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Examples of small business advice
Small business advice, “You need money to make money,” according to an old adage. There are, however, a few wealthy people who worked hard to get to where they are now.
Entrepreneurs are frequently inspired by rags-to-riches stories. They help you get to the next level of success by clearing your mind of anxieties and procrastination.
If the demotivating voice in your head comes back to bother you, use these five inspiring rags to riches stories of people who achieved amazing success.
There is no such thing as overnight success
“You can’t expect to achieve success in one or two years when you start a firm.” When Do Won Chang was in his twenties, he and his family emigrated from South Korea to the United States.
He was a dishwasher in a coffee shop. He went to work at a petrol station as well. He then decided to open an office cleaning company.
Those three occupations kept him busy every day from the time he got up until midnight. “What do you do for a living?” he’d ask whenever he noticed a man driving a nice car at the gas station.
He saw a pattern: a lot of them worked in the clothes sector. So he resigned his job as a dishwasher and went to work in a clothing store to learn everything he could about the industry.
He managed to save $11,000 from his three jobs. He utilized the funds to launch Fashion 21, a low-cost wholesale clothes store. In its first year, it had a revenue of $700,000.
He began to expand his business and renamed it Forever 21. Rather than lowering costs during the Great Recession of 2008, Chang elected to open even more Forever 21 stores. His goal was to create 7,000 new employment per year, which would benefit his business as well. Do Won Chang now has a net worth of $3.1 billion.
There are no major secrets in my life
“There is no big secret in life. If you are willing to try, you will achieve your goals.”
It’s hard not to remember the Queen’s humble beginnings on the talk show when it comes to inspirational stories.
Oprah Winfrey was born to a teenage single mother who worked as a maid in a small town in Mississippi. They have to rely on family to make a living.
She was harassed by her classmates as a child because she wore clothes made of potato sacks. Her grandma would also smack her in the face with a stick if she didn’t do her chores.
She was sexually abused as a young child, at the age of nine. She had her first child when she was 14 years old. Shortly after birth, the infant perished.
Oprah’s experience with hell and back at such a young age only increased her sensitivity for others’ suffering. She was a brilliant student who excelled in all areas of her studies.
She received a college scholarship as well as a radio station employment. She rose through the ranks of the news department to become a news anchor. Her demeanor was genuinely unique.
She became the 1st black woman in history to sponsor her own talk show when she was 30 years old. She’s right now worth $2.8 billion.
Become addicted to success.
Oracle was co-founded by Larry Ellison, who came from the slums. “Winning is a drug for me. You want to win more as you win more.” During World War II, he was born in New York’s Lower East Side, when the neighborhood was impoverished and packed with immigrants trying to make a living. Ellison was moved to the South Side of Chicago to live with family after contracting pneumonia as a child.
Despite these challenges, he was able to continue his education and join Software Development Laboratories in 1977.
This was a critical decision because the firm was renamed Oracle in 1982. This is a corporation that generates $38 billion (Sh3.8 trillion) in annual revenue, and Ellison, who stepped down as CEO in 2014, has amassed a net worth of $69.1 billion.
Make an investment in your company
“Make an investment in your company. More than anyone, I believe in it.” Walmart’s founder was born into poverty. On a farm, he was raised. By milking their cows, bottling the milk, and delivering it to consumers, he assisted his family financially.
He had a paper route as well. In exchange for meals, he worked as a waiter in college.
With the help of a $20,000 (Sh2 million today) loan from his father-in-law and $5,000 (Sh0.5 million) from his savings, he bought a Ben Franklin variety store when he was 26 years old. He went on to start Walmart, the world’s largest company by revenue, with the support of his brother.
Walton’s net wealth had already surpassed $100 billion by 2015. Sam Walton died in 1998, but his story of a youngster who brought milk and newspapers throughout his hamlet continues to inspire thousands of people around the world.
Believe in yourself and your efforts
“Believing in your job and being creative are both essential components of success.” Ingvar Kamprad was born on a farm in the Swedish countryside.
His family was so destitute that he started selling matches to people in town when he was six years old. When he was ten years old, he tried to sell Christmas decorations door-to-door on his bicycle.
Kamprad had dyslexia, which made it difficult for him to get good grades. However, he made every attempt to overcome his disadvantage. When he was 17, his father handed him a small gift for good grades in high school.
He utilized the money to build a business in Elmtaryd, Agunnaryd called Ingvar Kamprad (IKEA). He learned that everyone needs furniture and home decor after years of trying to sell to his neighbors. As a result, he started selling things at a lower cost than his competitors.
Local furniture stores began to boycott him in order to prevent him from purchasing wholesale. They told him that if he wanted to sell furniture, it had to be his own design.
He decided to create furniture that was basic, modern, and inexpensive. IKEA presently has more than 350 locations throughout the world.
Ingvar Kamprad, who was 91 years old at the time of his death, died in January 2018.
