Here are 5 business tips ala Larry Ellison, CEO of Oracle. 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.
5 Best Business Tips From Oracle CEO Larry Ellison
Lawrence Joseph Ellison, better known as Larry Ellison (born August 17, 1944, in New York City), was the founder and main figure of Oracle. Considered eccentric because of his extravagant taste, he is one of the most famous billionaires and is ranked number 5 among the largest personal wealth in the world according to Forbes magazine. The following are tips for entrepreneurs and business people who want to replicate their success.
Know Your Competitors
After reading IBM articles about relational databases, Larry believes that 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.
Larry’s main goal is to replace Microsoft as the number one software company. I took this cool quote from 40 quotes from Larry Ellison:
” This is my job for Oracle, the number two software company in the world; to become the number one software company in the world. My job is to build better than competitors, sell those products on the market and eventually replace Microsoft and move from being number two to number one. ”
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.
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.
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,” Ellison said.
Pay employees well
If Agan 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.
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.
That’s 5 Business Tips and Tips From Oracle CEO Larry Ellison. Hopefully, this article is useful for you and thank you for visiting. Don’t forget to share it.