Entrepreneurs need to possess certain basic skills like motivation, dedication and innovation in order to motto business strategies and direct them to realization. However, successful entrepreneurs need more than just the assets listed above.

Here is a list of 70 famous entrepreneurs who became extremely wealthy in their businesses and their respective industries:

1. Alvin Ailey – Dance (Alvin Ailey) Dance Theater

2. Mary Kay – Ash Cosmetics (Mary Kay)

3. P. T. Barnum – Entertainment (Barnum & Bailey)

4. Warren Bechtel – Construction

5. Jeff Bezos – Internet (Amazon)

6. Michael Bloomberg – Financial Information

7. Richard Branson – Various (Virgin)

8. Andrew Carnegie – Steel (US Steel)

9. Steve Case – Internet (America Online)

10. Jim Clark – Internet (Netscape)

11. Michael Dell – Computers (Dell Computer)

12. Walt Disney – Entertainment

13. Larry Ellison – Software (Oracle)

14. Debbi Fields – Cookies (Mrs. Fields)

15. Donald and Doris Fisher – Clothes (Gap Inc.)

16. Ernest & Julio Gallo – Wine

17. Bill Gates – Software (Microsoft)

18. A. P. Giannini – Banking (Bank of America)

19. Walt Goodridge – Writer

20. Leo Goodwin – Insurance (GEICO)

21. Barry Gordy – Music (Motown Records)

22. Joyce Hall – Greeting Cards (Hallmark)

23. William Randolph Hearst – Publishing (Hearst Newspapers)

24. Richard A. Henson – Airlines

25. Fernando Hernandez – Telecommunications (AT&T)

26. Milton Hershey – Chocolate

27. James J. Hill – Railways (Great Northern Railway)

28. Wayne Huizenga – Sanitation (Waste Management)

29. Steve Jobs – Computers (Apple)

30. Robert L. Johnson – Broadcasting (BET)

31. John Johnson – Post (Ebony)

32. Henry J. Kaiser – Health Care (Kaiser Permanente)

33. Herb Kelleher – Airlines (Southwest)

34. Ray Kroc – Fast Food (McDonald’s)

35. Estée Lauder – Cosmetics

36. William Levitt – Dwelling

37. Henry Luce – Publications (Time/Life)

38. JW Marriott – Hospitality

39. Louis B. Mayer – Entertainment (MGM)

40. William McGowan – Telecommunications (MCI)

41. Scott McNealy – Computers (Sun Microsystems)

42. Judi Sheppard Missett – Exercise (Jazzercise)

43. Gordon Moore – Electronics (Intel)

44. Andrew Morrison – Web Publishing

45. Rupert Murdoch – Media

46. ​​​​Pierre Omidyar – Internet (Ebay)

47. David Packard – Electronics (Hewlett-Packard)

48. William S. Paley – Broadcasting (CBS)

49. Ross Perot – Data Management (Electronic Data Systems)

50. Jay Pritzker – Hospitality (Hyatt)

51. Ralph Roberts – Cable TV (Comcast)

52. John D. Rockefeller – Oil (Standard Oil)

53. Carlos Santana

54. David Sarnoff Broadcasting (NBC)

55. Howard Schultz – Coffee (Starbucks)

56. Charles Schwab – Discount Brokerage

57. Richard W. Sears – Mail Order (Sears-Roebuck)

58. Russell Simmons – Music (Def Jam Records)

59. Fred Smith – Shipping (Federal Express)

60. Charles C. Spaulding – Insurance

61. Gloria Steinem – Editorial (Ms.)

62. Marta Stewart – Multimedia

63. Dave Thomas – Fast Food (Wendy’s)

64. Donald Trump – Real Estate

65. Ted Turner – Broadcasting (CNN)

66. Mrs. CJ Walker – Hair Care

67. Sam Walton – Discount Retail (Wal-Mart)

68. Thomas Watson, Sr. – Computer Science (IBM)

69. Oprah Winfrey – Television

70. Mal Emery – Australian Mail Order Millionaire

All of these people emerged as successful entrepreneurs and their success stories are a lesson to be learned. These entrepreneurs did not start their adventure with much more intelligence or much more wealth. In fact, they all had the talent to keep going and were equipped with vision, dedication, commitment, inspiration, and innovation.

But one of the core elements that led to their success was time management.

An average individual is capable of obtaining mediocre results in a given time; however, a wise entrepreneur makes the most of that time. He/she is endowed with the ability to use time perfectly and get results from every minute invested.

They realize the value of every moment and work hard to make it worthwhile.

Maximize time and money

Successful entrepreneurs take certain steps that set them on the path to maximum productivity and profits.

The following are some steps entrepreneurs take to ensure strong business operations:

1. Outsourcing: Outsourcing is the key to getting the job done on time with minimal resources. Outsourcing helps employers hire outside workers to perform certain tasks; in this way, entrepreneurs save time, money and effort.

All this translates into the ability to conduct business operations smoothly and better face the competition.

2. Assemble a team of business experts: Entrepreneurs ensure that the team involved in the business is made up of professionals specialized in their respective fields.

A good engaged team works hard to meet business goals and stays committed to purpose.

Additionally, expert team members perform their tasks efficiently to maximize profits and business growth. This, in turn, helps entrepreneurs attract investors for their projects.

3. Using technology instead of fearing it: Technology has emerged in all aspects of life. It has helped make business processes more convenient and faster.

Successful entrepreneurs use technology to their advantage; they exploit the various benefits it offers by incorporating technological advances into all aspects of the business. This helps reduce long-term costs and improve productivity.

4. Hire the right people: A business is only as strong and successful as the people who work for it. This implies that a commercial venture can meet objectives as long as both the entrepreneur and the team have knowledge and experience in the field.

Without either, success will seem like an illusion.

According to the Harvard Business School, a staggering 40% of business failures can be attributed to hiring the wrong people!

5. Use a daily to-do list: Entrepreneurs realize the value of time and stay organized by setting up a to-do list. This helps divide time appropriately among various tasks and ensures timely completion of daily goals. This is an important requirement for managing time and resources.

Increasingly, employers recognize the need to manage time; this includes the use of tools and techniques that help plan and schedule time. This involves setting goals and priorities.

An entrepreneur must seriously plan, prioritize, control and manage the functions of his business. This will help improve productivity and proactively manage challenges.