Lawrence Joseph Ellison, known as Larry Ellison (born August 17, 1944, in the city of New York), is the founder and leading figure of Oracle. Considered eccentric for his extravagant tastes, he is one of the best-known billionaires and ranked No. 5 among the largest personal fortunes in the world according to the Forbes magazine. Here are his mantras for entrepreneurs and other business persons who are looking to emulate his success.
Know your enemy
Upon reading an IBM article on relational databases, Larry was convinced it was going to be the future of technology. He spent so much of his time reading such articles and developing a sense what was possible in the domain. As a businessperson you should at all times be aware of the actions taken by competitors, especially those that may influence the distribution logistics, advertising and sales of your product or service.
With greater knowledge of the competition it is important to design a competitive strategy and make it a competitive advantage over other businesses. This will allow you to keep your products and your company in the market, and even take customers away from competitors. The more knowledge you have the better you will be able to form your competition marketing strategies, and take advantage of opportunities to increase your business customers. This will help you build reputation and maintain the pole position in the market.
Larry’ main goal is to supplant Microsoft as the number one software company. I picked this cool quote up from 40 quotes from Larry ellison.
“It’s 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 the competition, sell those products in the marketplace and eventually supplant Microsoft and move from being number two to number one.”
Never say die
Optimism is the belief that you will succeed. Often, having a positive mindset is a technique that allows us to block negative thoughts, although these thoughts may be realistic and based on actual events. Larry was once compelled to give up his house in settlement on a foreclosure. That hardly deterred him from following his entrepreneurial dream.
Having an optimistic outlook enables you to continue to face the inevitable obstacles of the world of business and also to overcome them. It is strongly believed by Larry Ellison that optimism is the most important indicator of success in professions that are based on sales and is also the key component of charismatic leadership.
Hire the best
A wise leader must discover and appoint the best employees in order to achieve his entrepreneurial vision. No wonder Larry would often prefer vacant positions to incompetent employees. In the present day economy, hiring a quality staff is very important. Employers cannot afford to waste time and money over a bad recruitment.
Competence is still a primary criterion. Does the prospective employee possess the essential skills, understanding and knowledge to perform the way he is expected to? Larry feels job seekers will give answers to all your questions, but they can be modest or exaggerated. It is your responsibility to find out what’s true and what’s not. To get a clearer picture of prospective employees, talk to the references of the candidates. Interestingly, a lot of his employees have gone on to become entrepreneurs themselves forming companies such as PeopleSoft and Salesforce.com.
Ignore the Critics
There hasn’t been a point in Ellison’s career where someone hasn’t questioned his ability to lead the company. Learning to ignore critics is a skill he has mastered. Larry looks to napoleon as a source of inspiration as he was vilified in history.
“When you innovate, you’ve got to be prepared for everyone telling you you’re nuts,” says Ellison.
Pay your employees well
If your employee has great potential for growth, and also the willingness and intellectual qualities necessary to assume more responsibility, make sure you pay him well. A history of previous employment records and the time spent on each job can provide a clear idea of his commitment.
Oracle today offers some of the most lucrative placement schemes even for talented freshers. As an employer, make sure the person hired is committed to a compensation package based on the market and he is contented with what you offer. If not, he may not feel adequately appreciated and not deliver the expected results.
Progress, and only progress
Larry Ellison was famously quoted for saying that a company is akin to a shark and unless it moves in the forward direction, it simply dies. To be a successful entrepreneur today, one has to make progress. There is no sense of fullness that can be derived out of entrepreneurship. It’s an everlasting thirst for success and innovation that drives one towards his realizing his potential.
Success in the business world is achieved through a good strategy, an adequate leadership that makes human talent available, encourages efficient organization, and places a communication and information system especially suitable and appropriate for the particular type of business.
Tom Jones contributed this guest post for make-a-web-site.com – see here their site for information on their create a website.