One of Larry’s most notable career achievements is the launch of Oracle Corporation, where he currently works as the CEO. Under his guidance, the organization has become an industry leader. In 2014, he was ranked as the fifth richest person in the world. The 76-years old business mogul was born in Bronx, New York, to a single mother.
When he was only nine months old, he was diagnosed with pneumonia, and his mother sent him to Chicago to some relatives, who later adopted him. He joined the University of Illinois at the age of 18 years after completing his high school education. The CEO continued to shine in his studies and was named the science student of the year
During his second year at the institution, he lost his adopted mother and was forced to drop out of college. After a few months, he enrolled at the University of Chicago but dropped out after studying for one semester. Although he had little savings, the Oracle Founder decided to move to California in search of a job. He worked for several companies, including Wells Fargo, for about a decade.
Larry Ellison was always passionate about computers. During his studies and work, he spent some time acquiring computer skills. He later became a programmer while working at a company called Amdahl. During his tenure at the firm, he was part of a team that worked on an IBM-compatible mainframe system.
At the age of 33 years, the CEO made a bold move and partnered with a few colleagues to establish Software Development Labs, which was later contracted by the CIA to develop a database management system. Initially, his company had less than ten employees, and the annual revenue was below $1 million.
As the company grew and got more clients, the software development startup’s experienced unprecedented growth. After four years of operations, IBM signed on to use its services, and the sales revenue doubled for the next seven years. The CEO decided to rename it after its most popular product.
In 1986, Larry Ellison’s firm held its first IPO, but things did not turn out as he expected. It almost became insolvent. The business magnate made a few changes, which enabled Oracle Corporation to regain its glory. It developed a variety of products, which took the industry by storm. After a few years, his company became a leader in the database management sector.
The positive growth rate continued, and Ellison became the organization’s largest shareholders. He set his eyes on expanding the corporation by acquiring several other firms, which were competitors at the time. The growth strategy worked, as his firm’s market cap reached about $185 million, and the workforce grew to about 130,000 employees in 2014.
Hiring Tips by Ellison
The Oracle founder believes recruitment exercise is vital, and every organization should take it seriously. He often offers hiring insights during his interviews. First, Larry Ellison urges recruiters to ensure they set clear position requirements. For example, there should be clear roles for the founder and the CEO. Only create positions that your company needs to achieve its primary objectives.
According to Larry Ellison, when you hire a person with the wrong skill set to meet your company’s needs, it will have an adverse effect on organizational capital. He acknowledges that everyone makes mistakes from time to time, but urges other entrepreneurs to understand why people make mistakes.
Before you hire someone, you need to understand the requirements of the particular position and ensure the candidates have skills that align with the role. Another hiring tip by Ellison is to look for intelligent and self-driven people to fill vacant positions. One way of finding such individuals is by asking deep questions about their previous roles, achievements, and how they helped their former employers achieve their missions.
People who value teamwork will be valuable additions to your personnel. The best employees strive to take full advantage of various innovative resources while working on self-improvement and embracing teamwork.