Famous Entrepreneurs

Common Qualities of
Famous Entrepreneurs of
American origin 

The Entrepreneurial Mindset

Famous entrepreneurs are generally recognized as a man or a woman who comes up with an innovative idea to start a new business and “actually implement the business idea”.

An entrepreneur becomes famous when the new business paves the path for the economic development of a region, and even an entire country.

It is important to realize that the fame of an entrepreneur does not rely only on the amount of wealth he or she has amassed. It relies equally on the visionary power and the creative talent of the entrepreneur. 

famous entrpreneurs

Has he or she been able to transform the way business is conducted? 

Has she or been able to introduce a new product or a new idea? 

How profound is the impact of the new idea or product on the lives of the people?

Many people like to believe that the United States owes a great deal of its success to its entrepreneurship culture.  The nation that is America was built by pioneers and risk-takers. 

World renowned inventors like Benjamin Franklin and Thomas Edison, famous entrepreneurs such as Andrew Carnegie and Henry Ford populate the pages of its history books.

Statistics show that an average of 550,000 small businesses was created every month in the United States between 1996 and 2004.

Wal-Mart, the world’s largest company was created in 1962, and multi-million dollar companies like Google and Facebook came into existence hardly a decade ago.

The list of famous entrepreneurs of American origin is endless, but here are a few:

John D. Rockefeller and Henry Flagler started the Standard Oil Company in 1870 to transform the then chaotic oil industry with their visionary plans, their persuasive skills and their diligence. Today, the Standard Oil Company is known as Exxon Mobil, and it is one of the toppers in the list of Fortune 500 companies.

Frederick W. Smith built the Federal Express, number 70 on the 2006 Fortune 500 list, the company that pioneered the express air courier industry by specializing in the overnight delivery of high priority packages and documents.

Caleb D. Bradham started selling the beverage Pepsi-Cola in his pharmacy in 1898 with the idea of attracting more customers with a refreshing new cold drink. From this humble beginning, the fame of Pepsi-Cola has now spread all across the world, and Pepsico, Inc. was at number 61 on the 2006 Fortune 100 List.

George Mecherle, one of the most famous American entrepreneurs in the insurance industry, and the brains behind State Farm Insurance, came up with the innovative idea of basing insurance rates on risk level.

William Henry Gates III,the co-founder of Microsoft Corporation, the world’s largest software company, is perhaps one of the most popular entrepreneurs of our time.  Gate had the ability to predict the evolving importance of the personal computer and the ingenuity to do something about it.  

Sam Walton came up with the concept of Wal-Mart in order to fulfill the perceived need for a large retail store that would provide consumers with a wide variety of products at the lowest prices along with unparalleled and customer service excellence. Today the Wal-Mart chain owns the largest number of stores in the world.

Whatever era they were born and irrespective of their fields most American entrepreneurs exhibit certain common characteristics. 

Entrepreneurial Qualities

The common qualities of American entrepreneurs can be summarized as follows:

  • having a vision and certainty that if they push on success will come
  • willingness to take risks
  • strong leadership qualities 
  • self-confident and a self-starter
  •  The ability to withstand mental and economic hardship
  •  The capacity to ignore negative, nonconstructive feedback and press-on
A study of the lives of famous entrepreneurs is useful because it can lead us closer to understanding the entrepreneurial mindset.

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