- Player: David Rubenstein
- Company: The Carlyle Group, one of the world’s largest private equity firms, launched by Rubenstein and his partners in 1987.
- Claim to Fame: David Rubenstein is currently number 257 on the Forbes 400 Richest People in America list. His personal wealth is valued at $2,6 billion, and his Forbes self-made score is 9 out of 10, due to his lower middle-class upbringing. He is one of 140 signatories of the Giving Pledge, a commitment by the world’s wealthiest individuals and families to dedicate the majority of their wealth to philanthropy, spearheaded by Warren Buffet and Bill and Melinda Gates.
David Rubenstein knows a thing or two about the mindset of a successful entrepreneur. He’s not only built one of the largest private equity firms in the world, but he’s done so from the base of a blue-collar background, working hard to become the first person in his family to get a degree, to practising as a lawyer, and finally finding his entrepreneurial feet.
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Through both the Giving Pledge and his role at The Carlyle Group, he regularly interacts with some of the most successful entrepreneurs in the world. Here are the five characteristics that he believes ultimately lead to success.
Great businesses are never just about a good idea, working hard, and then success comes easily. Most entrepreneurs face a multitude of struggles before achieving success. The tenacity to overcome those challenges is a real determining factor in what a business and the founder ultimately achieves.
Entrepreneurs don’t take no for an answer. By definition, if you’re starting a new company and selling a new product, it’s a product that doesn’t exist, but that doesn’t mean that someone didn’t already think of the idea, and didn’t think it would work.
Most entrepreneurs are trying to push against the grain and convince the naysayers that their take on the concept has merit. If you easily take no for an answer, you won’t be a good entrepreneur.
2. The drive to succeed
Entrepreneurs are driven people. It’s rare to meet an entrepreneur who says, ‘You know, I’m going to go into work today at about 10am, and I think I’ll leave at around 4pm because I want to play golf.’ It’s a rare entrepreneur who says, ‘I don’t work on weekends’. It’s a rare entrepreneur who comes from a wealthy family.
Generally, entrepreneurs are driven people who are more interested in proving their ideas work than making a lot of money. When I interact with other members of the Forbes 400 who built their companies, virtually none of them say, ‘I wanted to make money’. They say: ‘I had an idea and I wanted to prove it would work’.
In most cases, being a genius isn’t a determining factor of business success. Einstein was a genius, but there’s no evidence he was a good businessman. It takes a certain amount of intelligence to be a successful entrepreneur, but drive is a far more important determining factor: The drive to improve yourself; the conviction that you’re doing something that’s going to prove you’re correct; and the ability to work with other people, and get them to see the world the way you do are essential.
3. They’re not in it for the money
Obviously when you make a lot of money you’ll find people accumulating the trappings of wealth, but I don’t think most entrepreneurs are as pleased with having a yacht or a plane or multiple homes as they are with proving that the company they thought was a good idea when no-one else did is a success.
A key driver that I see over and over again is the joy entrepreneurs take in the fact that they were right and others were wrong.
4. The desire to change the world for the better
In many ways entrepreneurship is like parenthood. As a parent you have a great deal of pride for how your child develops. You will sacrifice everything for your child, and do anything to try and make their life better.
This is how entrepreneurs feel about their companies. They create them, nurture them in the early years, and see them grow and mature into an adult form. There’s an incredible sense of purpose to both parenthood and entrepreneurship.
Entrepreneurs want to make the world a better place. Businesses create jobs, help others earn a living and give them dignity and self-worth.
Entrepreneurs create wealth for themselves, their employees and society through taxes and hopefully offering a product or service that adds value to society and other businesses as well. There’s a massive sense of pride in a business that really adds value.
The interesting entrepreneurial conundrum occurs when the business matures, though. Some entrepreneurs want to keep creating, others can also be managers. Business owners often need to figure out which they are. Jeff Bezos, Bill Gates, Steve Jobs and Mike Bloomberg all created companies and ran them for many years, but this isn’t always the case. Many entrepreneurs are great at creating companies, but they aren’t good at running what they created.
The problem of course is that the personality of a successful entrepreneur comes with a sizeable ego.
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The trick is to also have enough humility to understand where and when you’re adding value, and when it’s better to step down for the good of the company. The truth is, you don’t need an entrepreneur to run mature companies, you need a manager.
5. They want to give back
When I signed the Giving Pledge, it was because of a deeply held belief that those who have been fortunate and lucky in business have an obligation to give back and help make society a better place, whether it’s by helping people to get educated, medical treatments, or supporting charitable organisations.
When I grew up, I never saw myself as disadvantaged. I didn’t know about wealth.
Looking back I can say, okay, I didn’t have the wealth that other people had, some people might have said I was slightly disadvantaged because I didn’t have a wealthy family and contacts to propel me into success, but in hindsight it was a very advantaged upbringing. The most advantaged thing you can have, as Warren Buffet has said, is the unconditional love of two parents.
If you’re fortunate to have two parents, and they give you unconditional love and support in what you are doing, that’s worth a lot more than the money you might have gotten.
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The hardest thing in life is to achieve personal happiness. The people who achieve it are not the wealthiest people. If you’ve created wealth, put it to good use.
6. The Role of Luck
Luck is the most important thing in life. Most successful entrepreneurs have had a fair amount of luck in their business endeavours. Bill Gates is a very smart person, but it was IBM’s mistake in not buying the operating system that he developed, and letting him license it to them instead, which helped propel his success.
Steve Jobs was thrown out of his company, and only later brought back as CEO. If that hadn’t happened, he probably wouldn’t have been heard from again.
I owe a lot of my own success to luck. It was not preordained that I would be a successful businessman. I came from a modest background; my parents did not graduate from high school, and my father worked at a post office and earned a modest salary. I worked hard to earn the grades that would secure me the bursaries I needed to study law.
My goal was to work at the White House, which I had achieved as a lawyer under the Carter administration by the time I was 27. Had Carter won the 1980 election, I would have stayed at the White House, and my career would have progressed in the political sphere, as a lawyer or lobbyist for successive administrations.
Carter didn’t win though, which meant I went back to the private sector, where I soon realised I actually wasn’t a good lawyer. Had I been a good lawyer, I’d probably still be practising law today.
What seemed like bad luck — working for a single-term President and then realising I wasn’t suited to my chosen profession, actually turned out to be incredible strokes of luck, because they gave me the opportunity to pursue something I was very good at, namely private equity.
Even more fortuitous was the fact that I was based in Washington DC. I didn’t have a Wall Street background, which meant there was no way I could have launched a PE firm in New York. Washington DC was different.
No one was doing this there. People laughed at me and what I was trying to do, but they also had no one else to compare me to. This meant I could convince people to join the firm who had more financial skills than I had, although they also had no Wall Street experience.
In 1987 I started the first private equity firm in Washington DC, and thanks to luck and good fortune, it became a highly successful global company.
There’s an art to using luck though, and that starts with the understanding that luck comes and goes. Spot it and use it when it comes, but let go of missed opportunities. They happen. Fixating on them doesn’t help you find the next opportunity.
I’ve personally missed more opportunities than I’ve probably taken. I had a chance to invest in Facebook at the beginning; I turned it down. I had an opportunity to be a big shareholder in Amazon; I turned that down. I had a chance to be an initial investor in Netscape and walked away from that too. We all make mistakes.
7. Entrepreneurial DNA
Over the years, I’ve noticed that many of the most successful entrepreneurs in the world share similar characteristics: They come from modest backgrounds, often lower-middle class; they’re driven, intelligent people, but not geniuses; they’re people that know how to motivate other people, and lead either by communicating very well or leading by example; they don’t take no for an answer; and they’re more interested in the success of their company and showing people that they are right in what they thought than the trappings of wealth.
25 Of The Most Successful Business Ideas In South Africa
Find out who’s making waves in numerous industries and how they managed to differentiate themselves in local and international industries.
“Disruption is all about risk-taking, trusting your intuition, and rejecting the way things are supposed to be. Disruption goes way beyond advertising, it forces you to think about where you want your brand to go and how to get there,” says Richard Branson.
South Africa has its fair share of innovative and disruptive businesses taking both local and international industries by storm. From cutting edge space technology to reimagined logistics, and innovative business models, here are 25 of the most successful business ideas in South Africa:
- I Am Emerge Provides An App For Township Spaza Bulk Purchasing
- Tuluntulu Offers High Quality Video Streaming On Low Data Speeds
- SSG Consulting Developed KEY360: A Cloud-Based And Web-Enabled Platform For Managing Large-Scale Construction Projects
- Pargo Solving Last-Mile Distribution Challenges
- HouseME Is A Digital Real Estate Platform
- Olympic Paints Has Developed A Built-In Paint Tray Causing An Unexpected Industry Shift
- Passion4Performance Developed A Recognition of Prior Learning Assessment Concept
- NewSpace Systems Delivers High Quality Components At Lower Costs
- My Online Presence Creates End-To-End Solutions For Online Brand Presence
- Skynamo Offering Insights To Sales Teams In The Field
- RecruitMyMom Creating A Platform For Job-Seeking Moms
- GAAP Provides A Hardware And Software Point-Of Sale And Enterprise Solution For The Hospitality Industry
- HeroTel Bringing Wi-Fi To Low Income Communities
- Saryx Engineering Offers Digitised Compliance and Safety For Companies
- BrightBlack Is An Energy Providing Innovative Solar Energy Solutions
- Howler Is An Event Technology Platform
- execMobile’s PocketWifi Keeps Business Travellers Connected
- Rhino Africa Provides Online Touring Assistance
- Snapplify Is Offering Students Access To Textbooks
- GoMetro A Commuter-Driven Mobile App
- Domestly Connecting Cleaning Professionals and Homeowners
- NMRQL Using AI To Deliver Consistent Returns
- Colony Live Connecting Users Across Multiple Platforms
- codeX Is Growing The Work Experience Of Coders In Africa
- This Is Me – Disrupting By Offering A Unique Business Model
Colin Timmis Says ‘Position Yourself For Success By Starting With The Numbers’
People pay first who they feel pressure from, so people will pay you when they feel pressure from you.
Entrepreneur Colin Timmis founded South Africa’s first cloud accounting practice in 2011, Real Time Accounting. Then, a few years after being appointed as South Africa’s first Xero partner Colin became Xero Country Manager South Africa. Xero is the emerging global leader of online accounting software that connects small businesses to their advisors and other services.
Two 20 Year Olds Reshape Entrepreneur Landscape With New Social Investment Platform
The Merge vision is to become the ‘go to’, digital meeting place for entrepreneurs and investors, and to truly make a difference in the world.
- Instagram: https://www.instagram.com/mergeconnect/
- Facebook: https://www.facebook.com/mergeconnect/
- Website: http://www.mergeconnect.co/
- Email: Hello@mergeconnect.co
- Number: 072 458 2182
It’s no secret that finding the right investor for your venture is a challenge that most entrepreneurs face. The current process of finding investment is one that is outdated, and limits entrepreneurs due to a lack of time, and network that is needed to find the right investor. But, this doesn’t have to be the case in today’s digital society, says Zander Matthee and Brandon Bate, co-founders of Merge.
“By making the Internet the middleman, we are able to connect with each other much simpler and faster than before” was Zander’s response. “We have taken advantage of this, and have created a digital meeting place for entrepreneurs and investors” added Brandon.
Merge is a social platform that connects entrepreneurs and investors. It aims to simplify, refine and accelerate the process of finding investment for entrepreneurs, and the process of finding investment opportunities for investors. From idea to developed, the platform allows entrepreneurs to present a brief outline of their venture to a network of all investor types. While doing this, entrepreneurs are able to browse through, and connect with investor profiles that suit their requirements.
From Private Investors to Venture Capital, and everything in between, Merge allows all investor types to join. Investors have the opportunity to personalise their feed to suit their investment preferences, and will be able to connect with innovative businesses – that are looking for investment – at their fingertips. Only once there is a mutual interest in each other, are users able to enter a secure private chat where they can discuss further and share documents under the protection of a digital NDA.
The two boys became good friends during their time in high school at St Stithians Boys College. However, it was only in their last year, 2016, that they decided to pursue their dreams and create the platform. They didn’t know how to code, so rather ironically, they needed some form of investment to get the platform off the ground.
“We knew we had a mountain to climb, but we believed in our vision and that we were really trying to make a difference, and if we could get others to see that, they would be onboard.” said Zander.
Chris Peters is one of these individuals that bought into their vision, and became Merge’s first investor. As a successful entrepreneur and part time investor , Chris saw how much value the platform could bring to all entrepreneurs and investors alike. His marketing and strategic background gave him insight into how Merge could play a vital role in a lucrative space, Brand involvement.
“Entrepreneurship and SME development are two key factors that drive economic growth in developing countries like South Africa. That is why brands are currently getting involved, and looking to support entrepreneurs through various means. We have built a platform that allows these brands to successfully market, and execute on the programmes they have created to assist entrepreneurs.” said Chris
Merge was created to assist all entrepreneurs and investors in finding exactly what they are looking for, regardless of age, race, sex, financial position or social status. That is why anybody can sign-up as an entrepreneur. As long as you are determined and willing to work for your dreams. For too long has the investor space been seen as an “elite club for the select few”, and Merge is here to change that. Whether you’ve gotten your bonus at the end of the year and looking for new investment opportunities, or are an active investor, you can sign-up. Whether you’re currently working, or a retired industry leader, you can join as a mentor.
Their vision is to become the ‘go to’, digital meeting place for entrepreneurs and investors, and to truly make a difference in the world.
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