Pablo Escobar is one of the most (in)famous and ‘successful’ criminals in the history of mankind. As leader of the Medellin drug cartel that was very powerful in the 80s and 90s, he was worth an estimated $55 billion, a fortune made from illicit drug trafficking from the deep jungles of Colombia to the streets of America.
In this article, we will NOT be celebrating Pablo Escobar’s criminal empire and murderous practices, however, we will identify a number of interesting business lessons and marketing tips that can be ‘borrowed’ from ‘The King of Cocaine’ and adapted for good use in today’s business world.
Identifying New Markets: Back in the 1970’s, the street value of a kilo of cocaine in Columbia was $1500. However, Pablo quickly realised that the same kilo could be sold in America for as much as $50,000. He was smart enough to recognise a more profitable market opportunity and coordinate his organisation’s endeavours towards overhauling the market. As an entrepreneur, It is important to look beyond your local market for customers. A large market with little competition, may be worth the initial outlay in infrastructure costs.
Make Your Product or Service the Best: Back in the I980’s, 4 out of 5 cocaine users in US market demanded for Pablo Escobar’s product regardless of the price simply because be it was the best in the market. As an entrepreneur, it is important to ensure your product is of high standard and would set itself apart from its competitors.
Your Network is your Biggest Asset: From your team to your business partners to journalists, it is important to forge alliances with these key stakeholders. Pablo had a strong social capital which is one of the most important asset for an entrepreneur. He had loyal followers within the community (Medellin)who informed him about events which could crush his business before they happened and also a talented team to manage processing of products, shipments and collection of revenue.
DIY Ethos: If there was one thing Pablo had, it would be strong DIY ethos. Not only could he plan routes carefully, he was also able to fly his own planes. He got to know the ropes from ground up, making mistakes and learning from them as he went. As an entrepreneur, it’s important to be self reliant and also possess the ability to complete variety of tasks without necessarily relying on help from paid professionals.
Never Lose Focus: Escobar was determined to succeed, so should every entrepreneur. His bloody thirst for success saw him rise from an ordinary car smuggler to mastermind behind the most successful drug conglomerate in history. He had a vision and a goal to become a successful entrepreneur and with that on his mind, he ruthlessly pursued this mission never allowing any obstacle get in his way.
