Michael Bloomberg: Failures provoke business success

Oct 14, 2015The Editorial Staff

Michael Bloomberg believes if you are going down the roads of business, you must know how to face failures.

Nov 04, 2016
Daymond John: Millennials lead in smart business technology

Jan 22, 2016
Pakistani economy cuts deficits in half in 2015

Nov 16, 2015
Android MOTO 360 2nd Generation review: A premium design

One of the richest business executives and politicians in America, Michael Bloomberg, served as the Mayor of New York for three consecutive terms and proposed a monthly salary of only $1 for himself. He was the 108th New York Major, and his tenure in office began in 2001.

Michael Bloomberg, the billionaire, has a successful business life. He founded Bloomberg L.P., which is basically a financial data and terminal company, and later got into the media enterprise. Bloomberg started doing business news under the umbrella of Bloomberg L.P.

As of Oct 2015, his net worth is about $38.9 billion, making him the 10th richest man in the United States. After completing his terms as the mayor of New York City, Michael Bloomberg is now back as the CEO of Bloomberg L.P., his company, and focusing on Bloomberg’s business news division.

Michael Bloomberg shares his life and business insights which serve as major pillars of his success. His world view brings into relevance the ability to live an exceptional life and also overcome adversity through hard work and persistent faith.

"As you see the obstacles, you will bypass them; as you see the needs, you will provide solutions for them.”

Your hardships could translate into business success—Michael Michael Bloomberg

When asked about how he became successful, Michael Bloomberg credited all of his accomplishments to the failures he had in his life.

After his engineering degree, Michael Bloomberg didn’t get the job he wanted. He furthered his education at the Harvard Business School and graduated with an MBA. After, Michael got a job at Salomon Brothers, where he worked for 4 years and later started the Bloomberg L.P.

He said that the success he had with his company was because of his work experience at the Salomon Brothers. It was a stepping stone for the success that he predicted. Though he was fired from the job, the experience at Salomon Brothers prepared him. Michael Bloomberg knew it’s time to open his own company, and he did the very next day.

The best way of doing business

Michael Bloomberg does not see his company and his endeavours as business as usual. He thinks being an entrepreneur is not only about starting a company or having a great business brand. It is also a way to look at the world through your own eyes. “As you see the obstacles, you will bypass them; as you see the needs, you will provide solutions for them”, he says. Michael Bloomberg brings wisdom to the attention of all entrepreneurs: "You need not only ideas to start a business, but you also need to have a passion for whatever you do. This will be the greatest thing that will make you succeed in life and separate you from your competition."

Michael Bloomberg, the top executive, believes if you are going down the road of business, you must know how to face failures. He said, if you are constantly failing in your life but doing the right things, it only means you are nearing your success. "With a little more effort," Governor Bloomberg says explicitly, "Never give up, you will succeed."

Philanthropy helps business

Michael Bloomberg is also known to be a great philanthropist in the country. He has donated more than $3 billion to various charities through the Bloomberg Family Foundation and Bloomberg Philanthropies.

Michael Bloomberg has always been a firm believer in helping those who are in need. He insists that ever since he started helping with philanthropic work, everything is going in the right direction for him.

For charitable purposes, he founded the Bloomberg Philanthropies. Michael Bloomberg has donated more than $100 million to the new technology centre in New York. He is also the architect of the Bloomberg Foundation Jobs. A foundation that seeks to extend opportunities to all by recruiting qualified professionals, developing their skills irrespective of race, sexual orientation, colour, or creed.

Michael Bloomberg has also contributed a lot to education, and he’s a firm believer in taking responsibility and acting positively towards the environment and climate change. His views on global climate change are revealing.

"It's not just talking and hoping, but we all have the responsibility to act quickly," he says.

The Editorial Staff

The Editorial Staff at The Business Frontal is a team of writers dedicated to bringing seasoned news stories and how-to business articles to our readers and patrons to help maximize their entrepreneurial potentials.