Elite Business Tycoons, Titans, Magnates– Shape, Innovate, Dominate Global Industries, Markets, Companies…

Tycoons are extraordinary business people who have reached prominence, power and derived a notable amount of wealth and dominance from a particular industry, such as; banking, oil, high-tech…

The word tycoon is derived from the Japanese word taikun (大君), which means ‘great lord’, and it was used as a title for the ‘shogun’… The word was first used in English in 1857 and interestingly, according to Adam Goodheart; Abraham Lincoln’s secretaries, John Hay and John Nicolay used a nickname for their boss (Lincoln) behind his back: The Tycoon… Since then, the term spread to the business community where it has been in use ever since…

The great business tycoons were fierce competitors, single-minded in their pursuit of financial success and power. Among the early giants were Jay Gould, J.P. Morgan, Andrew Carnegie, John D. Rockefeller, Henry Ford… Some of these men were honest, according to business standards of their day; others used force, bribery and guile to achieve wealth and power… The word magnate derives from the Latin word magnates, meaning ‘great person’ or ‘great nobleman’…

Titan in Greek mythology is a person of exceptional importance and reputation; a person whose actions and opinions strongly influence the course of events…  A business tycoon, titan, magnate… is a business person who controls through personal ownership or via a majority-dominant shareholder position in a particular industry business venture, business firm, company, corporation, enterprise, for-profit organization… and has achieved significant success, wealth, and prominence…

Who are the modern-day global tycoons who run the world? Well, there are hundreds of them; many are listed in Forbes’ Billionaire List… If you want to become a tycoon, you must think like one. There three fundamental thought patterns or principles that tycoons stick to tighter than glue and it’s what distinguishes them from ordinary entrepreneurs: Principle #1: To be great at what you do, you must believe what you do is fun… Principle #2: Find a need and fill it… Principle #3: Learn from the best people’s mistakes…

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In the article What Titans Can Teach Us by Richard S. Tedlow writes: What do I mean by the word– titan? For me, the term encompasses several elite executives– there have been perhaps 30 or 40 in the history of business– who created or transformed industries, and in the process changed the world. All of them grew rich as they did so and most of them became household names. Is someone like Jack Welch a member of this elite club? The answer: We just don’t know yet. You can only identify a titan with historical perspective– which is what makes the subject so fascinating for me, a business historian.

For past three decades, I have studied the giants of U.S. enterprise. Using my database of detailed biographical and company information on 250 outstanding business executives, I have identified individuals whom I call titans and then looked for common traits among the select few. In this discussion I draw on the experiences of seven of the titans: Andrew Carnegie, steel magnate; George Eastman, father of mass-market photography; Henry Ford, automaker; IBM’s Thomas J. Watson; Charles Revson, founder of cosmetics maker Revlon; Wal-Mart’s Sam Walton; and Robert Noyce, cofounder of Intel…

These seven were very different people. Eastman and Noyce led primarily through inspiration; Carnegie and Watson led mainly by intimidation. Walton, the optimist, could light up a room; Revson, the pessimist, could light up a room by leaving it. Noyce helped ensure a successful future for Intel by working close partnership with two successors– Gordon Moore and Andy Grove– whose talents complemented his and suited the company in its next stages of growth.

Ford, by contrast, became vindictive as he aged; nearly destroyed his company. (Different though they were, we must note that they were all male, but there are women and minorities in business today whom future generations will regard as titans, but their impact on the business scene is too recent to permit the historical perspective we need to make that judgment.)

Though titans are a varied lot, we can still identify several common traits from their disparate personalities-lives. Some of these reflect the particular genius, for example; one important defining characteristic of these men was their ability to tell the difference between the seemingly impossible and the genuinely impossible…

In the article Do You Have The Traits Of A Business Tycoon? by Dyan Ramos writes: First, what really is a tycoon? By definition, a tycoon is an extremely powerful business person. So, do you have what it takes to become powerful in your arena of business? After reading and listening to success stories of several local & international entrepreneurs, I came up with a summary of common traits that most business tycoons seem to possess and they are represented in this formulation: Tycoon = IQ + EQ + FQ + AQ + NQ

  • Intelligence Quotient (IQ): Great News! You don’t necessarily have to be an Einstein to be successful in business, so do not be disappointed if your IQ test score falls short of Einstein’s 150. A lot of billionaires like Bill Gates, Michael Dell, Mark Zuckerberg, Walt Disney, Henry Sy… are school dropouts and non-graduates anyway. Although Math-savvy individuals have an advantage (as mentioned in a study of Forbes 400), these Math skills are NOT born, but developed. Parents who are into numbers can give a child an environment of influence for Math: A study of Forbes 400 yielded that a significant percentage of them had parents with a high aptitude for math. Some of the most common professions among the parents of Forbes 400 members were engineer, accountant and small-business owners.
  • Emotional Quotient (EQ): Emotional Quotient is ‘the capacity to recognize your own feelings and those of others, and the self motivation to accurately control your emotions in your interaction with others’. Emotional Quotient is responsible for most of our successes in life, whether one is in business or not.  A study of Fortune 500 companies showed 90% of effective leadership comes from emotional intelligence. Sales personnel with a high level of emotional intelligence double their sales revenue compared to others. And programmers with an emotional intelligence aptitude of 10% develop software 3x faster than those who have a lower emotional intelligence rating.
  • Financial Quotient (FQ): Financial Quotient is one’s ability to read financial reports, identify good investments from bad investments quickly, knowing the difference between assets and liabilities, practicing money management habits of the rich, knowing the businesses that will give them exponential growth. In short, these are business-related skills that can be developed. And with guidance from credible mentors, one can definitely zoom up his or her financial quotient, through education and experience. Based on observation, I conclude that Financial Quotient is only developed once you surround yourself with people who are financially savvy and have tangible financial results in business. My mentor once told me that to predict your financial future, get the average income of the five people closest to you, and your      own income shouldn’t be that far. What my mentor meant was that environment is crucial if you want to develop financial skills and mindset of a wealthy individual.
  • Adversity Quotient (AQ): Adversity Quotient is the science of human resilience. It is one’s ability to turn obstacles into opportunities. A tycoon’s ability to thrive in the midst of criticisms, economic downturn, market failures. The tycoons themselves can not over-emphasize the importance of ‘Emotional Quotient & Adversity Quotient’ over IQ. It’s obvious that John Gokongwei’s strength of turning problems into opportunities made him one of Philippine’s most influential billionaire industrialists, from a once 15-year old market vendor in his rusty bicycle. According to Gokongwei; I choose to live my life unafraid even when I was afraid. I discovered that opportunities don’t find you; you find your opportunities. I found those opportunities when my father passed away, when the war came, through changes in presidents and policies, during martial law, despite coup d’etats, past economic booms & busts, and in the midst of market shifts and movements.
  • Network Quotient (NQ): Business is unquestionably about relationship building. And the more human lives you touch, the more income you’re going to get. You build relationships when you sell your vision to your investors. You build relationship when you look for business partners. You build relationship when you add value to your customers through your products and services. Among the 3 resources of the rich (i.e. network, cash-flow and net-worth), Network is something that you can build for free. You just invest time in improving your communication skills and connecting with people. According to Robert Kiyosaki; Rich people build networks, everyone else look for jobs.

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In the article Traits of a Business Tycoon by Sandeep Jador writes: Business tycoons are influential-powerful business personality. A lot of entrepreneurs dream of becoming business tycoons one day but only a few fortunate one’s reach that level of success. Usually when an ordinary entrepreneur turns billionaire by establishing highly successful business enterprises from small ideas and smart practices; they earn fame, fortune, and recognition along with the title ‘business tycoon’. There are certain essential traits possessed by these business tycoon’s that makes them standout, such as:

  • Intelligence and Smart Mind: The fusion of intelligence and smart mind invents new ideas, new practices while ensures that all the ideas have the potential of going viral…
  • Learning Power: Eager to learn new things and learning rate tends to be higher than ordinary entrepreneurs, which allows quick and successful accomplishment of the desired tasks…
  • Constructive Emotions: Ingrained quality of taking things with a positive approach and having the power to keep motivated. Even in the case of failure they have the impetus to work harder rather than getting discouraged…
  • Risk Taker: Accepting failure in equal to success. Instead of backing out or blaming others for the unsuccessful idea-attempt they continue trying with more efforts until they are successful.
  • Focused and Determined: Focused and determined towards their ambitions… They have a natural business sense for analyzing trends and issues, and then formulating solutions needed to address them. A famous idiom can be quoted here– failure is the ladder to success.
  • Gives Fresh Blood a Chance: Hire the very best people, delegate responsibilities, and manage strict accountability…