Summary:
Risk Aggressiveness is essential for entrepreneurs, as they need to be willing to take huge risks and accept failure.
Storytelling is the greatest skill for entrepreneurs, as it allows them to convince investors, users, and employees of their vision.
Scott Galloway advises MBA students to work for big companies like Google or JPMorgan before starting their own businesses.
Most entrepreneurs didn't get a choice and didn't have the same career opportunities as MBA students.
Want to Be a Successful Entrepreneur? This Is What It Takes, According to Scott Galloway
NYU Stern professor and serial entrepreneur Scott Galloway, who sold his second company, L2, for $158 million in 2017, says that entrepreneurship isn't for everyone and that certain traits define successful founders.
Risk Aggressiveness Is Key
In a recent podcast episode, Galloway emphasized that successful entrepreneurs need to be risk-aggressive, willing to take huge risks and accept failure. He advises MBA students with offers from big companies like Google or JPMorgan to take those jobs, as the American corporation offers an unbelievable platform for generating wealth and opportunity. He emphasizes that most entrepreneurs didn't get a choice - they likely didn't have access to the same career opportunities.
Storytelling Is the Greatest Skill
While risk aggressiveness is important, Galloway believes that storytelling is the greatest skill for entrepreneurs. Convincing investors, users, and employees of your vision is critical for success. He highlights Nvidia's Jensen Huang and Amazon's Jeff Bezos as examples of entrepreneurs who excel in storytelling.
Galloway concludes that the core competence for real influence and economic security is storytelling. It's the skill that gets others on board and drives your success.
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