It’s safe to say the men and women on Forbes’ list of billionaires know how to run a company straight into profits.
But that doesn’t mean that the road to success has always been smooth; in many cases, it took some of the list’s entrepreneurs years of serious struggle to achieve success, says Steve Blank, a serial entrepreneur and professor of entrepreneurship at Stanford University.
What can you learn from the world’s wealthiest players and their paths to success? FOXBusiness.com asked Blank to break it down.
No 1. It’s Not Always About the Most Innovative Product
Blank says that Bill Gates, founder of Microsoft and No. 2 on Forbes’ list, rose to the top not necessarily on the strength of his innovative prowess.
“A successful tech company is not always about the product … sometimes it’s about controlling the distribution channel,” says Blank.
“If it was about innovation, no one would be using Windows! Instead, he’s brilliant because he created a Windows ecosystem based on coercion and incentives – that was his real innovation.”
No 2. Learn How to Choose No. 2s -- and Delegate