Entrepreneurial lessons to be learned

Most entrepreneurs understand that there are some differences between the way an enterprise in New York is started and how a startup in Silicon Valley comes into fruition. The stretch of land in Northern California has proven to foster a unique model of success in contrast to the rest of the world. More often than not, the business model from this region is a disruptive one, powered by cutting edge technology and backed by savvy venture capitalists.

Globally recognized entrepreneurs gathered at the EY World Entrepreneur of the Year Award Ceremony during June 2014. The group represented over 50 countries and more than $32 billion in revenue from industries including agriculture, manufacturing and healthcare. An entrepreneur from Silicon Valley was reminded of the different strategies his peers around the world have employed to reach similar levels of success. The winner was the founder of Kotak Mahindra Bank in India. The company was started with less than $250,000 and now generates more than $2 billion in revenue and has over 500 branches.

It was worth noting that in order to be successful, it's not necessarily the industry or function of the business, but how well it's run and the quality of the good and services it provides. Business owners and entrepreneurs also benefit from being equipped to adapt and keep pace with the increasing rate of change observed in global markets. Technological advances, mostly in mobile applications, has been the primary catalyst behind the growing changes.

Capitalizing on growing markets in developing countries has also been instrumental to the success of many of these global operations. More importantly, these startups embrace innovation, avoid the complacency from success and reinvest their capital into training and personnel. Legal counsel may be able to help visionaries with forming partnerships, contracts, protecting intellectual property and other intricate factors in owning a growing business.

Source: Forbes, "What You Can Learn From The Best Entrepreneurs Outside Of Silicon Valley", Kyle Wong, June 23, 2014

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