The thirty-five-year-old co founder and CEO of Spotify – Daniel Ek, is now the newest billionaire from the tech industry.
This happened after the most loved streaming service went public on 4th April 2018. This listing is different from the POs as the company is both listing and offering shares at the same time, without any help from the banks. Ek’s stake after trading closed on the first day was about 9% of the total net worth which is roughly 2.5 billion as reported by CNBC.
This fact might inspire some of us, and also come as a surprise. However, Daniel is now accustomed to making huge sums of money at a very early age. He became a millionaire at 23 years’ old which was two years before the launch of Spotify. Makes you wonder what you were doing at 23, no? Daniel learnt to code himself in his early teens and started his first business at the age of 14. He used to design and host websites for companies, from his high school computer lab or friend’s family home in Stockholm according to Forbes.
In an interview in 2013, Daniel said he started out designing website home pages for his friends, but as business scaled with local companies he began to charge $5,000 and made nearly $50,000 in a month. The beauty about being a businessman at such an early age was that Ek did whatever he liked, and his parents only learnt of his lucrative business when they noticed his video game collection and expensive guitars.
We have established that Daniel had quite a journey from the age of 14 until him entering the list of billionaires of the world. His achievements are endless. It includes managing and producing many successful tech companies followed by being a billionaire very recently. He is also responsible for convincing the music industry to move towards something no one thought possible which is legal music streaming. But, Daniel made it happen. When you go through such a remarkable journey, you pick a few tips and tricks to build a successful business. Here are Daniel’s tips to build a successful business as reported by Business Insider:
Find the most talented people, and hire them
If you want to make a business model sustainable, you need loyalists and you can do that by hiring the most talented bunch.
Delegate and trust others when your own knowledge is limited
Find yourself a mentor that has been on the same journey as you are about to embark on. Learn from your mentor’s mistakes.
Never stop reading, experiencing and learning – both in private and in business
Don’t become comfortable with what you do. Keep challenging yourself to become a better businessman to deliver better results
Start locally, think globally
“Our vision for Spotify was, from day one, a global service that provides you with music wherever and whenever.”
Continuously challenge the status-quo
Have we come up with the optimal solution or are we only solving the problem for now? Can our latest success be the reason for us losing speed as a company?
Have some fun every day
Do I? Yes, I think so. Maybe not every single day, but most days.
Well we will definitely be keeping these tips in mind, while we are scaling our business modules. How about you, you have some tricks up your sleeve, to build a successful business? Do tell us below!