Top Lessons from Paul Jacobs for any Business

The economy runs on agriculture and business. Any country, which is weak in business or agriculture sectors can never really contribute towards the betterment of itself or taking up its Gross Domestic Product or GDP. On average, agriculture and businesses make up more than 50% of the GDP of a country. And within that, the primary contributor remains the small and middle scale businesses. In the United States, over 99.8% of industries are small scale. In such a scenario, it is evident that start-ups and small businesses are going to be very crucial for the growth of an economy.

What is the barrier to success in a business?

As it is often said, the main problem with a small business or start-up is not formulating an idea of the company, but the ability to implement it wisely. Start-up enthusiasts have faced problems for eternity for finding a correct approach of delivering the required implementations to their businesses. But successful business people always declare that there is no single right way of guiding a business to a successful one. All one needs to have is a clear mind-set about what the business is aimed at and what one can do about it. Having successful businessmen as role models and their ideas and guiding as templates, one can have success in their businesses too. Today we guide you through the concepts of Paul Jacobs- Former CEO of Qualcomm, about what to do to make your business a success.

Who is Paul Jacobs?

Paul Jacobs, son of Irwin Jacobs- the co-founder of Qualcomm, has served as the executive chairman of Qualcomm from 2009 to 2014 and CEO (Chief Executive Officer) of the same from 2005 to 2014. Joining Qualcomm as a Wireless Technology Development Engineer in 1990, Jacobs smoothed his way through to the top of the corporate using his merits and qualities. A successful business enthusiast, Jacobs has always focused on learning and scheduling your goals properly before running to deliver them. Having a road-map always helps a business succeed.

Lessons for any business

The first thing one certainly needs to have is clarity about the motive, goals, and adversities of the business. Unless one becomes sure about these things, propagating forward through mutual development and processing is not possible. Once you have recognized these things separately, you can move on with tackling other aspects of your business to turn it into a more successful venture.

Paul Jacobs considers that sharing the vision for the company, rather than an extensive strategic plan full of details, is the better way for moving forward for an innovative company. In the scenario of running into an obstacle, the colleagues of the company can get a sense of what they should do by concurring their decisions with the corporate's continuum vision.

Jacobs, throughout his career, has advocated in favor of competition as it sends out waves of active participation. When he was asked, in an interview, about his perception of the fact that popular smartphone manufacturing services are coming up with their own application processors (like Apple- ios, Samsung- Tizen, etc.), whether it would leave Qualcomm suffocating in its market or not, he said that competition is the nature of a market. The key thing is building, testing, and driving the technologies as fast as possible. One needs to adapt as per the market and its demands, developing and using the appropriate technologies. So the best way to succeed in a competition is to remain in the competition. The ability to make appropriate investments also holds a crucial point of success. One should never be sure about the answer to the question- "Can you invest too much?"

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To wrap it up

The lesson that Paul Jacobs always highlight is that a business can be successful by taking appropriate actions to the problems of competing, investing, and sharing the vision. One might occasionally fail, despite wisely taking steps to erase these problems. But once you achieve the ability to take such actions, there is not much to worry about. Rebooting the system once again and starting with new energy shall always indulge the positive points of the business. Remember that, small aspects, in the long run, can revolutionize your business. Be sure to attend to them with caution and care. Success shall be waiting for you then.