Entrepreneurship Lessons to Learn from Apple

Lucy Bennett
By Lucy Bennett - Contributing Editor
Entrepreneurship Lessons to Learn from Apple

Apple is the most valuable technology company worldwide and is worth about 950 billion U.S. dollars. We’ve seen enough Macbooks in Hollywood movies, and almost every American owns an iPhone. Consumers love Apple because it doesn’t just sell products, it sells experiences. To continuously grow its customer base and build customer loyalty, Apple offers great experiences. Looking for ways to market your company? Apply these marketing lessons by Apple, the most profitable company in the world.

Have a Great Team

Teamwork makes the dream work. While all Apple stores have great customer service, the employees are very friendly and always ready to help. Apple hires people for their winning personalities, not just because they are tech experts. Sure, technical know-how is important, but awesome employees create an enjoyable experience. Apple enrolled its first store managers in the Ritz-Carlton hospitality training and leadership program so they could provide great customer care.

Entrepreneurship Lessons to Learn from Apple

Quality Over Quantity

Apple is committed to quality assurance, and its suppliers must meet the highest standards for goods and services. Each Apple product goes through stringent tests and monitoring and is manually inspected by experts before release. Apple’s products aren’t just designed well, they are simple, intuitive, and easy to use.

Apple’s products have a sleek, modern design and great details. This focus on innovation has helped the company create a perception of quality and exclusivity. One reason Apple products are so expensive is because they feature high-end components and materials—like anodized aluminum, stainless steel, and durable glass.

Get Good Funding

To finance the first Apple computer, Steve Jobs sold his Volkswagen Bus, and Steve Wozniak sold his HP-65 calculator. In 1977, Mike Markkula, a millionaire retiree from Intel put $250k in the company. Apple is currently funded by 7 investors, including KB Securities and Berkshire Hathaway.

Funding is a vital part of business, as having enough money allows your company to quickly grab opportunities and invest in new products and services. There are many funding sources you can take advantage of, including crowdfunding and business grants. But if you’d like to use your own money at the beginning, you can get a title loan if you have equity in your vehicle. Search for “title loans near me” to find the best options. Working capital serves as a safety net when your business needs extra money.

Charge a Premium

Apple does not compete on price. Thousands of tech companies out there compete for business with their lower-priced products, but none is as successful. Apple makes a good profit with every sale. People are willing to pay more because of the perceived value. Charging a premium allows the company to keep making good revenue, even if sales decline.

Apple is also great at making its products seem exclusive. Every time a new iPhone is released, there are stories about the lack of availability and long queues. These make the iPhone appear exclusive and more desirable.

Apple has mastered the art of entrepreneurship, and entrepreneurs looking to create a name for themselves must apply the same tactics.

iLounge author Lucy Bennett
By Lucy Bennett Contributing Editor
Lucy Bennett is a Contributing Editor at iLounge. She has been writing about Apple and technology for over six years. Prior to joining iLounge, Lucy worked as a writer for several online publications.