At the age of 26, Michael Dell became the youngest CEO of a company ever to earn a ranking on the Fortune 500. Read on below for some of his top tips for wealth and success.
Know what you want
Dell knew that he wanted to start a business from a very young age. While enrolled at a premed trek at a university Dell spent his spare time buying and upgrading remaindered, outmoded PCs from local retailers. Computers were his passion and in his first month of business Dell sold some $180,000 worth of PCs and never returned for his sophomore year. “You don’t have to be a genius or a visionary or even a college graduate to be successful. You just need a framework and a dream.”
People’s opinions are secondary
Waiting on other people’s opinions on how to become an entrepreneur is a clear sign that you’re not really cut out to be an entrepreneur. If you listen to everyone that tells what you can and cannot do, then you will have drastically limited your opportunities for unhinged success.
Think outside the box
“It’s through curiosity and looking at opportunities in new ways that we’ve always mapped our path at Dell. There’s always an opportunity to make a difference.” Who would have thought that a start in upgrading computers would turn into a multi-billion dollar business? Always push your boundaries and challenge existing models.
Dell says that the bigger the problem, the bigger the opportunity. Dell made two major discoveries when he took apart an IBM: firstly, the components were all manufactured by other companies; secondly, the system that retailed for $3,000 cost about $600 in parts. Dell knew there had to be a better option and that’s how his company came to fruition.
The purpose of any business venture is the ultimate fixture for sustained success. Dell believes that his company’s purpose actually found him: “our purpose is to enable human potential by accelerating the adoption of technology on a global scale, and in turn opening the door to growth, productivity and opportunity for people everywhere.”