Connect with us

Business Entrepreneur

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.

Published

on

warren-buffett

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.

bar

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.

Continue Reading
Advertisement
1 Comment

1 Comment

  1. Pingback: Forbes Releases LIST of 2016 Richest People In The World - Mighty Reporters

Leave a Reply

Your email address will not be published. Required fields are marked *

Business Entrepreneur

Business pro tip: when pricing your product, think like a photographer

(ENTREPRENEUR NEWS) On of the growing pains associated with starting your own business is knowing how much to charge for goods and services. Use these helpful tips one photographer uses for pricing a photo and get the ball rolling!

Published

on

photo

More than a thousand words

A picture may say a thousand words, but a photo doesn’t just tell a story. A simple photo can be an excellent example on how to price your next business product.

bar
Photography blogger Sarah Petty wrote her method of pricing a simple 8×10 inch photograph for as advice for her fellow photography business owners. But her advice can actually be applied beyond the world of studios and darkrooms. Here’s how to think like a photographer whenever developing the cost of your next good or service.

Step One: Know thyself (and know thy client)

Your first step in knowing your next price for your next best selling item or service is knowing what type of business you run. This is solved by answering the simple question: are you a high volume seller with lower prices or lower volume seller with higher prices?

This question can be answered by looking at your sales for the past month. Are your trends indicating your customers prefer a more personalized, boutique approach to the things they purchase from you (with higher prices), or do you move a lot of product (with lower prices)?

When you understand what type of business sales trend you’re following, move onto step two.

Step Two: Understand your sunk costs.

A sunk, or fixed cost, is the price to manufacture or deliver a good that will not change (unless reacting to the market’s inflation). What is the basic core cost of manufacturing the product you intend to put in your store? That amount, your cost of goods sold (CGOS), is the baseline from which your ultimate price will come from. Now to step three.

Step Three: Look at your other overhead for producing your product.

So you know your CGOS, so all you do now is just add what money you want to make off that? Wrong. You’re forgetting that you’re not just making that product. You are maintaining a store or electronic storefront, you’ve got office space, human resource costs, and other things that may slip by whenever you’re trying to develop your price for your next big thing. This doesn’t mean you’re charging a customer a month’s rent for consultation fee, of course, but knowing that you’re going to need a comfortable cushion whenever figuring this product’s cost out. According to the federal Small Business Administration you should allocate a portion of the profit “to each service performed or product produced” and this cost should be calculated annually. Finished, now to step four.

Step Four: Profit!

Finally, after factoring your CGOS and your overhead, now you can decide what you want to make by selling. Petty personally uses the approximation of making 4 or 5 times her CGOS plus her overhead per item. Whatever the ultimate cost is, it has to be able to lend you the ability to live comfortably in order for you to be able to manufacture more in the future.

The next time you have to develop a price for a new product, don’t forget to step into the world of photography for awhile. You’ll be saying cheese all the way to the bank.

#KnowYourPrice

Continue Reading

Business Entrepreneur

The pros and cons of listing hobbies and interests on your resume

(BUSINESS ENTREPRENEUR) All resumes are not created equal but they should all follow the same rule of thumb when it comes to listing hobbies and interests.

Published

on

recruiters resume hobbies

Relevancy matters

An “Interests or Hobbies” section of a resume is often a question of debate for job seekers. In general the consensus is clear: interests and hobbies are okay – if they are relevant.

bar
An interest or hobby section can help round you out as a candidate, and can help you standout, but it can also come with some costs. Let’s weigh some of those pro/cons.

Advantages

  • They help distinguish you from other applicants. Especially in applicant pools where the qualifications are similar – this can help you standout and make you unique in the applicant pool.
  • They create talking points for interviewers – and can help humanize you. They give places to start up conversation and generate positive “buzz” about you with the hiring manager.
  • They show-well roundedness and versatility – often hobbies or interests can indicate skills that are transferrable or represent growth potential.
  • Can give indications of fit and alignment with company culture – and can indicate how you will mesh with a team.
  • Express desirable traits like dedication, persistence, and passion.

Disadvantages

  • They pigeonhole you – they may cause an employer to limit how they think you will fit in with the team.
  • They could indicate things that are distracting – so for example, if you list “traveling”, your employer may worry that you plan on vacationing a lot or may be unavailable.
  • Expressing too much interests may trigger to employers that you don’t have enough balance, or that you have priorities that may conflict with work.
  • Expressing involvement with organizations that run counter to the organization you are applying for may eliminate you as a candidate.

Think before you list

Although weighing the pros and cons are important, there are a couple of things to ask yourself BEFORE you list an interest. Consider going through the following questions:

1. Is it relevant? While it is ok to list one or two side hobbies or interests, most of what you list should be relevant to the job you are applying for – blogging for tech if you are applying for IT, or leading a volunteer team if you are applying for a manager position. Don’t throw around random information in an attempt to fill space.

2. Is it controversial? In general, be wary about listing political associations, or membership in controversial issue groups – gun rights, abortion, immigration, etc. (Of course, if you are applying for a position that is political in nature, be careful about listing involvement in organizations that are politically to what you are doing!)

3. Is it dangerous? Probably best to not mention you engage in UFC fighting, real sword play, live action jousting, base jumping, etc. You don’t want employers to think you are expensive to insure, or worse, may not come to work alive one day.

Least important goes at the end

When including this material in your resume, be sure to consider how you present this information. Be brief – and do not list more than 2-3 interests that you can clearly connect to the job. Place them at the end of the resume – so you don’t fight with more important content like experience or education that hiring manager MUST see. Label the section correctly – consider “activities and interests”, “areas of interest”, or “other” depending on all the information you are listing. Key point – keep it brief, avoid irrelevant fluff, and indicate interests to stand out, not push yourself out.

#HobbiesNInterests

Continue Reading

Business Entrepreneur

How to determine your freelance rates based on data, not your gut

(ENTREPRENEUR NEWS) Setting freelancer rates can be quite the tricky business. This tool does arms you with the data you need to grow your business

Published

on

freelance rates

The bulk of my professional career has been spent as a freelancer. The designation of “freelancer” has taken me on an interesting path that allowed for projects and opportunities I didn’t even know existed.

While I’m grateful for each and every opportunity, I now look back on some of these experiences and realize that I was vastly underpaid. For the most part, this is my fault as someone paying for a service is looking for the lowest possible rate and I never bothered to bargain out of fear of losing the role.

It was even at a point where I dreaded being asked my hourly rate because I didn’t know what the norm was. There was always a fear of charging too much and getting dropped for someone cheaper, or charging too little and looking inexperienced.

We recently talked about knowing your worth and how we freelancers often under charge for our services. Luckily, as this career path becomes more and more popular, there are now more resources devoted to helping us know what to charge.

Such a resource comes in the form of Freelance Rates Explorer. Created by Bonsai, this online tool gives users the ability explore rates from 40,000 freelancers worldwide.

“There are many sites like Glassdoor that offer salary data comparisons for full time employees,” said the tool’s developers. “However, there isn’t a site like this dedicated to provide insights on freelancers rates. We had this data, so we built the Rate Explorer to make it easy for freelancers to compare their rates in the largest publicly available rates database on the Internet.”

In order to find the standard rate for their field, users will input their role (either development or design), their skills (full stack, front-end, back-end, DevOps, iOS, and Android), experience (in years), and location. The Rate Explorer then generates a bar graph based on the answers and will show the most common hourly rates based on the number of freelancers and the rates range.

Bonsai also offers proposals, contracts, time tracking, invoicing and payments, and reporting. All of this is designed for freelancers.

As for the Rates Explorer, seeing the numbers calculated right in front of you may make you realize that you’re vastly underselling yourself.

Continue Reading

Emerging Stories