Vince McMahon is well known by wrestling fans, but what general audience might not know is that is man has a net worth of 3billion dollars yeah with a big “B”. Having purchased his father's company in 1972, Mahon grew into an international success story. He was aware of what the audience was looking for and with an eye towards modern technology, he not only created a great company but also a brand, which many wrestling companies failed to.
Now he is a man who became a monopoly in what he is doing, let's take a look at some of the lessons which we can learn from him.
Pay Attention To Customers.
With all the time he spent in the wrestling ring, McMahon has experience listening to supporters as well as detractors, which is the same thing you have to do in business.
In the late 90s, he started to sense that the wrestling audience wanted something new. They started to become a tougher and more disapproving form of supporters. McMahon wanted to do something new so he crafted his own storyline for this changing audience and the rest is history. Started as WWF Attitude the new concept catapulted McMahon's company ahead of the industry leader WCW which was owned by Ted Turner.
McMahon continued to give the wrestling fans what they wanted and crafter new storylines and introduced new talents to the show. WWF was one of the highest-rated shows of that time.
So just remember to give them what they want, and be sure that they can get it live, on cable, or however else they are willing to pay for it. Without satisfying customer, you cannot be successful not only in media but in any field.
Utilize Your Opportunity
Taking a chance and risking failure is the only way you could move forward in your career. Like, may successful entrepreneurs McMahon knows that success doesn’t come without taking risks. His father wanted him to be a lawyer or a doctor so he could have a steady flow of income, but playing safe was not a part of his life. And taking a risk doesn’t mean that you need to enjoy failure. In-fact risk-takers often hate failure, just like Vince McMahon, however, he’s not afraid of failure. He battled against that fear and went onward.
McMahon himself, when asked about who he admires, names Martin Luther King Jr. He admires him because MLK took such a risk in life- unfortunately, the ultimate risk for what he believed in. McMahon’s recent biggest risk in the past few years was launching WWE network for paid 24/7 online streaming service. Till date, there are like a million active users. So never be afraid to take the risk, you win, you win. You lose, you gain experience.
Mistakes Are Learning Opportunities
McMahon has made his part of his mistake, but he also admits it and talks about it a lot. His attempt to take on the might NFL was one of the biggest mistakes in his life. But one can’t just ignore his biggest mistakes because they teach you valuable lessons. Your vision must continue to guide your path, McMahon often says this in any meeting he goes “with each mistake you make you allow yourself to learn and become smarter”.
Learn why things went wrong, figure out how you might do things differently the next time and just move forward, just remember “All Things Must Pass”. That’s a lesson most successful people like McMahon stick to and one that remains a vital guide for achieving your goals.
Strive To Be Number One In Anything You Do
The top of the ladder has been in his side throughout his career. Whether it’s hard to work or hiring the best hard worker. The goal of being number one at what you do and is often an advantage you have over the other hungry competitors.
McMahon revises that goal every day, each morning and night before sleeping, he views each day as an opportunity, rather than being stuck in the past, connecting yourself back to that goal thereby being the best in what you do.
Each day offers new insight and new opportunities unless you lose the desire to be number one. Aiming to be number one doesn’t make you number one, but now trying will guarantee you that you won’t.
Vince McMahon may not be the first person you think of when asked to give the list of a successful businessman, But this entrepreneur has effectively and profitably changed an entire sports industry. To achieve a similar level of success you should keep these 4 golden rules in mind.
Comment