Why is Alan Sugar a Successful Entrepreneur?
Lord Alan Sugar’s leadership qualities demonstrated he understood the power of ownership from a young age. Born in London in a small town called Hackney, he left school at the tender age of 16 and became one of the most successful entrepreneurs in the UK.
Live And Learn Consultancy, the UK’s leading provider of training will help you breakdown why Lord Sugar is a successful entrepreneur through analysing his key leadership qualities and core business principles.
What is Lord Sugar’s Estimated Worth?
The most common question people ask is, how much is Alan Sugar worth? This figure can vary depending on which source you read, however it is said that his net worth is £1.2 billion.
He wasn’t born with a silver spoon in his mouth. He grew up poor but had the entrepreneurial spirit from a young age.
Born in 1947 in a small council estate, Hackney, to becoming a rich wealthy businessman, politician and tv personality, his journey from a young boy to a successful entrepreneur has been an eventful and ground breaking one.
Growing Up in London
In the early days, money was in short supply and times were difficult growing up in a council house in London. Around the age of 12, Lord Alan Sugar began his money earning journey by becoming a greengrocer which provided a small but regular income to survive.
By the time he left middle school at 16, his ambition and desire for becoming a successful businessman had begun by selling, wait for it…
car aerials and electrical items. People needed them, he supplied them!
All successful entrepreneurs have a vision and an imagination from a creative standpoint, the truth is so do we all, the difference is between the average person and a business person is the execution. They do something about it!
Successful business people learn quickly what people need to make their life better and create a product or service that meets their needs.
Why? very simply all successful entrepreneurs figure out how to turn an idea into a reality.
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How Did Lord Sugar Make His Money?
Here is how Alan Sugar made his money when he first started in business. Primarily became a multi-millionaire through his electronics and technology business, Amstrad.
Quick fact, he founded this technology company at the young age of 21 in 1968. By the time he turned 40 the estimated worth of his company was north of £500 million.
However, it wasn’t all smooth sailing, due to the market crash in the late 1980’s and the emergence of rival companies, Amstrad’s value dropped by hundreds of millions in a short space of time!
BSkyB purchased Amstrad for around £120 million.
Every entrepreneur with big dreams wants to be build an empire and earn a fortune, however the reality is as aspiring business people, we learn and develop most through our losses and failures.
We must be mentally strong and be willing to bounce back when times get difficult.
Related: How to become more resilient.
Follow Your Passion When Starting Your Business
Why is Alan Sugar a successful entrepreneur? He didn’t make the same mistake as wannabe entrepreneurs. In the 1950’s, he connected his skills with what his neighbourhood needed and monitzed it. You can do the same in today’s business world.
Great ideas are often developed from what people love to do.
Before investing your money, think about what you have a genuine passion for.
Many people follow the money, they discover it’s not as easy as they initially thought and walk away from an idea soon as the business venture becomes difficult.
Follow your passion. Your drive and natural enthusiasm for your project will help carry you through the most stressful times.
Your business will make money if you offer enough value. Point blank!
Before you start a business idea, do some research, see where the gaps are in the market and create a product or service that people want and need.
What Made Alan Sugar Successful?
There are a number of reasons why Lord sugar became a successful entrepreneur including;
He understood the power of ownership
He had the ability to be a self-motivated leader.
The perseverance and persistence to conquer his business goal.
The mental toughness to never give up.
As an entrepreneur, Alan Sugar continually pursued new opportunities.