“Seek advice on risk from the wealthy who still take risks, not friends who dare nothing more than a football bet.” – Jean Paul Getty
Founder of Getty Oil Company and 1966 Guinness Book of Records richest person, Jean Paul Getty was an industrialist and an astute entrepreneur.
Thanks to some shrewd investments he was one of few to come out of the Great Depression on top and went on to build a business empire with controlling interests in nearly 200 companies.
Famous for being a miser, when his son was kidnapped with a $17 million ransom, Getty agreed to pay no more than $2.2 million - the maximum that would be tax deductible – and loaned his son the remaining $800,000 at 4% interest.
“It takes 20 years to build a reputation and only five minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett
The ‘Oracle of Omaha’ is widely considered the most successful investor of the 20th century and one of the most influential people in the financial world.
Consistently ranking among the world’s wealthiest people, Warren Buffett bought his first shares at the tender age of 11, three for himself and three for his sister.
“The ability to deal with people is as purchasable as a commodity as sugar or coffee, and I will pay more for that ability than for any other thing under the sun.” – John D. Rockefeller
John D. Rockefeller was a famous American industrialist who revolutionised the oil industry by founding the market dominating Standard Oil Company in the 1800’s (now Chevron). He was known to borrow heavily, reinvest profits and adapt rapidly to changing markets.
He is also well known for defining the modern structure of philanthropy, through which he created several foundations that had a major effect on medicine, education, and scientific research.
“It’s more important to be smart than tough. I know businessmen who are brutally tough, but they’re not smart.” – Donald Trump
Outspoken American business mogul Donald Trump cut his teeth at his dad’s real estate company, helping develop an apartment complex while still at college.
After claiming business bankruptcy in the 90’s and going close to personal bankruptcy too, Trump staged one of the biggest corporate turnarounds dealing real estate to rocket into the billionaires club, where he still resides today.
“When people are placed in positions slightly above what they expect, they are apt to excel.” – Richard Branson
Founder and chairman of the 400 company strong Virgin group, Richard Branson is one of the world’s most recognised and successful entrepreneurs.
Starting out his business journey with a magazine called Student at the age of 16, Branson went on to open his flagship Virgin Records business at 22 and then to start up credit card, airline and mobile phone companies throughout a very colourful career.
“My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them...from the perspective of wanting to live life to the full, I felt that I had to attempt it,” Branson says.
“A real leader faces the music even when he doesn’t like the tune.” – Arnold H. Glasow
American businessman and humorist Arnold Glasow started his first business just after the Great Depression, a humour magazine.
He jumped on his hilarious niche in tough times, marketing the magazine nationally for companies to repackage and send to their own customers. A huge business success, Glasow ran the magazine for over 60 years.
While not a massive mogul, Glasgow’s great advice is well worth a mention here.
“Formal education will make you a living; self education will make you a fortune.” - Jim Rohn
Rags to riches entrepreneur Jim Rohn was a store clerk earning $57 a week before starting distribution of nutritional supplements that saw him become a millionaire in 5 short years.
Then, after the collapse of his company subsequent decline of his fortune from over $2.3 million to almost zero, he hit the speaking circuit and started a personal development business. He would continue presenting around the world for the next 40 years and go again from rags to riches.
“If you see a snake, just kill it. Don't appoint a committee on snakes.” – Henry Ross Perot
Uber efficient businessman Henry Ross Perot started out as a salesman for IBM before going it alone and founding Electronic Data Systems in 1962. Perot was refused seventy-seven times before he was given his first contract for EDS.
He later took the company public and it went from $16 a share to $160 within days before General Motors took a controlling interest in the company for $2.4 billion some 22 years after Perot started up.
With his money and spare time, Perot ran for the US presidency twice, in 1992 and 1996.
“Outstanding leaders go out of their way to boost the self esteem of their personnel. If people believe in themselves, it's amazing what they can accomplish.” – Sam Walton
As a teenager Sam Walton would milk the family cow, bottle the surplus and drive it to customers before doing his paper round and selling magazine subscriptions. Just to help the family make ends meet.
After being voted “Most Versatile Boy” at his highschool graduation, Walton’s entrepreneurial upbringing put him in good stead to take over management of a variety store at 26. That variety store blossomed into giant retail chain Walmart.
“Your time is limited, so don’t waste it living someone else’s life. Don’t let the noise of other’s opinions drown out your own inner voice. And most importantly, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” – Steve Jobs
Iconic Apple IT guru Steve Jobs was the charismatic personal computer pioneer that also revolutionised mobile music devices. He is credited with bringing Apple from within 90 days of bankruptcy to profitability in under two years.
iMac, iPhone, iPod, and now iCloud, there’s a good chance that you’re using one of Jobs’ devices right now.
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