- May 18, 2020
Entrepreneurs of the World
Entrepreneursof the World
Arguably,the role of company leadership is one of the most indispensiblefactors that determine the success or failure of a private enterprise(Leonidou et al. 122). The recent decades have seen myriads ofarguments as to whether an entrepreneur (as a company leader) shouldpossess a college degree for their business ventures to besuccessful. There are two factions split along this issue because ofthe present-day increase in the number of successful businesses thatare owned by entrepreneurs that do not possess a degree (124).Irrespective of the fact that some entrepreneurs have no collegecertification, their businesses are blossoming in the volatile globaleconomic system just like the corporations owned by entrepreneursthat possess a degree. Through the lens of the success narratives oftwo entrepreneurs that feature on the television show SharkTank,this paper will argue in favor of the fact that a degree is notessential for a businessperson to be successful. Additionally, thispaper will discuss how these entrepreneurs have been effective in theeconomic system by way of their involvement in the television sitcom.
DaymondJohn is internationally renowned for being the founder and CEO ofFUBU, a fashion clothing company he started in the garage of hismother’s house (Harris). Daymond grew up in Queens, New York City,in the backdrop of an emerging genre of music that came to be knownas Hip Hop (Elkins). At the age of six, Daymond began hisentrepreneurial journey by selling painted pencils to boys to give togirls as customized gifts. Foregoing high school and collegeeducation, Daymond worked as a waiter, messenger, and ticket boyuntil 1989 when he launched his first line of handmade hats under thecompany name FUBU (Elkins). He used the weaving skills his mother hadtaught him to make his handmade hats. FUBU started making t-shirts in1990, taking off faster than anyone expected because of the growingpopularity of Hip Hop then.
Daymondpartnered with Samsungin March of 1997, after which he moved his company from his mother’sgarage to a real office in New York’s Empire State Building(Harris). With the desire to expand his lines of businesses, Daymondjoined the television sitcom SharkTankin 2004, where he invested more than 800,000 dollars in the firstseason alone to nurture 12 new companies (Elkins). To date, Daymondis estimated to have invested more than 10 million dollars the SharkTank, and has partnered with more than 200 businesses in the 8seasons of the television series (Elkins). Daymond John is worth morethan 2 billion dollars, with his original company FUBU reported tohave more than 8 billion dollars in sales since its inception(Harris). Even though Daymond John does not have a college degree, hehas achieved what others might perceive as a mirage in the world ofentrepreneurship. This essay will now shift its focus to yet anotherSharkTankentrepreneur who has his own success story.
RobertHerjavec is a Croatian businessperson that was born in Zbjej,Croatia. He grew in the town of Varazdin until when he was eightyears old when his family fled their country’s communist regime tostart a new life in the US (Mielach). Considering that they came froma non-English speaking nation, Robert and his family had troublesettling in the US (Economy Secrets). At school, bullies used to pickon Robert because they knew that he was an immigrant that was notfluent in English (Mielach). Nonetheless, Robert persevered andtrudged on with his education. After a hard learning struggle, Roberteventually graduated with a degree in political science and Englishfrom the New College at the University of Toronto (Economic Secrets).
Robertwas employed in various positions until when he was fired in 1990(Mielach). The same year he lost his job, Robert began his owninternet security company in the basement of his house. Calling hisnew enterprise BRAKSystems,he expanded its trading activities until he sold it for 35 milliondollars to AT&T in 2000 (Economic Secrets). Robert then worked inAT&Tas the VP of sales, assisting it to sell another IT company to Nokiafor 543 million dollars (Economic Secrets). In 2003, Robertestablished another new internet security company he named TheHerjavec Group(Economic Secrets). Seeking to expand the horizon of his business,Robert also joined Shark Tank in 2004, where he invested more than500,000 dollars in the first season of the television series alone(Economic Secrets). Just like Daymond John, Robert Herjavec hasinvested millions of dollars in nurturing new businesses throughSharkTank.
Unquestionably,both Daymond Johnson and Robert Herjavec are tremendously successfulbusinesspersons. In the case of Robert, you can argue that it is hisdegree that led him to the limelight. This is a point I absolutelyconcur with. Frankly, it is Robert’s college education that landedhim top-level jobs prior to his engrossment with entrepreneurship.All these are facts about Robert’s journey of success, but it isnot his college degree solely that contributed to his success as abusiness leader. The moment Robert was fired, he started an ITcompany. He ventured into greeninvestments because he had the idea that IT was the next bigthing.Herjavec did not start a business that had any relation to his fieldof qualification. Were it that Robert’s success was only pivoted onthe college degree, it would be reasonable to argue that it’s hisdegree that greatly contributed to his success as a business leader.What Robert had was an idea. It is this idea that Robert Herjavecbuilt BRAKSystemsaround. Correspondingly, Daymond also had the idea that selling hishandmade caps would assist his family avert poverty. He built FUBU onthis creative idea. Evidently, the common factor in bothentrepreneurs was a bright idea. Daymond John had no degree, but hada brilliant business idea. Robert Herjavec had a degree in politicalscience and English, but opted to venture into the business ofinternet security because he had the notion that it would be the nextbigthingin the market. This implies that given exactly the same circumstancesminus the college degree, Robert would still venture into the worldof entrepreneurship armed with his bag of ideas not degrees.
It’snot only Daymond John that succeeded in the entrepreneurial arenawithout a college degree. Richard Branson is a successful Britishentrepreneur who is the owner of the virgin group of companies. Justlike Daymond, Richard had no college certification by the time hestarted his first company. What made Richard Branson successful washis bag of ideas and not a college degree. Having no interest instudies, Richard dropped out of school and started a magazine hecalled Student,which allowed him to make quick money by selling advertisement slotsto local businesses. He made so much money that within a year that hedecided to open a recording studio and named it VirginRecords.Richard is currently one of the most successful entrepreneurs inBritain, thanks to Virgin Group of companies that began its journeyas a student’s magazine. Consequently, it is evident that a collegedegree is not necessary for an entrepreneur to be successful as abusiness leader. The elements that matter are the innovative ideasrequired to develop new products, services, and lines of businesseswhich are a common dynamic to every successful entrepreneur.Regardless of whether an entrepreneur has a degree or not, the factremains that businessmen will still be effective in the globaleconomic system because they contribute to the development ofthousands of private companies generating millions of jobs.
Sohow does an entrepreneur become successful? From the success storiesof Daymond, Robert, and Richard, it is evident that that the greatestcontributors of an entrepreneur’s success are the core attributesof an individual. All the entrepreneurs had passion for what theydid, which assisted them persevere through many failed efforts intheir lives. Even after starting their first lines of businesses,Daymond, Richard, and Robert persisted through slow business growthwithout giving up on their money-making dreams (ideas). None of thembecame a winner months after establishing their businesses they allpatiently took baby steps towards achieving success. Therefore, itbecomes apparent that for an entrepreneur to be successful, he or shemust have passion for what they do. What’s more, an entrepreneurbecomes successful when he or she does not give up on their dreams ofmaking money, which often begin as an idea. Basically, entrepreneursbecome successful when they love what they do in addition toexercising patience after establishing new lines of businessesbecause it takes a considerable amount of time for a new business togain traction.
Disputably,one of the most important factors that determine the success orfailure of a private enterprise is company leadership mirrored inthe academic qualifications of business leaders. To this effect,there have been arguments surrounding the impact of a college degreeon the success of an entrepreneur’s business ventures. As thispaper has established, a college degree is not a crucial determinantin the success of an entrepreneur because there are businesspersonsthat have prospered without college certification. This paper hasproven that patience and passion are the major determinants of thesuccess or failure of an entrepreneur not the level of academicachievement. With degrees or not, entrepreneurs will always have aplace in the global economic system because they build corporationscreating employment in the process.
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EconomySecrets. "Robert Herjavec: How a Broke Croatian Became aMillionaire." N.p., 2016. Web. 20 Nov. 2016.
Harris,Jermaine. "Why Daymond John Is So Successful – Addicted 2Success." N.p., 12 Mar. 2016. Web. 20 Nov. 2016.
Leonidou,Leonidas C., Paul Christodoulides, Lida P. Kyrgidou, and DaydandaPalihawadana. "Internal Drivers and Performance Consequences ofSmall Firm Business Strategy: The Moderating Role of InternalForces." Journalof Business and Entrepreneurship(2015): 122-27. Web. 20 Nov. 2016.
Mielach,David. "`Shark Tank` Judge Herjavec on Living the AmericanDream." BusinessNews Daily.N.p., 26 Oct. 2014. Web. 20 Nov. 2016.