This takes us to our next lesson. So Bloomberg has an idea, and he thinks it can impact the entire financial world, but no one thinks it’ll catch. This is where luck comes in, but this is a different kind of luck. Bloomberg once said that “luck plays a part in success, but the harder you work, the luckier you get…Hard work creates opportunities where your resume cannot.” He worked tirelessly to get his name and idea out there.
When he started his company, Bloomberg would go downtown and buy cups of coffee and take them up to Merrill Lynch, his target audience, and just walk the hallways. “Hi,” he would say. “I’m Mike Bloomberg and I brought you a cup of coffee. Can I talk to you?”
Bloomberg kept coming back day after day, working to build relationships with potential customers. “I learned about the audience for our product and what they could really use,” explained Bloomberg. “Three years after starting Bloomberg LP, Merrill Lynch purchased 20 terminals and became our first customer.”
If Bloomberg hadn’t been persistent in talking to potential customers and understanding the market however he could, he may not have had such great success. His coffee cup trick illustrated the importance of persistence and creating your own luck, but it also illustrates another important lesson: