5 IMPORTANT BUSINESS LESSONS
Lessons to learn from some of the world’s most successful companies.
Net worth: Approximately USD200 billion
Listen to your employees Google recognises that ideas can come from anywhere, and the key to innovation is to give people the chance to work on things that interest them. Said ex-CEO Marissa Mayer, “What you really want to do is set up a system where people can feel like they can contribute to those ideas, and that the best ideas rise to the top... by demonstrating that it’s going to fill a really important user need.” The Walt Disney Company
Net worth: Approximately USD103.96 billion
Believe in your passion Mickey Mouse was created when Walt Disney was at the lowest point of his life. “Mickey Mouse popped out of my mind onto a drawing pad 20 years ago on a train ride from Manhattan to Hollywood, at a time when the business fortunes of my brother and myself were at lowest ebb and disaster seemed right around the corner.” Disney loved drawing so much that he took on jobs just to fund his passion. The lesson here? If you are talented, passionate and believe in your product, success is just a matter of perseverance.
Net worth: Approximately USD67 billion
Branding is king Nike was one of the first sporting brands who believed in endorsing athletes. Its relationship with basketball star Michael Jordan helped sell billions of dollars worth of products. Nike spent USD115.7 million last year on ads – a ridiculous amount of money – but Nike has USD24 billion in annual sales!
Net worth: Approximately USD624 billion
Stay focused When Steve Jobs rejoined Apple in 1997, the company was on the brink of failure. He realised this was because the company’s product line was too large and unfocused. Jobs decided to drastically cut Apple’s product line to just four and focus on quality instead of quantity. This strategy worked and Apple made USD309 million in profit the following year.
Net worth: Approximately USD19.1 billion
You don’t have to compete on price Hermès is proof that if your products are highly desirable, you don’t have to compete on price. The classic Hermès Birkin bag comes with a price tag of around USD10,000 and one of the most expensive Birkin bags, which was covered with gold and diamonds, cost a whopping USD1.9 million. Hermès knows that as a luxury fashion house, it was never about pricing their products competitively. Rather, they branded the Birkin as more than just a bag — it represents class, sophistication and success for whoever can afford one.
RITA ORA WITH HER HERMÈS BIRKIN.
YOU WILL NOT ONLY BE INSPIRED BUT FEEL RIGHT AT HOME AT GOOGLE’S OFFICE.