Stories of Great Business men who started As a Child
Hi children, I bring to you in this edition, stories of three of today’s wealthy men who started at about your age bracket. I believe that if it was possible with them, it is also possible with you.
- Sir Richardson Branson: Virgin Group
Sir Richard Branson is a multi-billionaire and the Chairman of the Virgin Group. Many might see his current efforts and appreciate him but truth is that he started out as a child.
He was born on July 18, 1950 in England.
He had academic challenges and so dropped out of school at age 16 but that did not deter him.
Richard Branson immediately after dropping out of school at age 16 in 1966 started a youth-culture magazine- at that tender age.
Instant Success as a Child:
The magazine’s very first edition circulated 50,000 copies which were distributed free. There was also an $8,000 worth of advertisements in the publication. This covered the cost hence, the decision to distribute for free.
Other Business as Youth:
In 1969 when he was just 19, he began a mail-order record company he called VIRGIN in addition to his magazine production. By 1972, he had built a recording studio in Oxfordshire, England.
The Richard Branson’s Virgin group now holds more than 200 companies in more than 30 countries
LESSON TO LEARN:
- You are not too young to start.
- Make a success out of every seeming challenge and inadequacies. In other words, your own areas of seeming weakness might be converted to strength and opportunities.
- Warrent Buffet: Berkshire Hathaway:
Warren Buffet is the world’s second richest man. The 85 year old American is the Chairman of Berkshire Hathaway. He is an investor in the stocks of companies that are listed on the floors of the New York. Warren started out as a child of your age bracket.
He was born on August 30, 1930 in Omaha Nebraska, United States
Education: He was rejected by Harvard Business School but attended Columbia Business School, where he eventually met his mentors Benjamin Graham and David Dodd- the fathers of value investing and authors of the great stock market book- Security Analysis.
Warren Buffet purchased his first stock as a kid of 11 years old. Before this, because his father, Howard Buffet owned a small brokerage firm, Warren would spend his days watching what investors were doing and listening to what they were saying.
Other Businesses as a Child:
As a teenager, Warren took odd jobs of washing cars and as newspapers vendor.
Warren Buffet after his studies became a Stockbroker, opened several partnerships while his holdings in stocks grew gradually to make him a Millionaire by the time he was 31. Thereafter, he began to invest directly in businesses using the value investing techniques as handed him by Benjamin Graham.
He took control of Berkshire Hathaway in 1965 after he had earlier started buying into the textile company.
Warren Buffet is outstandingly the wealthiest investor in the world and the second richest man on earth. He is worth $76.1billion.
Lessons To Learn:
- Warren Buffet deployed scientific experimentation of watching and listening not to just learn but to get involved at what adults were engaged in very early in life. He made a success out of this.
- There was the story of how he asked his father what stocks were and his father, not knowing how to explain simply told his very young child ‘if you buy this thing and you leave it for awhile, the price will increase and you can sell for a profit’. The young Warren retained this in his little brain and worked with it in destiny. Always watch and learn from every relationship you have with adults.
- He was rejected by Harvard Business School not knowing that destiny was awaiting him at Columbia Business School. It was at Columbia Business School that he met his mentors and the story of his life changed for the best. Don’t be disappointed when your application is rejected. Move on to greater achievements.
- Ingvar Kamprad: IKEA
Ingvar Kamprad was 17 when he started IKEA which he formed from his name and place of birth- Ingvar Kamprad from Elmtaryd Agunnaryd. Earlier than this, he had started out as a lonely seller between the ages of 5 and 10.
Ingvar Kampard was born in the south of Sweden on March 30, 1926
The records of his academic attainment are scanty. He was recorded to be dyslexic- difficulty in writing by hand.
Ingvar Kamprad between the ages of 8 and 10, while growing up on a farm in rural Sweden was when he began to show the first signs of being a great entrepreneur. He started out that early in life- in a farm by riding his bicycle to neighbours’ houses selling matches. His records show that he would buy matches in bulk from Stockholm. This enables him to buy cheap and then, sell them individually at a little mark-up, though still selling at a reasonable price but with profit. That business subsequently grew into other home supplies like Christmas tree decoration, fish and pencils.
The business later added furniture supplies and other products to its lists of distribution. At age 17, Ingvar Kamprad started what is today known globally as IKEA with the money his father gave him as reward of making good grades at school and still selling at low prices.
IKEA, the company that Ingvar Kamprad started as a kid is today a multinational company, operating in over 400 locations in 49 countries of the world and the world’s biggest furniture retailer. As at 2016, there are well over 183,000 people in the employment of IKEA.
Ingvar Kamprad is worth well over $48 billion.
LESSON TO LEARN:
- Location is not a barrier but an advantage. Make use of your location to favour you. IKEA started from a farm.
- You can start with the little you have access to.
- Starting early is key.
- Little drops of water make the mighty ocean. IKEA sells with little profit margin and yet profitable.