How did serial entrepreneur and billionaire Marc Lore achieve his extraordinary success? As a child, he wanted to be a farmer because of their ability to grow something from nothing—an innate perspective that fuels his passion for building businesses from the ground up.
At the latest Luminaries Speaker Series presented by Augeo and the University of Minnesota Carlson School of Management, Augeo Founder and CEO David Kristal and Holmes Center for Entrepreneurship Managing Director John Stavig sat down with Marc for an engaging discussion on the power of disruptive innovation.
Marc Lore is the Founder, Chairman and CEO of Wonder—the company reinventing the at-home dining experience by partnering with top chefs and iconic restaurants across the country to bring their food to consumers. He is a proud NBA and WNBA co-owner, having purchased the Minnesota Timberwolves and Minnesota Lynx with his friend and business partner, Alex Rodriguez. He is also the lead and largest investor in Archer, an aerospace company building an all-electric vertical takeoff and landing aircraft focused on improving mobility in cities—and he is building a city named Telosa to house five million residents and test a new model for society called Equitism.
Prior to this, Marc started and sold four companies, including Jet.com which was acquired by Walmart for $3.3 billion. He served as President and CEO of Walmart U.S. eCommerce and was the Co-Founder and CEO of Quidsi which was sold to Amazon for $550 million.
Marc’s extensive track record makes him a verifiable expert on the factors that impact entrepreneurial success. In this article, we highlight his advice for new and aspiring entrepreneurs.
Aspiring entrepreneurs dream of achieving success in their ventures, but few appreciate the critical role of curiosity and resourcefulness throughout their journey. These qualities are the keys to unlocking the doors of opportunity in the entrepreneurial world.
Curiosity fuels innovation, driving entrepreneurs to explore uncharted territories, ask tough questions and make more strategic decisions. Resourcefulness drives entrepreneurs to leverage their strengths, tap into their networks and think outside the box to solve problems.
Together, these qualities empower entrepreneurs to flourish through innovation, disruption and a willingness to take calculated risks. By challenging the status quo and connecting the dots between trends, entrepreneurs can create new markets and opportunities that lead to bold and inspiring achievements.
Entrepreneurship is a complex and challenging journey that requires a strategic approach and careful planning. To build a thriving business and increase your chances of success in the competitive business world, Marc suggests prioritizing three key elements: vision, capital and people.
During the event, Marc Lore discussed why perceived value and the founder's drive are critical elements in serial entrepreneurship. Creating a sense of value for your product or service will establish trust with potential customers or investors, and conveying drive and passion for your business will inspire others to join you on your entrepreneurial journey. Ultimately, the success of any business is dependent on the confidence and conviction of its founder—and their ability to inspire others to share in their vision.
That is what sets apart successful entrepreneurs.
Serial entrepreneur Marc Lore has achieved tremendous success in his career. Like the farmer who grows something from nothing, he has built multiple businesses from the ground up by prioritizing vision, capital and people—trusting in his ideas with confidence while challenging the status quo and remaining ever curious. With an open mind and genuine enthusiasm for exploring the unknown, entrepreneurs can take bold steps to achieve greatness and make a difference in the world.
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