UBER Entrepreneur Lesson

What started out as UberCab in San Francisco has grown into a beast in the transportation world. The company now operates in 300 cities in 58 countries, has more than 1 million drivers working on its platform and is valued at more than $40 billion, with some new estimates reportedly stretching as high north as $50 billion. Along the ride, UBER’s founder and CEO Travis Kalanick has become a billionaire five times over. He is currently worth $5.3 billion.

Takeaways from Kalanick’s speech on the eve of UBER’s five-year anniversary in 2015, his entrepreneur inspiration is worth remembering as anyone launches and grows own business.

“It’s not about ideas. It’s about making ideas happen.”

1. Even big companies start small.

It was hard for anyone to believe every big companies such as Facebook, Instagram, UBER and many more started with only a vision and few followers. In this case, back in 2008 UBER started with only a four-person team in San Francisco. 

2. Great businesses solve a problem.

Quoted from Kalanick “UBER didn’t begin with any grand ambitions, it began as the answer to that simple question.” Every successful businesses start by zeroing in on a very specific problem that people have. Then fix that problem.

3. Give people a better, cheaper option.

Undoubtedly, providing the consumer convenience and price are the main contributing factors that drive UBER to the peak of the success. For many people who need to go from point A to point B, taking a car powered by UBER is often the fastest, most reliable way to get where you need to go. To date, UBER is one of the best example out there for every potential entrepreneur out there to look and to solve your customers’ problems in the most efficient and convenient way possible. Then, the success will follow.

4. Admit your mistakes.

Human beings make mistakes. Sometimes the mistake one's made might cost a fortune, reputation or wipe out his/her previous success. It takes courage for someone to admit on the mistakes and move on. Even the most successful entrepreneurs are also human beings. You are going to mess up or step out of turn. That’s life. But don’t think your customers didn’t notice. Fess up, apologize, learn from your mistakes and move on.

5. Roadblocks may slow you down but don’t let them stop you.

UBER has had to change the laws (or just flat out ignore them) in order for it to be able to expand. Look at the outbreaks in France, Canada and many more. Kalanick taught us regardless of what you are trying to start, there will be hurdles. If you are going to build a successful business, you can’t let that halt your momentum or efforts.