Chapter 1
Chapter 1
Chapter 1
Successful Entrepreneurs
The 8 Superpowers of
Successful Entrepreneurs
From Zero to Hero: The Business
Strategies Adopted by Global Icons
Marina Nicholas
The 8 Superpowers of Successful Entrepreneurs: From Zero to Hero:
The Business Strategies Adopted by Global Icons
10 9 8 7 6 5 4 3 2 1
Dedicated to my wonderful son, Bruno
https://pencilsofpromise.org/
Description
THESE STRATEGIES WILL GIVE YOU SUPERPOWERS
Many books have been written about the high-performance habits suc-
cessful entrepreneurs adopt, from their daily meditation to how they lead
their teams. For Marina Nicholas, her fascination was more about their
entrepreneurial journey.
After years of extensive research, Marina discovered that just eight strate-
gies were adopted by billionaire entrepreneurs.
PROBLEM—PERSEVERANCE—POSITIONING—PROXIMITY—
PEOPLE—PARTNERSHIPS—PROCESS—PLANET
Keywords
entrepreneurism; social entrepreneurs; growth strategy; impact entre
preneurs; small business management; social sustainability; start up;
leadership; visionary; millionaire mindset
Contents
Testimonials������������������������������������������������������������������������������������������xi
My Story���������������������������������������������������������������������������������������������xiii
Acknowledgments�������������������������������������������������������������������������������� xvii
Introduction���������������������������������������������������������������������������������������� xix
Category 1 Mindset����������������������������������������������������������������������������1
Chapter 1 Power of Problem��������������������������������������������������������������3
Chapter 2 Power of Perseverance�����������������������������������������������������13
Category 2 Marketing�����������������������������������������������������������������������21
Chapter 3 Power of Positioning�������������������������������������������������������23
Chapter 4 Power of Proximity���������������������������������������������������������35
Category 3 Masses����������������������������������������������������������������������������45
Chapter 5 Power of People���������������������������������������������������������������47
Chapter 6 Power of Partnerships������������������������������������������������������59
Category 4 Method���������������������������������������������������������������������������71
Chapter 7 Power of Process��������������������������������������������������������������73
Category 5 Movement����������������������������������������������������������������������85
Chapter 8 Power of Planet���������������������������������������������������������������87
Chapter 9 Power of the 8 P’s����������������������������������������������������������101
References�������������������������������������������������������������������������������������������113
About the Author��������������������������������������������������������������������������������119
Index�������������������������������������������������������������������������������������������������121
Testimonials
“A timely publication for a post COVID19 world and for the new
greener and socially orientated entrepreneurs seeking to make an impact.”
—Dr Dane Anderton, Alliance Manchester Business School,
Manchester University
“Using an easy going and accessible style, Marina draws on her vast experience
in leading and advising businesses to identify, what she calls, the eight most
significant success strategies for entrepreneurs. A very relevant and timely pub-
lication that draws easy to understand narratives from the profiles of some of
xii Testimonials
the World’s most high-profile entrepreneurs to shed light, both on the distinct
opportunities that surround each of us and on the entrepreneurial process.
This book contains invaluable case-material, shaped into a simple and novel
structure, that stimulates entrepreneurial thinking and gives insight into the
paths to entrepreneurial success.” —David W. Taylor, Principal Lecturer
in Entrepreneurship, Manchester Metropolitan University and
Honorary Fellow of the Institute of Enterprise and Entrepreneurs.
INDUSTRIAL REVOLUTION
TRANSFORMING INDUSTRIES AND INNOVATION
INDUSTRY 4.0
INDUSTRY 3.0
• Cyber Physical
INDUSTRY 2.0
•Automation Systems
INDUSTRY 1.0 • Internet of things
•Mass production •Computers
•Mechanization •Assembly line, •Electrics • Networks
• Steam power •Electrical energy
•Weaving loom
1. Silicon Valley
2. New York City
3. London
4. Beijing
5. Boston
6. Tel Aviv—Jerusalem
7. Los Angeles
8. Shanghai
9. Seattle
10. Stockholm
$431 million). New York City is $147 billion with early stage funding at
$8.3 billion, then London at $92 billion with total early stage funding at
$6 billion. Compare this to an ecosystem ranked 20th, Seoul, which has
$1 billion early stage funding and $39 billion ecosystem value. It is easy to see
why the location that an entrepreneur chooses to build a business is crucial.
50%
40%
30%
20%
10%
0%
20
15
12
19
17
20
20
20
20
20
Year
1. Capital Challenges
4 out of 10 startups had less than 3 months’ capital, meaning col-
lapse would be inevitable unless they fundraise or demand kicks
in. Classed as a “fundraising fiasco” as 3 out of 4 startups had their
fundraising process disrupted. 18% of startups with term sheets
had a funding round cancelled by investors and 54% experienced
a f unding round delay.
4 out of every 10 startups today are in the “red zone”, up 29% since Dec. 2019
This means they have 3 months or fewer of capital runway
African (56%) and South American (44%) startups are in the most trouble, while Oceanian (31%) and
European (35%) startups are doing relatively better
South American Oceania North America Europe Asia Africa Global Avg
Dec, 2019 Mar–June, 2020
2. Demand Drop
72% startups experienced a drop in revenue since the crisis hit, with
an average experiencing a 32% decline. According to the Startup
Genome Covid-19 Impact Insights report, 10% expect revenues
to grow, 40% expect to stay the same, and 28% predict a drop in
revenue over the coming years. 60% have laid off employees or
reduced salaries. The main jobs to suffer are 36% direct sales, 29%
marketing, 31% research and development, and 32% with product
roles. 71% of startups have reduced expenses by an average of 22%.
Introduction xxiii
Success Matters
In order to navigate the long term ripple effect of Covid-19, two factors
are critical to an entrepreneur’s success.
xxiv Introduction
1. The Ecosystem
The property development adage, “location, location, location” is also
true for Startups. Immersion into an ecosystem with like-minded
people passionate about innovation, growth, and scale is a proven
success model. Chapter 4 dives into the Power of Proximity in detail.
2. The Strategies
While the WHERE to be in business is important, the focus of
this book is on the HOW. You can have hundreds of entrepreneurs
in the same ecosystem, yet only one may achieve Unicorn status.
Entrepreneurism can be likened to the ‘4 minute mile’ analogy. In
1964, Roger Bannister broke the 4 minute mile barrier that had stood
for decades. Within a year, another four people broke the record after
seeing it was possible. Since then, over 1,000 runners have adopted
the high performance strategies to complete a 4-minute mile.
In entrepreneurial terms, in the 1900s, a century ago, a billionaire
individual did not exist. Fast forward to today, there are 46.8 m illion
millionaires with a combined wealth of $158.3 trillion. Of which,
2,825 have risen to billionaire status, according to Wealth-X.
Millionaires now have about half the total global wealth. In 2019, the
number of millionaires rose by 1.1 million in one year alone globally.
As a result, new terms to describe the levels of entrepreneurial
achievement have emerged. A “Unicorn” is a business with
$1 billion to $10 billion turnover. “Decacorns” have $10 billion to
$50 billion turnover and “Titans” $50 billion plus. Let’s put that
into perspective.
• 1 second is 1 second
• 1 million seconds is 12 days (a vacation)
• 1 billion seconds is 30 years (a career)
• 50 billion is 1,500 years (a human lifetime plus some)
• a trillion is 30,000 years (longer than human civilization)
teams. I have always been more fascinated about their journey from
zero to hero.
What is an Entrepreneur?
According to the Oxford Dictionary, the definition of an entrepreneur
is “someone who sets up a business taking on financial risks in the hope of
profit.” Let’s look at the definition from an entrepreneur’s perspective.
Being an entrepreneur isn’t just a job title, and it isn’t about starting
a company. It’s a state of mind. It’s about seeing connections others
can’t, seizing opportunities others won’t, and forging new directions
that others haven’t.
—Tony Birch.
While showcasing the zero to hero stories and the strategies adopted by
successful entrepreneurs is inspirational and educational, for me, discov-
ering how they distribute their wealth through philanthropic endeavors
to help humanity and the planet, remains at the heart of this book.
Societal expectations of “giving back” have risen, regardless of whether
you are rich or poor. From small acts of daily kindness and charity runs to
championing front line workers during Covid, human consciousness has
been raised. Only entrepreneurs with a demonstrable philanthropic track
record of redistributing their wealth are featured in this book.
Life’s most persistent and urgent question is, ‘What are you doing
for others?’
—Martin Luther King Jr.
Categorization
With the selection criteria applied and the entrepreneurs shortlisted to
feature in this book, the next phase was to categorize the entrepreneurs
into industrial revolution, sector and strategy.
Personal
Development Finance IT Media
Tony Robbins Warren Buffet Bill Gates J.K Rowling
Jay Shetty Anne Boden Judith Faulkner Reed Hastings
Sean Rad Nikolay Storonsky Steve Chen and
Muhammed Yanus Chad Hurley
Reed Hastings
Manufacturing/ Multiple
Retail Hospitality Sport sectors
Sara Blakely Brian Chesky and Bernie Ecclestone Richard Branson
Nick Woodman Joe Gibbin
James Dyson
Sam Walton
Tony Hsieh
Steve Jobs
Anita Roddick
Blake Mycoskie
The Categories
The book is split into categories, the 5 M’s, in which the superpower
strategies, the 8 P’s, fall.
Category 1—MINDSET—Problem and Perseverance
Category 2—MARKETING—Positioning and Proximity
Category 3—MASSES—People and Partnerships
Category 4—METHOD—Process
Category 5—MOVEMENT—Planet
The Mantras
Before diving into the book, read the following entrepreneur mantras
and instinctively choose the mantra that feels like you. Which one are you
drawn to most?
Each mantra relates to one of the 8 superpowers. The one you are
drawn to is likely to be your underlying superpower.
xxx Introduction
The Exercises
If you wish to evolve your superpower further, the exercises at the end of
each chapter will guide you. Chapter 9 brings the 8 superpower strategies
together under the 8 P framework. Why just tap into one superpower
to succeed? What would happen if you adopted all 8 strategies to your
business simultaneously?
Contribution
Before we get started, I would like to invite all readers to take part in
this journey together by embodying the two superpower criteria from the
outset. This book will provide you with the first criteria, the strategies,
and tools to accelerate your success. Only you can proactively embrace
the second criteria of philanthropy. By helping humanity, even in a small
way, you are stepping into the persona of a superhero entrepreneur.
There are two ways to contribute:
1. Inspire others
Many business books become outdated when they rely on case
studies to support their methods. People and companies get pro-
filed all the time and even as I write this book, companies are ris-
ing and falling. This is why I founded the Impact Community
to remain current and champion the entrepreneurs of today who
make the impossible, possible. Entrepreneurs who are not only
surviving, but thriving during challenging times. If you are pas-
sionate about making an impact, please join the Impact Com-
munity. It’s free. We share stories and strategies to inspire others.
We believe in the POSSIBLE! Please visit www8superpower.co
“To be inspired is great, but to inspire others is incredible.”
2. Educate others
The superhero entrepreneurs in this book were selected not only
for their business success but also for their philanthropic endeavors.
I know this book is in your hands for a reason. If you would like to
help educate those less fortunate, donations made by readers will
be channeled toward Pencils of Promise. A non-profit organization
Introduction xxxi
Education is the most powerful weapon which you can use to change
the world.
—Nelson Mandela
Category I
Mindset
CHAPTER 1
Power of Problem
4 The 8 Superpowers of Successful Entrepreneurs
Solving Problems
Entrepreneurs with a problem solving mindset are driven to create solu-
tions. Products are used daily that trigger thoughts like “this would be
better if….” and “if only this was faster…,” yet the majority of us accept
the status quo. There are a minority who decide to take action, create and
launch a new product. What drives these entrepreneurs? Do they have a
unique outlook and approach?
There are several approaches to problem solving.
1. Algorithms
Algorithms simplify the complex by using step-by-step instructions
that will produce the same result every time they are performed. The
earliest algorithm recorded was in the Babylonian times, 1600 BC, on
a clay tablet, an early form of an instruction manual to solve a class of
problems. Today, the most famous publicized algorithm is PageRank,
Google’s algorithm to rank the pages on the search engine, created
by Larry Page and Sergey Brin while studying at Stanford University.
2. Heuristics
Heuristics, derived from Greek word meaning “to discover,” uses
shortcuts to produce good-enough solutions in a given timeframe.
They enable quick decisions particularly when working with
complex data. You may solve the problem through trial and error,
having an educated guess or using rule of thumb thinking.
3. Insights
Defined as the moment of sudden comprehension of a problem and
the solution is often accompanied by an aha experience (Ollinger
et al. 2013). Researchers say that an insight occurs because you
realize that the problem is actually similar to something you
have dealt with in the past. In most cases, the underlying mental
processes that lead to insight happen outside of awareness.
In the field of cognitive psychology, studies show that intuition
and insight problem solving are intertwined. Intuition is an
unconscious process, which provides a gut feeling or hunch for
the situation. Often called the “Eureka Moment” as the solution
presents itself suddenly and unexpectedly.
Power of Problem 5
The Mantra
“I’m driven to create something new to solve the problem.”
Don’t be intimidated by what you don’t know. That can be your g reatest
strength and ensure that you do things differently from everyone else.
—Sara Blakely, SPANX
6 The 8 Superpowers of Successful Entrepreneurs
When you start a company, it’s more than an art than a science
because it’s totally unknown. Instead of solving high-profile problems,
try to solve something that’s deeply personal to you. Ideally, if you’re an
ordinary person and you’ve just solved your problem, you might have
solved the problem for millions of people.
—Brian Chesky, Airbnb.
A really important thing when you come up with a concept is that you
solve a pervasive problem for people, and you don’t try to create a new
way to do something that isn’t necessarily broken.
—Nick Woodman, GOPRO
Someone has an itch for a problem and that they’re annoyed enough to
actually go out and seek a solution for it.
—Daniel Ek, Spotify
In 2008, Brian, Joe, and Nathan decided to rent out three air mattresses
in their San Francisco loft apartment to help pay the rent. They noticed
that all the hotels in town were fully booked for the design trade show;
accommodation was scarce. The flatmates successfully rented out three air
mattresses with breakfast for $80 each. This led them to think—what if
we could find more places to rent out? This initial success provided Brian
and Joe with the momentum to explore if they were onto something.
Shortly afterwards, they successfully raised $30,000 initial invest-
ment but, to their dismay, they found that sales weren’t increasing. After
reviewing the website, they realized the photos were not that appealing to
customers. The Founders embarked on improving the quality by visiting
each listed house door to door themselves. They had successfully elimi-
nated the source of their problem, and with a higher quality online rental
website, sales doubled within a week. This growth continued and in 2011,
Airbnb celebrated taking its one millionth booking. In 2012, the business
doubled in a 5 month period to achieve its ten millionth booking.
Power of Problem 7
We believe the best solutions come from solving your own problem.
If you have a real problem, there’s likely someone else who can relate.
That’s how Airbnb was born.
—Joe Gebbia
Wishing to wear white trousers to a party, Sara realized she didn’t have the
right underwear to complete the look, so she improvised and cut off the
feet to create a footless pantyhose. Knowing that other women may have
the same challenge, Sara decided to take her ‘crazy idea’ forward and use
this gap in the market. In 2000, Sara launched Spanx with her $5000 of
savings. Within two years, she had completed prototyping, production
and gained her first sale at Neiman Marcus, a U.S. retailer.
8 The 8 Superpowers of Successful Entrepreneurs
Chad Hurley and Steve Chen were inspired to start YouTube after expe-
riencing difficulty sharing a video that Chad took at a dinner party in
San Francisco. This frustration led them to question if a faster and better
solution could be built. At that time, Vimeo, a video sharing service, was
the leading video sharing platform.
In 2005, when Chad and Steve shared their problem story to a group
of investors, they jumped on board. A new video sharing service that
prioritized video creators was born. By December that year, YouTube had
8 million views per day. By July 2006, 65,000 new videos were being
uploaded daily achieving 100 million views. Fast forward 9 years to 2015
and YouTube had 15 billion visitors per month.
“I think success around any product is really about subtle insights. You
need a great product and a bigger vision to execute against, but it’s
really those small things that make the big difference.”
10 The 8 Superpowers of Successful Entrepreneurs
Do you feel this is your Entrepreneur persona? If so, why? If not, why
not? Either answer helps provide insights.
Another problem solving example is Ben and Jerry’s. School friends
Ben Cohen and Jerry Greenfield attended a $5 correspondence ice
cream making course in the 1970s. As a result of Ben’s inability to taste
or smell, chunks of chocolate, fruit, and nuts were added to provide
texture to the ice cream and sold in pint tubs. This simple innovation
to satisfy the Founder’s taste deficit led to a successful global franchise.
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