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Highly Successful Entrepreneurs Who Used to Be Homeless

Highly Successful Entrepreneurs Who Used to Be Homeless

The origins of successful entrepreneurs vary from person to person. But did you know that the following successes were homeless at one point?

1. Tyler Perry

Tyler_Perry_-_army_mil-66455-2010-03-09-180359

    Image courtesy of Sgt. Michael Connors, via Wikimedia Commons

    Known for portraying “Madea,” Tyler Perry has amassed fortunes, fame, and fun in his career in the entertainment industry. He’s gained fame as an actor, director, screenwriter, playwright, producer, author, and songwriter, specializing in the gospel genre.

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    Perry’s entered the entertainment industry in 1992 as a playwright. After listening to an episode of Oprah, where the daytime talk show host suggested that writing things down was cathartic, he decided to write his first play. I Know I’ve Been Changed was about the pain and shortcomings Perry had experienced in life.

    He was homeless for months at a time and spent many nights in pay-by-the-week hotels or in his car. He used the little money he had to get I Know I’ve Been Changed into a local theater in New Orleans, but he couldn’t seem to draw an audience to the play. However, his persistence and perseverance paid off in 1998. During a limited showing of the play, audiences began to show up in big numbers. The play was so successful, it then moved to the Fox Theater in Atlanta.

    Since 1998, Perry has written 13 additional plays and 12 films. In 2008, he opened his own entertainment studio in Atlanta, with a 400 employee workforce behind him.

    2. Dani Johnson

    successful entrepreneur
      Courtesy of Dani Johnson media kit

      If you don’t believe you can go from living out of your car with $2 in your pocket to becoming a millionaire at 23 years old, then take a look at Dani Johnson. Her life was marred by sexual abuse from her stepfather, teenage pregnancy, and being homeless, but she didn’t allow that to stop her from finding success. In fact, Johnson has turned the obstacles she’s faced into lessons and speeches that empower others to strive for greatness.

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      Johnson’s first brush with success came after she began marketing products for a health company from the back of her car. She soon became the company’s top salesperson. Her success sparked interest from others who wanted to know how to duplicate her achievements. Johnson decided to launch her own training company to teach her business skills to others. The training company later lead to the development of her own health and nutrition marketing company.

      The success of both companies turned Johnson into a multimillionaire by the age of 23.

      3.  Suze Orman

      successful entrepreneur

        Courtesy of Suze Orman media kit

        When it comes to personal finances, Suze Orman is one of the persons you think of first. Her knowledge and enthusiasm for money has made her a multimillionaire, but her road to fame and success was not easy. She had to overcome several roadblocks — including a speech impediment that caused poor performance in school, dropping out of college, and living as a homeless person.

        Growing up, Orman struggled to pronounce her R’s, S’s, and T’s properly, which hampered her reading ability throughout the student years. According to Orman, she didn’t score well on her SAT exam. This limited the colleges she could attend to either a community college or a state school. She was accepted into the University of Illinois at Urbana-Champaign, but ran into another challenge her senior year: She hadn’t fulfilled her language requirement. Despite what some may consider a radical decision, she decided to drop out and take a cross-country road trip.

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        Orman ended up in California, where she found her first job at a tree service making $3.50 an hour. She couldn’t afford to find a place to stay, so she and a friend lived out of the truck she had bought.

        Orman later found a job as a waitress, which inspired her to want to open her own restaurant. Through donations she raised a total of $50,000, putting the money into a brokerage account. However, the broker mishandled her money and lost it all in three months. This caused Orman to develop a curiosity for how brokers operate. She studied the field and learned all she could about Wall Street.

        Orman later interviewed for a job as a broker and was hired, making $1500 a month. She became one of the most successful brokers at Merrill Lynch. After leaving the company, she used her knowledge of finance to teach people through TV, books, and seminars about how to effectively manage their money.

        4. Howard Schultz

        successful entrepreneur

          Courtesy of Starbucks Newsroom

          Howard Schultz is another example of the amazing amount of success you can gain by simply not allowing your situation to get you down. As a kid growing up in New York City, Schultz and his family were poor. They stayed in public housing and struggled to make ends meet. After graduating from high school, Schultz became the first in his family to attend college — with the help of an athletic scholarship to Northern Michigan University.

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          After a successful stint at Xerox, he took on a management role at a coffee manufacturer that worked with Starbucks at the time. He was impressed with the coffee chain that consisted of only four stores. It inspired him to open his own coffee shop, but he had one problem — money. It would cost him hundreds of thousands of dollars to open his own coffee business.

          Following years of dedication to raise the money necessary to open his first shop, he finally had enough. In 1986, he opened Il Giornale and within years he had bought the Starbucks chain and turned it into a multi-billion dollar business.

          Today, Starbucks is the universal name for gourmet coffee.

          Featured photo credit: Dani Johnson via danijohnson.com

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          Kim Beasley

          CEO/Business Visibility Strategist

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          Published on March 20, 2019

          How to Write a Powerful Mission Statement for Your Business

          How to Write a Powerful Mission Statement for Your Business

          Have you ever felt lost in the minutia of your job?

          As a business owner, I can relate to getting bogged down in the day to day operations of my business. Things like inventory, payroll, scheduling, purchasing and employee management take up the bulk of my day.

          While these things are important and need to get done, focusing too much on the details can make you lose sight of the big picture. This is why having a good mission statement comes in handy.

          What is a Mission Statement?

          Put simply, a mission statement is an internal document that provides a clear purpose for the organization. It provides a common reference point for everyone in the organization to start from.

          In other words, after reading your company’s mission statement, managers and employees should be able to answer the question “What are company’s main objectives?” For example, Southwest Airlines mission statement reads:[1]

          “Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. We are committed to provide our Employees a stable work environment with equal opportunity for learning and personal growth.”

          In this single statement, Southwest conveys the company’s goals of providing the highest level of customer service as well as providing a good working environment for their employees.

          Mission Statement VS. Vision Statement

          While the mission and vision statements are related, there are subtle but distinct differences the you should be aware of.

          First of all, a mission statement is designed primarily as an internal company document. It provides clarity and direction for managers and employees.

          While there’s nothing wrong with sharing your company’s mission statement with the outside world, its intended audience is within the company.

          While a mission statement provides a general framework for the organization, the vision statement is usually a more inspirational statement designed to motivate employees and inspire customers. Going back to Southwest Airlines, their vision statement reads:[2]

          “To become the world’s most loved, most flown, and most profitable airline.”

          This statement inspires good feeling from the customer while motivating the employees to achieve that vision.

          What Does a Good Mission Statement Look Like?

          When coming up with a mission statement, it’s important to take your time and do it right. Too often, people (especially entrepreneurs) just write down the first thing that comes to mind and they end up with worthless or (worse yet) a generic mission statement that is utterly useless.

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          Remember, a mission statement should provide a common framework for everyone in your organization.

          When writing a mission statement, you should always try to incorporate the following;

          • What we do?
          • How we do it?
          • Whom do we do it for?
          • What value are we bringing?

          Now, you can see how tempting it is to just come up with something generic that ticks off those four boxes. Something like “We provide the best widgets available online for the consumer.”

          After all, that did check off all the boxes:

          What we do? Provide widgets.

          How we do it? Online.

          Who do we do it for? The consumer.

          What value we bring? The best widgets.

          The problem with this mission statement is that it could apply to any number of companies producing the same widget. There is nothing to distinguish your company or its widgets from any of your competitors widgets.

          Compare that mission statement to this one:

          “We provide the highest quality widgets directly to the consumer at an affordable price backed up with a 100% satisfaction guarantee. If our clients aren’t 100% satisfied, we’ll make it right.”

          What’s the difference?

          Both mission statements answer all the same questions of what, how, whom and value. But in the second statement, they are differentiating their company from all other competitors by answering the question “what makes us unique”.

          Another way to read that is, “Why you should buy from us.” In this example, it’s because our widgets are of the highest quality and we stand behind them 100%.

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          You might have noticed the statement didn’t say that we sell widgets at the lowest possible price. That’s because we are emphasizing quality and satisfaction over price.

          A different company’s mission statement may emphasize selling widgets at the lowest possible price with little to no mention of a guarantee.

          Hallmarks of a Good Mission Statement

          1. Keep It Brief

          Your mission statement should be no longer than three sentences. This is not your company’s magnum opus.

          You should be able to distill the what, how, who and why questions into a succinct message.

          2. Have a Purpose

          A company’s missions statement should include the reason it even exists.

          Make clear exactly what the company does with statements like “We strive to provide our customers with …….”

          3. Include a “How”

          Take this as an opportunity to differentiate your company from its competitors.

          How do you provide a product or service that’s different or better than how your competitor provides it?

          4. Talk About the Value You Bring to the Table

          This is where you can really set yourself apart from the competition. This is the “why” customers should buy from you.

          Do you offer the lowest prices? Fastest delivery? Exceptional customer service? Whatever it is that sets you apart and gives your particular products, services or company an advantage talk about it in the mission statement.

          5. Make Sure It’s Plausible

          It’s okay to shoot for the stars just to settle for the moon, but not in a mission statement.

          Being overly ambitious will only set you and your employees up for failure, hurt morale and make you lose credibility. You will also scare away potential investors if they think that you are not being realistic in your mission statement.

          6. Make It Unique and Distinctive

          Imagine if someone who knew nothing about your business walked in and saw how it was operating, then they read your mission statement. Would they be able to recognize that mission statement was attached to that business? If not re-work it.

          7. Think Long Term

          A mission statement should be narrow enough so that it provides a common framework for the existing business, but open enough to allow for longer term goals. It should be able to grow as the business grows.

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          8. Get Feedback

          This is very important, especially from managers and employees.

          Getting their input can clarify how they currently see the company and their role within the organization. It’s also a good way to get people “on-board,” as studies show that people are more likely to go along with an idea if they feel included in the decision making process beforehand.

          9. Review Often and Revise as Necessary

          You should review the missions statement often for two reasons.

          First, as a reminder of what the essence of the company is. It’s easy to forget when you are in the day to day grind of the business.

          And two, to make sure that the mission statement is still relevant. Things change, and not everything can be anticipated at the time a mission statement was written.

          For example, if a mission statement was written before the advent of the internet, a company that use to sell things door to door now probably has a website that people order from. You should always update the mission statement to reflect these changes.

          The Value of Mission Statements: Why Go Through All of These in the First Place?

          It may seem like a lot of work just for a few sentences that describe a company, but the value of a well written mission statement should not be discounted.

          First of all, if you are an entrepreneur, crystallizing the what, how, whom and value questions will keep you focused on the core business and its values.

          If you are a manager or other employee, knowing the company’s basic tenants will help inform your interactions with both customers and colleagues alike.

          Strategic Planning

          A relevant mission statement acts as a framework for strategic planning. It provides guidance and parameters for making strategic decisions for the future of the company.

          Measuring Performance

          By having the company’s mission in a concrete form, it also allows for an objective measurement of how well the organization is meeting its stated goals at any one time.

          Management can identify strengths and weaknesses in the organization based on the criteria set forth in the mission statement and make decisions accordingly.

          Solidifying the Company’s Goals and Values for Employees

          Part of a well run organization is nurturing happy and productive employees.

          As humans, we all have an innate need for both purpose and to be part of something larger than ourselves. Providing employees with a clearly defined mission statement helps to define their role in the larger organization. Thus, fulfilling both of these needs.

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          Now I’m not saying that a mission statement can overcome low pay and poor working conditions, but with everything else being equal, it can contribute to a happier and more productive workforce.

          To Hold Management Accountable

          By creating a mission statement, a company is publicly stating its highest values and goals for the world to see. By doing so, you are inviting both the public and your employees to to scrutinize how well the company lives up to its ideals.

          So if you state that you only provide the highest quality products, and then offer something less, it’s fair for both the public and the employees to question, and even call for a change in management.

          If management doesn’t take the mission statement seriously, no one else will either; and the legitimate authority that management rely’s on will be diminished.

          To Serve as an Example

          This is the opposite side of the coin from the previous statement. If the highest levels of management are seen taking the mission statement seriously and actively managing within the framework of the statement, that attitude filters down throughout the organization.

          After all, a good employee knows what’s important to their boss and will take the steps necessary to curry favor with them.

          Finally, use the company’s mission statement as a way to define roles within the company. You can do this by giving each division in the company a copy of the mission statement and challenge the head of each division to create a mission statement for their respective departments.

          Their individual mission statements should focus on how each department fits in and ultimately contributes to the success of the company’s overall mission statement. This serves as both a clarifying and a team building exercise for all parts of the organization.

          Final Thoughts

          Developing a mission statement is too often just an after-thought, especially for entrepreneurs. We tend to prioritize things that we perceive will give us the biggest “bang for our buck.”

          Somehow, taking the time and effort to sit down and think seriously about the what, whom, how and value of our business seems like a waste of time. After all, we got in the business to make money and become successful, isn’t that all we need to know?

          That mindset will probably get you started okay, but if you find yourself having any success at all, you’ll find that there really is such a thing as growing pains.

          By putting in the time and effort to create a mission statement, you are laying the groundwork that will give you a path to follow in your growth. And isn’t building long term success what we are really after?

          More Resources About Achieving Business Success

          Featured photo credit: Fab Lentz via unsplash.com

          Reference

          [1] Southwest Airlines: About Page
          [2] Fit Small Business: 10 Vision Statement Examples To Spark Your Imagination

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