Biography:
The quest for understanding is perhaps most apparent when it comes to the assessment of entrepreneurs and the effects of their workings in the world of business. Entrepreneurship is a practical activity that is acquired either through entrepreneurship genes or through learning/acquiring specific behavioral traits that can enable individuals to become active in entrepreneurship (Strategic Direction, 2011). One of the most influential persons in the world of entrepreneurship is Carlos Slim Helu, who owns varied properties ranging from telecommunications, retail, manufacturing, banking, and insurance. According to Forbes Business Magazine, Carlos Slim Helu is the richest man in the world with a personal fortune of over $74 Billion (Forbes Magazine, March 2011).
Career Profile/education
Carlos was born on 28 January 1940 to a family of Lebanese decent, Julien Slim Haddad and Dona Linda Helu (Helu, 2011). Carlos Slim was the fifth born in a family of six children. His father inculcated financial intelligence to his children by giving a financial ledger to each child to facilitate the process of recording expenditures. Interestingly, Carlos Slim started investing in Bank of Mexico shares by the age of 12. Sadly, his father died while Carlos was aged 13. This marked one of the hardest times for Carlos Slim. He enrolled for an engineering course at the National Autonomous University of Mexico (NAUM). At the same time, he was teaching linear programming and algebra at the same university. After gaining experience in teaching for several years, Carlos Slim opened a stock brokerage firm (Inversora Bursatil), which marked his first business venture, and incorporated it in 1965 (Helu, 2011). Carlos Slim married Domit Soumaya Gemayel in 1966 and formed Inmobiliaria Carso. The name Carso was derived from Carlos and Soumaya. Carlos concentrated in buying underperforming businesses and investing his strategies to transform them into modernized, lean, profitable, and lucrative businesses (Yabroff, 2008). This strategy was acquired from his dad who encouraged him to buy properties when there was blood in the streets and it helped in characterizing him as a shrewd investor. Throughout his formative years in business, Carlos Slim stayed out of the public limelight.
Entrepreneurial characteristics
As earlier mention, entrepreneurship is a practical activity that is most likely acquired from behavioral traits. Although it is often associated with ‘entrepreneurship genes’, it is highly unlikely that individuals with no entrepreneurship genes will succeed. For this reason, entrepreneurship has largely to do with behavioral traits. This explains the reason as to why some individuals are risk-takers (the most common trait associated with entrepreneurs), and hence, it is therefore evident that behavioral traits enables individuals to exhibit particular entrepreneurial behaviors. Carlos Slim Helu has managed to build his business empire ranging from telecommunications, construction, banking, mining, retail chain stores, automotive industries, energy, mining, and restaurants (Leonard, 2010). With a net worth of over $74 Billion, Carlos Slim Helu is the richest person in Mexico and among the wealthiest individuals in the world. His financial success has enabled to become of the most recognized and wealthiest individuals in the world. Majority of such successes can be attributed to his notorious entrepreneurial skills and anticompetitive maneuvers that enabled him to preserve his dominance in the telecommunication industry and other business initiatives (Yabroff, 2008). His investments varied investments can be used to examine his investment characteristics.
Risk Taker and Risk Tolerance
Risk taking is one the leading characteristics that is associated with most entrepreneurs. Carlos Slim Carlos concentrated in buying underperforming businesses and investing his strategies to transform them into modernized, lean, profitable, and lucrative businesses. Very few individuals have the courage to invest in poorly performing business ventures due the increased risks of failures associated with such ventures. This entrepreneurial characteristic was acquired from his father who advised to buy properties during bloody times and sell them in times of prosperity. Carlos’s dad, Julien Slim Haddad, learned this strategy during the Mexican revolution of the 20th century.
Business Builder and Competent Shrewd Investor
One the most outstanding characteristics about Carlos Slim Helu are the abilities to develop a business from the foundation stages and transform into a leading business (Strategic Direction, 2011). An investigation into the list of the richest people in the world reveals that it is dominated by investors and entrepreneurs. This connotes that Carlos Slim was business minded as opposed to being employed. Carlos’s business venturing abilities are comparable to the likes of Warren Buffet, Bill Gates, and Larry Ellison. Coupled with preparedness, his shrewd investment capabilities enabled Carlos Slim to undertake a move that led into the acquisition of Telmex (Telefonos de Mexico) when the Mexican government privatized majority of government-owned business enterprises.
Opportunistic
Carlos Slim is associated with characteristics that have enabled him to recognize business opportunities at the slightest chance and capitalize them to the maximum advantage. A clear case is the acquisition of Telmex in 1990 during the privatization era of government-owned enterprises (Yabroff, 2008). His Billionaire status was acquired after the crisis of 1982 that was characterized by the defaulted government debts by the Mexican government and as well as the devalued domestic currency. Carlos Slim has utilized all the opportunities that presented themselves to him, irrespective of the industry. This explains the reason why Carlos Slim’s investment and ventures range from telecommunications, construction, banking, mining, retail chain stores, automotive industries, energy, mining, and restaurants.
Understanding Business Ventures and Exceptional Leadership
The capability of understanding core business values is one of the abilities that have catapulted Carlos Slim into becoming one of the (if not) richest men in the world. This entrepreneurial characteristic has enabled Carlos Slim to gain control of over 200 companies in the world. According to one of his philosophies, getting involved in a business calls for the need of gaining a thorough understanding first. It is only after one understands the business that he might be better positioned to tell others the exact things that are happening within the business
(Tannenbaum, & Aliger, 2003). Carlos Slim Helu has utilized his exceptional managerial abilities thus enabling him to transform his businesses into success. As such, majority of his businesses have succeeded from his abilities to get the most out of employees, work delegation, and setting higher business goals.
Game Player
Game theory is an essential and requisite characteristic for most individuals and Carlos Slim seems to have mastered the skill exceptionally well. Admittedly, investing is a game and so is entrepreneurship (Strategic Direction, 2011). Carlos Slim’s success can be largely attributed to his ability to master the entrepreneurship game and becoming committed to rules and regulations of the game. As such, the game entails taking compromise and all responsibilities that come with the game. Building his business empire has cost him more than 45 years of focus, resilience, competence, and commitment. Investing and reinvesting has been the driving force throughout his investment life.
Assessment/contact
An assessment into the life of Carlos Slim Helu reveals one of the most successful individuals in the world of business. A number of valuable lessons can be learned from the entrepreneurship of Carlos Slim Helu. First, success in business entails taking risks and tolerating risks. Nothing is a surety in entrepreneurship, even at the best of circumstances. Markets do change, disaster can strike, and as well, economic meltdowns can bring down businesses in a span of few months (Strategic Direction, 2011). Although businesses can be insured, it does not provide the best investment options to entrepreneurs. For Carlos Slim, investing when the market was low is a clear example of the benefits associated with risk taking and tolerating risks. Second, paying attention to business details is among the most essential characteristics that are critical for any entrepreneur. He understood his businesses well, studied the market, and made appropriate investments even if it meant collaborations with competitors. Most of his successes can be attributed to his notorious and aggressive entrepreneurial skills and anticompetitive maneuvers that enabled him to preserve his dominance in the telecommunication industry and other business initiatives. He studied businesses from all sectors and made investments at the slightest of opportunities.
Competence is also another essential feature that defines success for any entrepreneur. In one of his many quotes regarding becoming the richest and wealthiest man on earth, Carlos Slim argued that becoming the richest person in the world could not be related to a championship that can be won by any person. It calls for resilience and competence in addition to gaining a thorough understanding of one’s areas of competence. For an entrepreneur, it is always essential to maintain a winning streak in all business ventures and undertakings (Strategic Direction, 2011). Fourth, capitalizing on opportunities is required for entrepreneurship and hence, all entrepreneurships should be prepared at all times to capitalize on any available investment opportunities that might present themselves in the line of entrepreneurship. Even if it means waiting for the right time to make investment moves, then let it be! Equally important, and a crucial investment strategy is the ability to stick to the game. All entrepreneurs should be ready to play and win in the investment game, irrespective of the challenges that might present themselves along the way. Entrepreneurs must be ready to remain committed, take comprise and responsibility, on all matters that involve the business (Strategic Direction, 2011). It takes focus, commitment, and success to build a successful business empire.
Finally yet important, entrepreneurs should think about work, investing in new ventures, and re-investing in successful ventures. The self-employed mindset should be the driving force for most entrepreneurs because it not only provides security but also increases the desire of obtaining greater control over the entire life, career, and destiny of an individual (Hill, 2005). It also provides autonomy and more room for expansion. However, the self-employed mindset requires the development of a managerial outlook that enables the entrepreneur to understand all aspects relating to the growth, management, and development of the business. All said, the entrepreneurial prowess and business life of Carlos Slim Helu would be admired and celebrated all over the world. Due to the focus, commitment, and investment that has been investment over the past 45 years, Carlos Slim Helu will remain as one the richest and most successful individuals in the world.
Reference List
Forbes Magazine. 2011. The World’s Billionaires. Accessed on 27 November 2011 from
http://www.forbes.com/wealth/billionaires/list
Helu, Carlos Slim, 2011. Carlos Slim Helu: Biography. Accessed on 27 November 2011 from
http://www.carlosslim.com/biografia_ing.html
Hill, W.L. 2005. International Business: Competing in the Global Marketplace (International
ed.). New York: McGraw-Hill
Leonard, T. 2010. “Meet Carlos Slim, The Richest Man in the World.” Accessed on 27
November 2011 from http://www.telegraph.co.uk/finance/7426733/Meet-Carlos-Slim-
the-richest-man-in-the-world.html
Strategic Direction, 2011. “What is an entrepreneur? Understanding who they are and how they
can benefit.” Strategic Direction. Emerald Group Publishing Limited. Vol. 27. No. 6.
2011: pp. 22-25
Tannenbaum, S, & Aliger, G. 2003. Knowledge management: clarifying key issues. Burlington, MA: IHIRM.
Yabroff, J. 2008. Carlos Slim Helu (Cover Story). Newsweek; 12/29/2008, Vol. 153 Issue 1,
p68-68, 1/7p. Academic Source Premier.
