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At what age did these top 21 entrepreneurs became billionaires?

Being an entrepreneur is hard. Long hours, no pay in the beginning, and endless miles of stress. But, if you stick with it, the rewards make it all worthwhile.

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Going from millionaire to billionaire

So many entrepreneurs struggle with doubt. You wonder if you’re measuring up to your competitors. You feel like success isn’t coming fast enough. You have days where you wonder if you wouldn’t be better off going back to work for someone else. While, worrying and wondering are human nature, it’s equally important to reassure yourself that you know do know what you’re doing. Everyone has those doubtful days, but by and large you know you’re winning at this entrepreneur thing and you need to reassure yourself that you’ve got this thing nailed down.

Entrepreneur recently covered 21 highly successful entrepreneurs, including how long it took them to go from millionaire to billionaire. I feel like this is important. Not to celebrate the increase of income, or the almighty dollar, but rather to demonstrate that sometimes you have to keep your nose to the grindstone for years to see a tangible, financial payoff for all your hard work. On those days when you’re feeling down, consider it took Alan Sugar, founder of British electronics company, Amstrad, 44 years to go from millionaire to billionaire.

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Entrepreneurs that never gave up

Here are 21 entrepreneurs (plus a bonus) who kept their noses to the grindstone and didn’t give up on themselves:

  1. Judy Faulkner, Founder and CEO of Epic Systems: millionaire at 47, billionaire at 70. That’s 23 years in between, not counting the amount of time she spent before hitting millionaire status.
  2. Sir Alan Sugar, Founder of Amstrad: millionaire status at 24, billionaire status at 68. That’s an epic 44 years of hard work to get where he wanted to be.
  3. James Dyson, Inventor of the Dyson vacuum cleaner: millionaire status at 47, billionaire status at 62. Dyson gave a solid 15 year effort before his efforts paid off in a more tangible way.
  4. Geore Soros, investor: millionaire at 47, billionaire at 62. Again, a solid 15 years of hard work before seeing those results and this doesn’t measure the amount of work he put in before age 47.
  5. Martha Stewart, author and television personality: millionaire at 45, billionaire at 58. Although Stewart is no longer a billionaire, she worked 13 years building from millionaire to billionaire.
  6. Warren Buffett, investor: millionaire at 30, billionaire at 56. Another long stretch of keeping your nose to the grindstone; 26 years in Buffet’s case.
  7. George Lucas, filmmaker and founder of Lucasfilm & ILM: millionaire at 34, billionaire at 52. It took Lucas a surprising 18 years to push himself into billionaire status.
  8. Carlos Slim, investor: millionaire at 25, billionaire at 51. It took 26 years for Slim’s investments to pay off.
  9. Oprah Winfrey, media proprietor, producer, and talk show host: millionaire at 32, billionaire at 49. Even with Oprah’s celebrated success, it took 17 years for her to get to billionaire status.
  10. Larry Ellison, co-founder of Oracle: millionaire at 42, billionaire at 49. Ellison’s journey was a bit shorter at only 7 years, but it still takes time to push yourself to where you want to be.
  11. Denise Coates, founder of Bet365: millionaire at 38, billionaire at 47. Taking 9 years to get to billionaire status.
  12. Zhou Qunfei, founder and CEO of Lens Technology: millionaire at 33, billionaire at 45.
  13. Meg Whitman, president and CEO of Hewlett Packard Enterprise, Chairwoman of HP, Inc., and former President and CEO of eBay: millionaire at 40, billionaire at 42. Whitman’s legacy nearly rivals Zuckerberg, proving that sometimes tangible success comes quickly, but most of the time you have to work for it.
  14. Sir Richard Branson, founder of the Virgin Group: millionaire at 23, billionaire at 41: between his record and airline companies it took Branson nearly 18 years to see his hard work pay off.
  15. Sara Blakely, founder of Spanx: millionaire at 29, billionaire at 41. Blakely owns 100% of her company; perhaps this is one reason why she achieved billionaire status in 12 years.
  16. Elon Musk, co-founder of Zip2, PayPal, and Tesla; founder of SpaceX: millionaire at 27, billionaire at 41. Taking 14 years, Musk’s billionaire status is attributed to the rise of Tesla stock.
  17. Mark Cuban, entrepreneur and ‘shark’ investor on the TV series Shark Tank: millionaire at 32, billionaire at 40. Taking only 8 years, Cuban’s billionaire status in attributed, in part, to the selling of his second company, Broadcast.com.
  18. Jeff Bezos, founder of Amazon: millionaire at 33, billionaire at 35. Bezos owns 48% of Amazon and the rapid rise of Amazon’s stock value made him a billionaire in only two years.
  19. Bill Gates, founder of Microsoft: millionaire at 26, billionaire at 31. Gates’ billionaire status is attributed to rapid rise in Microsoft’s stock value. He was the youngest billionaire at the time (1987).
  20. Larry Page, co-founder of Google: millionaire at 25, billionaire at 30. Retaining joint majority ownership, Google IPO makes Page and co-founder Brin billionaires in only five years.
  21. Evan Spiegel, founder of Snapchat: millionaire at 23, billionaire at 25. Spiegel’s billionaire status is directly related to the value of Snapchat’s stock.

Bonus: Mark Zuckerberg, founder of Facebook: millionaire at 22, billionaire at 23. You read that right. It only took a year for Zuckerberg to become a millionaire making him the youngest self-made billionaire in history. You’ll notice the shorter amounts of time are the exception, not the rule.

While we’d all like to be millionaires, it doesn’t matter if you never reach millionaire status. As long as you’re doing what you love and making enough money to keep a roof over your head, you’re doing just fine. Really. Is there anyone else you’d like to see on this list?

#Entrepreneurs

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Business Entrepreneur

The top 10 startup cities in America

(ENTREPRENEUR NEWS) If you’re thinking about launching a startup anytime soon you may want to check out this list on the top 10 cities for startups.

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The digital revolution is in full swing, and some cities are setting themselves up to capitalize upon these innovations by supporting startups.

In order to “better understand the U.S. cities driving the digital revolution,” several groups have come together to rank which cities are making the most of the tech startup boom.

The U.S. Chamber of Commerce, 1776, the U.S. Chamber Technology Engagement Center, and FreeEnterprise.com have teamed up to publish a report called Innovation That Matters (ITM).

The report analyzes and ranks U.S. cities on such factors as startup capital, the connectivity of startups, startup culture, the availability of worker talent and specialization, and more. Data was taken from surveys of entrepreneurs and businesspeople, startups, and leaders in public and private sectors.

J.D. Harrison, senior director of strategic communications at the U.S. Chamber of Commerce says that the “digital revolution has the potential to make winners of some cities and leave others behind.”

The study aims to find out which cities “embrace this shift to a digital economy and actively support technology startups,” arguing that these cities “will be the best positioned to unleash the power of high-impact innovation and cultivate vibrant, thriving communities.”

The top ten ranking cities are as follows:

10) Portland, Oregon because every city needs a nickname, has been dubbed the Silicon Forest, referencing its leadership in green tech.

9) New York City, New York. The largest tech hub on the east coast.

8) Seattle, Washington. Home to Amazon.com and several other tech firms, with Microsoft’s headquarters in nearby Redmond.

7) Dallas, Texas. Dtown moved up significantly by increasing startup connectivity and tapping into a large, diverse workforce.

6) Atlanta, Georgia. The “most improved” city on the ITM list, moving up 15 places to number six due to a surge in financial, educational, and health tech industries.

5) Austin,Texas. Home of The American Genius, Austin has become a “haven for tech-savvy millennials seeking good-paying job opportunities.” Besides hosting many tech startups, Austin still has a relatively affordable cost of living.

4) San Diego, California. San Diego is full of cybersecurity, Big Data, robotics, and software startups.

3)Philadelphia, Pennsylvania. Also known as Philicon Alley, moved up from number eight by deregulating and becoming more business-friendly.

2) San Francisco Bay Area. The Bay also ranked number two last year. The seaside neighbor to the Silicon Valley has been doing a great job attracting seed funding these days.

1) Boston, Massachusetts. This is the second year in a row that Boston has topped this list, due to its large number of startups and robust entrepreneur population.

How does your city rank?

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Business Entrepreneur

Customer surveys tell more than just satisfaction

(ENTREPRENEUR NEWS) While they can be annoying for the consumer and cost time for the company, customer feedback surveys are crucial to your business.

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While Richard Dawson, Louie Anderson, and Steve Harvey may not be able to personally help you with customer service, what they have in common can. Surveys, and personalized follow-up attention in general, help clients and consumers know that they mean something to your business.

For the sake of this article (and the fast-paced, technological world we live in) I am going to be speaking about surveys. However, I want to share this anecdote first.

I used to work front desk at a salon and part of my job was to follow up with new guests about a week after their appointment.

Now, most of the time, my calls went to voicemail, which were never returned; but every once in awhile a human answered.

After going through the spiel of why I was calling, I could almost always sense a sound of surprise from the other line before the person answered my question. One conversation in particular left me realizing how important this seemingly useless task was.

I called an older woman and asked her about a recent appointment she had at the salon. She thanked me for calling and then went into detail about how great the appointment was and how much getting her hair done meant to her.

Before we hung up she said, “thank you again for calling. A salon has never done this before.” It then hit me like a ton of bricks just how significant something as small as a callback is.

If you have the time, definitely make those callbacks to clients as it could be very meaningful. However, it’s understandable that most of us may not have the time in our schedule for personalized phone calls.

So if that’s the case, don’t forget about surveys. I know most of them will either go to spam or go unanswered, but the mere fact that you’re sending it out shows clients and customers that you care about their business.

And, for those surveys that do receive responses, it can be extremely beneficial for your company as you can get insight into what works and what doesn’t. There’s really no disadvantage to this tactic, so remember to make time for that follow up with existing clients rather than just focusing on getting new ones.

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Business Entrepreneur

Entrepreneur blunders to bypass

(ENTREPRENEUR NEWS) Being an entrepreneur takes a lot of hard work, as a result, it’s easy to make mistakes. Here’s how to avoid hurting your business from the get-go.

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The entrepreneur business can be a tricky one. It’s not one of those career choices that have more of a clear-cut path, and it may require you to make your own rules along the way.

Along with making your own rules, it is also 110 percent likely that you will make mistakes along the way, as well. This is true of any career, but, when within the sphere of being an entrepreneur, responsibility has a tendency to weigh even heavier on your shoulders.

This is completely unavoidable, but if you keep an eye on your methods and not just your desired outcomes, you can help combat some of the biggest mistakes. Here are some things to keep in mind.

It’s obviously one of the first priorities to get the word out about your business. You may be inclined to hit up every social media platform known to man.

This can be harmful to you if you spread your social presence too thin and have no focus. Pick a few channels that are the most fitting for your business, build your presence, then expand to other channels from there.

Never promise more than you can deliver at the start of your business. You only get one shot at your first sale with a consumer and not delivering what they expected can hurt your next chance.

Also, be approachable and keep an open mind when it comes to networking and communicating for sales. Confidence can carry you and your business a long way.

So, you’ve found a strategy that works? Great! But, don’t get complacent. Consumers want to see innovation, and employees yearn for that, too.

Try and start each year with a calendar and determine what changes you want to make from the last. Figure out what worked and how you can expand upon it to make it fresh and possibly more successful.

With this idea, don’t settle for reusing the same knowledge over and over again. Keep learning as your business grows and turn that knowledge into actions.

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