of Mindful Health Solutions – a psychiatric clinic that treats mental illness – and an investor in health care startups. Abhilash Patel is co-founder of Recovery Bands and other websites that help people struggling with addiction find the treatment they need.
Depending on when you ask, the world’s greatest entrepreneur is often the richest person in the world. In February 2023, that title was awarded by Forbes to Elon Musk, CEO of Tesla Motors and founder of SpaceX and PayPal. However, some would argue that the first entrepreneur is Jeff Bezos, founder of Amazon.