Insights on disruptive innovation from serial entrepreneur Marc Lore
3 success strategies to help new and aspiring entrepreneurs make a difference in the world
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.
1. Spark inspiration with a curious & resourceful mindset
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.
- Think outside the box: Embrace unconventional thinking and new pathways for differentiation, approaching challenges with a fresh mindset to uncover hidden opportunities in a competitive market.
- Make strategic connections: Forge meaningful relationships with individuals and organizations aligned with your business goals to accelerate your entrepreneurial journey and propel your business forward.
- Disrupt the status quo: Challenge existing norms to create unique value propositions that disrupt established markets and lead to breakthrough ideas that drive business success.
2. Fuel success by prioritizing vision, capital & people
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.
- Vision: To create a successful business, you need to have a clear vision of where you want to go. You must define your high-level strategy—identifying the metrics that will help you to achieve your goals and design your organizational structure to fit your strategy. To get started, create an engaging vision statement that connects, inspires and motivates your team.
- Capital: Capital is critical to building and growing a successful business. To secure the right investors, you must create a financial plan that outlines your funding needs and the allocation of funds. To get started, create a persuasive pitch deck that captures the essence of your business and compels investors to contribute the funds you need to realize your vision.
- People: Creating a values-driven business is crucial for success—and incorporating empathy and kindness into your company’s culture and mission statement will attract and retain talent, foster a positive work environment and help you build a successful, sustainable enterprise. To get started, prioritize employee wellbeing and inclusivity to drive engagement, reduce turnover and increase productivity.
3. Trust in your vision with confidence, conviction & resolve
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.
- Perceive your product as valuable: One of the first steps in building trust with potential customers or investors is to perceive your product or service as high in value. You should understand your target market, identify their pain points and create a compelling value proposition that addresses those challenges.
- Persevere with unwavering determination: Entrepreneurship requires relentless determination and resilience to overcome setbacks, take calculated risks and push yourself beyond your comfort zone. Your conviction is not only critical for your own success, but it also inspires others to believe in your vision.
Unlocking the path to entrepreneurial success
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.