Larry Ellison without a doubt is one of the people who has influenced the tech industry the most. Larry Ellison is a business magnate, philanthropist, and phenomenal investor. He co-founded Oracle and has a broad real estate portfolio, owning as many as two dozen properties. But before becoming a huge success he and his organization faced so many challenges. Between 1985 and 1990, Oracle faced adversities like bankruptcy and tough competition but Ellison did not give up and consistently performed.
If you are starting a business and want to replicate its success, try applying some tips from the CEO of Oracle, or at least to add to your knowledge. Here are his Top 10 Rules for Success
1. Do not limit yourself
Financial success involves constant growth. One of the greatest lessons to learn from Larry Ellison in this light is his efforts in driving Oracle Corporation to become the world’s biggest and most successful database software provider. He did not stop at that; he ensured that Oracle corporation dominated the business software niche. The idea is to grow through reinventing. There is nothing to stop you, and you should take advantage of that fact.
2. Play by your own rules
No one ever became successful by playing by other people’s rules. Your journey towards success begins when you start playing by your own rules and positively breaking the rules set by others. Breaking the rules involves stepping out of your comfort zone and doing things that other people are too afraid to do.
Larry Ellison encourages people to find the flaws in the conventional rules and innovate to move forward in business. That is how rules are broken, and exceptional performance is achieved.
3. Never retire
If you have been a loyal follower of Larry Ellison, you will realize that he never speaks of retirement. If you look more closely, you will realize that other successful entrepreneurs and investors have no hurry to retire. At 76, Larry Ellison is still Oracle’s executive chairman.
Regardless of the nature of your job, you should never retire for two main reasons. One is because companies have a soft spot for older workers, and two, staying longer on the job maintains your financial health. This is one way that up to date Larry Ellison’s finances are improving by the day, and he can grow his wealth.
4. Don’t Despair
Optimism is the belief that you will succeed. A positive mindset is a technique that allows us to block negative thoughts, even though these thoughts may be realistic and based on actual events. Larry was once forced to give up his house in a settlement because of confiscation. That almost did not prevent him from following entrepreneurial dreams.
Having an optimistic outlook allows you to continue to face the inevitable obstacles of the business world and also to overcome them. It is highly trusted by Larry Ellison that optimism is the most important indicator of success in a profession based on sales and is also a key component of charismatic leadership.
5. Hire The Best
A wise leader must find and appoint the best employees to achieve his entrepreneurial vision. It’s no wonder Larry often prefers vacant positions than incompetent employees. In the current economy, hiring qualified staff is very important. Employers cannot afford to waste time and money on poor recruitment.
Competence is still the main criterion. Do prospective employees have the skills, understanding and knowledge that are important to do what is expected? Larry feels job seekers will provide answers to all your questions, but they can be simple or excessive.
It is your responsibility to find out what is right and what is not. To get a clearer picture of prospective employees, talk to the candidates’ references. Interestingly, many of their employees later became entrepreneurs who formed companies such as PeopleSoft and Salesforce.com.
6. Know Your Competitors
Larry believes that relational databases will be the future of technology. He spends a lot of time reading such articles and developing feelings of what might happen in the domain.
As a businessman, you must always be aware of the actions taken by competitors, especially those that can affect the logistics of distribution, advertising, and sales of your products or services.
With greater knowledge about competition, it is important to design competitive strategies and make them competitive advantages over other businesses. This will allow you to keep your products and companies on the market, and even take customers from competitors. The more knowledge you have, the better you can shape your competitors’ marketing strategies, and take advantage of opportunities to increase your business customers. This will help you build a reputation and maintain a leading position in the market.
7. You don’t need to have the best college degrees to be successful
Despite dropping out of college, Ellison was still able to invent a database. All it took him was the knowledge he had acquired in school about computer design and reading a paper on inventing a database. This does not, however, mean that education is not essential. The knowledge he got from school played a significant role in helping him invent a database.
However, the lesson is that inability to complete college or become a professor should not stop you from doing great things.
One of the greatest ways to improve your life is learning from the stories of other people. Larry Ellison is a phenomenal investor and businessman from whom people can borrow great finance success lessons.
8. Ignore Critics
There have been no points in Ellison’s career where one has not questioned his ability to lead a company. Learning to ignore criticism is a skill that he masters. Larry views Napoleon as a source of inspiration when he was slandered in history.
” When you innovate, you have to be ready for everyone who says you’re crazy.” — Larry Ellison
9. Pay Employees Well
If employees have great potential to develop, and the intellectual will and quality needed to assume more responsibility, make sure you pay well. A history of previous work records and time spent on each job can provide clear ideas about their commitments.
Oracle today offers some of the most profitable placement schemes even for talented new students. As a boss, make sure the employer is committed to a compensation package based on the market and he is satisfied with what you offer. If not, he may feel he is not valued enough and does not deliver the expected results.
10. Progress And Only Progress
Larry Ellison is famous for saying that a company resembles a shark and unless it moves forward, it just dies. To become successful entrepreneurs today, we must make progress. There is no sense of fullness that can be derived from entrepreneurship. This is an eternal thirst for success and innovation that drives a person to realize his potential.
Success in the business world is achieved through good strategies, adequate leadership that makes human talents available encourages efficient organizations, and places communication and information systems that are very suitable and suitable for certain types of businesses.
Larry Ellison is known for his entrepreneurial DNA. He has been continuously growing his wealth through acquisitions, excellent negotiation, and managerial skills. These are some of the things that have made Larry Ellison successful. If you are looking to make it in the business world, taking some financial lessons from Larry Ellison will be worth your while.
Entrepreneurs need to create a world where we use technology to make our planet more habitable and enrich people not merely through digital pixels but real human values of love, trust, and empathy.