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10 Lessons Everyone Can Learn From These Millionaires and Billionaires Who Started With Nothing

10 Lessons Everyone Can Learn From These Millionaires and Billionaires Who Started With Nothing

What unites all humans is our ability to strive for our dreams: to overcome obstacles, defy expectations, and dare to believe in the most fragile of things – ourselves.

We are not here to deify the super-rich. They are not intrinsically smarter, more enlightened, or happier simply because of their mind-boggling fortunes. There are exceptionally successful people whose impact is not measured in dollars, but in justice prevailing, crafts mastered, children nurtured.

Wealth is not a signifier of worth, but it can signal victory over the fears that haunt us all. To say these people started from nothing is a lie. None of us have nothing. As long as we have air in our lungs and thoughts in our heads, we’ve got some powerful resources to work with. These millionaires and billionaires started with those resources, too, and created so much more.

1. As a lonely student he realized video gaming made him reclusive, so he turned the camera on himself, gaining 31 million subscribers and counting.

Felix “PewDiePie” Kjellberg, the most subscribed YouTuber:

Felix Kjellberg

    How do you make money just playing video games? You become the guy everybody wishes they could play with. Yes, you’re good, so good that you can pick up any game and play it marginally well the first time. Then you film yourself playing every game out there – especially the stuff no one’s even heard of. But most importantly, you have fun.

    Felix doesn’t endorse stuff like many YouTubers. He literally just plays video games. And sticks chopsticks up his nose to see if he can sneeze with a straight face. From the beginning, Felix read every comment to learn from his audience. He let their comments be his guide, but he never compromised his conscience. He is genuine, relatable, and honest. He cares more about building his audience through content that meets his standards of integrity and fun than about making money. That’s the guy everyone wants to play with.

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    2. As a college student, she stopped going to class and chose to invest her parents’ college savings in an idea that is revolutionizing medicine.

    Elizabeth Holmes, founder and CEO of Theranos:

    Elizabeth Holmes

      Who has the gall to ask, “What is the greatest change I could make in the world?” and actually follow through with it? At nineteen, Elizabeth had an idea that medical testing should be accessible by the people who need the information – the patients themselves.

      She didn’t make a big fuss about her idea; she just quietly went about getting it done. “I just decided I would figure out how to make it work.” When asked how she has that much conviction, she answered, “You have to believe in yourself.” Maybe that’s too simple. Or maybe it is that simple.

      3. He arrived in the US at 16 with only $500 and worked through college until he went on to engineer a thriving business out of a failing auto parts manufacturer.

      Shahid Khan, CEO of Flex-N-Gate and owner of the Jacksonville Jaguars:

      Shahid Khan

        Shahid has an amazing talent for turning adversity into opportunity. Throughout his life, when he found himself in situations that seemed completely un-winnable, he has consistently been able to find the one leverage point to turn it all around. As he’s done so, he’s rescued thousands of American jobs that would have been lost without his savvy.

        He’s applying his innovative know-how to a new project: re-inventing the Jacksonville Jaguars. If he can turn this team around, he will prove again the power of his never-say-die optimism.

        4. Taught remedial English before starting as a stand-up comic at age 40.

        Joy Behar, long-time co-host of Emmy-winning talk show “The View”:

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        Joy Behar

          Most middle-aged women will tell you they have an unwanted superpower: they’re invisible. When Joy’s divorce went through, she decided she had nothing else to lose. Instead of surrendering to invisibility, she grabbed the mike and demanded to be seen. After years in the biz, she caught the attention of Barbara Walters who brought her on “The View.” She rode that wild ride for 16½ years.

          Joy calls it like she sees it. In an interview with John McCain before the 2008 election, she pressured him to answer for his “lies” on air, and this won her the admiration of many who feel that journalists don’t do enough to call politicians to task. Now she is in the position to pursue an abundance of opportunities or enjoy retirement at age 72 with over $8 million in the bank

          5. Raised by his mother and disabled father in housing projects, he would go on to create business that became a household name around the world.

          Howard Schultz, founder and CEO of Starbucks:

          Howard Schultz

            Waking at 4:30 each morning, Howard’s habits of hard work have served him throughout his life. He turned a football scholarship into business opportunities that allowed him to travel internationally. On a trip to Europe, he enjoyed the café culture that was missing in the US. Coming home, he invested in a small coffee shop business and turned it into the global presence we know today.

            Because he grew up in a home where his father’s disability condemned the family to poverty, he created one of the most progressive systems of benefits for Starbucks employees. While Starbucks has its critics, Howard takes this criticism personally. He genuinely wants to create a business of passion and substance, which is why he’s up at 4:30 and continually striving to improve.

            6. Rose from a frightening childhood to become the daily voice of hope for billions of people through The Oprah Show.

            Oprah Winfrey, CEO of Harpo Productions and The Oprah Winfrey Network:

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            Oprah Winfrey

              Name the obstacle, and chances are Oprah’s faced it. Poverty, abuse, racism, sexism, excessive weight. She doesn’t hide these struggles, which is one reason why she is able to connect with so many people. In a public forum, she doesn’t parade her issues about, but she doesn’t pretend that they don’t exist either. She, like PewDiePie, is the friend you wish you had.

              Oprah also trusts that what fascinates her will fascinate her audience, too. She dares to create what she longs to see in the world. And when she does, she builds foundational systems to sustain projects and seeks out aligned leaders to get the job done.

              7. When he couldn’t get hired by KFC, he hatched his own plan to create the largest eCommerce site in China.

              Jack Ma, founder of Alibaba:

              Jack Ma

                Jack is a quirky fellow, and those quirks haven’t always worked to his advantage. In fact, for quite a while his life was an embarrassing mess. He never gave up, and eventually found himself on a business trip to the US where he saw the success of eCommerce. He decided he could recreate that in China. Out of an apartment, he began a business that is now worth over $20 billion.

                Jack’s success comes from his ability to cooperate with people and create circumstances that solve critical problems. The edge he has over his competitors is that he created a system to address the distrust of eCommerce. Customers weren’t buying because they weren’t sure they would get what they paid for. When Jack led a team to fix this, the business boomed.

                8. As a cocktail waitress living in her car, she sobered up to start a multi-million business from a phone booth.

                Dani Johnson, motivational author and speaker:

                Dani Johnson

                  Dani posted handwritten fliers for a weight-loss product in a post office, and from a pay phone she made calls to potential customers. Calling a successful weight-loss center as a customer, she wrote down everything they asked her. Then she called her list of leads and asked those questions. It worked. She didn’t ask for someone to give her permission. She used the little she knew about the world to start something and just repeated what worked.

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                  Dani also learned the greatest key to success: don’t sell the product, don’t talk about yourself, just focus completely on the customer. Get them talking about themselves, listen, and then help them solve their problems.

                  9. As a boy in Sweden, he sold products door-to-door before starting the furniture company at 17 years old.

                  Ingvar Kamprad, founder of IKEA:

                  Ingvar Kamprad

                    While you may have never heard of this man, even Fight Club’s Tyler Durden had an IKEA catalog. His anonymity is one of Ingvar’s keys to success. It’s been said that he’s taken the bus to red carpet events and that he’s so thrifty that he keeps salt and pepper packets. He has made a concerted effort to remain an “everyman” so that he stays connected to the people his products are created for.

                    The other major key to Ingvar’s success: he knows the minute details of his business. His knowledge is encyclopedic. That only comes when a person takes the time learn and realizes that these little details matter.

                    10. Cleaned floors to support himself and his disabled mother on welfare before creating the messaging app used by billions of users.

                    Jan Koum, co-founder of WhatsApp:

                    Jan Koum

                      Jan has a distinct dislike for the clutter advertising adds to our lives. Growing up in Soviet-era Ukraine, advertising was absent from his daily life. When he immigrated to the US at 17, he saw how it affected the visual experience and effected business at Yahoo! where he later worked. WhatsApp does not sell ads and collects as little information as possible about its users so that it can focus on its mission.

                      Jan’s success has also come from his passion for the idea of private, convenient, inexpensive communication. He knows first-hand what it’s like to not be able to connect with those he cares about or fear that what is said will be monitored for political control. His passion and principles are solid, guiding every choice he makes.

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                      Last Updated on January 6, 2021

                      14 Ideas on How to Measure Productivity to Make Progress

                      14 Ideas on How to Measure Productivity to Make Progress

                      Everyone has heard the term productivity, and people talk about it in terms of how high it is and how to improve it. But fewer know how to measure productivity, or even what exactly we are talking about when using the term “productivity.”

                      In its simplest form, the productivity formula looks like this: Output ÷ Input = Productivity.

                      For example, you have two salespeople each making 10 calls to customers per week. The first one averages 2 sales per week and the second one averages 3 sales per week. By plugging in the numbers we get the following productivity levels for each sales person.

                      For salesperson one, the output is 2 sales and the input is 10 sales: 2 ÷ 10 = .2 or 20% productivity. For salesperson two, the output is 3 sales and the input is 10 sales: 3 ÷ 10 = .3 or 30% productivity.

                      Knowing how to measure and interpret productivity is an invaluable asset for any manager or business owner in today’s world. As an example, in the above scenario, salesperson #1 is clearly not doing as well as salesperson #2.

                      Knowing this information we can now better determine what course of action to take with salesperson #1.

                      Some possible outcomes might be to require more in-house training for that salesperson, or to have them accompany the more productive salesperson to learn a better technique. It might be that salesperson #1 just isn’t suited for sales and would do a better job in a different position.

                      How to Measure Productivity With Management Techniques

                      Knowing how to measure productivity allows you to fine tune your business by minimizing costs and maximizing profits:

                      1. Identify Long and Short-Term Goals

                      Having a good understanding of what you (or your company’s) goals are is key to measuring productivity.

                      For example, if your company’s goal is to maximize market share, you’ll want to measure your team’s productivity by their ability to acquire new customers, not necessarily on actual sales made.

                      2. Break Down Goals Into Smaller Weekly Objectives

                      Your long-term goal might be to get 1,000 new customers in a year. That’s going to be 20 new customers per week. If you have 5 people on your team, then each one needs to bring in 4 new customers per week.

                      Now that you’ve broken it down, you can track each person’s productivity week-by-week just by plugging in the numbers:

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                      Productivity = number of new customers ÷ number of sales calls made

                      3. Create a System

                      Have you ever noticed that whenever you walk into a McDonald’s, the French fry machine is always to your left? 

                      This is because McDonald’s created a system. They have determined that the most efficient way to set up a kitchen is to always have the French fry machine on the left when you walk in.

                      You can do the same thing and just adapt it to your business.

                      Let’s say that you know that your most productive salespeople are making the most sales between the hours of 3 and 7 pm. If the other salespeople are working from 9 am to 4 pm, you can potentially increase productivity through something as simple as adjusting the workday.

                      Knowing how to measure productivity allows you to set up, monitor, and fine tune systems to maximize output.

                      4. Evaluate, Evaluate, Evaluate!

                      We’ve already touched on using these productivity numbers to evaluate and monitor your employees, but don’t forget to evaluate yourself using these same measurements.

                      If you have set up a system to track and measure employees’ performance, but you’re still not meeting goals, it may be time to look at your management style. After all, your management is a big part of the input side of our equation.

                      Are you more of a carrot or a stick type of manager? Maybe you can try being more of the opposite type to see if that changes productivity. Are you managing your employees as a group? Perhaps taking a more one-on-one approach would be a better way to utilize each individual’s strengths and weaknesses.

                      Just remember that you and your management style contribute directly to your employees’ productivity.

                      5. Use a Ratings Scale

                      Having clear and concise objectives for individual employees is a crucial part of any attempt to increase workplace productivity. Once you have set the goals or objectives, it’s important that your employees are given regular feedback regarding their progress.

                      Using a ratings scale is a good way to provide a standardized visual representation of progress. Using a scale of 1-5 or 1-10 is a good way to give clear and concise feedback on an individual basis.

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                      It’s also a good way to track long-term progress and growth in areas that need improvement.

                      6. Hire “Mystery Shoppers”

                      This is especially helpful in retail operations where customer service is critical. A mystery shopper can give feedback based on what a typical customer is likely to experience.

                      You can hire your own shopper, or there are firms that will provide them for you. No matter which route you choose, it’s important that the mystery shoppers have a standardized checklist for their evaluation.

                      You can request evaluations for your employees friendliness, how long it took to greet the shopper, employees’ knowledge of the products or services, and just about anything else that’s important to a retail operation.

                      7. Offer Feedback Forms

                      Using a feedback form is a great way to get direct input from existing customers. There are just a couple of things to keep in mind when using feedback forms.

                      First, keep the form short, 2-3 questions max with a space for any additional comments. Asking people to fill out a long form with lots of questions will significantly reduce the amount of information you receive.

                      Secondly, be aware that customers are much more likely to submit feedback forms when they are unhappy or have a complaint than when they are satisfied.

                      You can offset this tendency by asking everyone to take the survey at the end of their interaction. This will increase compliance and give you a broader range of customer experiences, which will help as you’re learning how to measure productivity.

                      8. Track Cost Effectiveness

                      This is a great metric to have, especially if your employees have some discretion over their budgets. You can track how much each person spends and how they spend it against their productivity.

                      Again, this one is easy to plug into the equation: Productivity = amount of money brought in ÷ amount of money spent.

                      Having this information is very useful in forecasting expenses and estimating budgets.

                      9. Use Self-Evaluations

                      Asking your staff to do self evaluations can be a win-win for everyone. Studies have shown that when employees feel that they are involved and their input is taken seriously, morale improves. And as we all know, high employee morale translates into higher productivity.

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                      Using self-evaluations is also a good way to make sure that the employees and employers goals are in alignment.

                      10. Monitor Time Management

                      This is the number one killer of productivity in the workplace. Time spent browsing the internet, playing games, checking email, and making personal calls all contribute to lower productivity[1].

                      Time Management Tips to Improve Productivity

                        The trick is to limit these activities without becoming overbearing and affecting morale. Studies have shown that most people will adhere to rules that they feel are fair and applied to everyone equally.

                        While ideally, we may think that none of these activities should be done on company time, employees will almost certainly have a different opinion. From a productivity standpoint, it is best to have policies and rules that are seen as fair to both sides as you’re learning how to measure productivity.

                        11. Analyze New Customer Acquisition

                        We’ve all heard the phrase that “It’s more expensive to get a new customer than it is to keep an existing one.” And while that is very true, in order for your business to keep growing, you will need to continually add new customers.

                        Knowing how to measure productivity via new customer acquisition will make sure that your marketing dollars are being spent in the most efficient way possible. This is another metric that’s easy to plug into the formula: Productivity = number of new customers ÷ amount of money spent to acquire those customers.

                        For example, if you run any kind of advertising campaign, you can compare results and base your future spending accordingly.

                        Let’s say that your total advertising budget is $3,000. You put $2,000 into television ads, $700 into radio ads, and $300 into print ads. When you track the results, you find that your television ad produced 50 new customers, your radio ad produced 15 new customers, and your print ad produced 9 new customers.

                        Let’s plug those numbers into our equation. Television produced 50 new customers at a cost of $2,000 (50 ÷ 2000 = .025, or a productivity rate of 2.5%). The radio ads produced 15 new customers and cost $700 (15 ÷ 700 = .022, or a 2.2% productivity rate). Print ads brought in 9 new customers and cost $300 (9 ÷ 300 = .03, or a 3% return on productivity).

                        From this analysis, it is clear that you would be getting the biggest bang for your advertising dollar using print ads.

                        12. Utilize Peer Feedback

                        This is especially useful when people who work in teams or groups. While self-assessments can be very useful, the average person is notoriously bad at assessing their own abilities.

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                        Just ask a room full of people how many consider themselves to be an above average driver and you’ll see 70% of the hands go up[2]! Now we clearly know that in reality about 25% of drivers are below average, 25% are above average, and 50% are average.

                        Are all these people lying? No, they just don’t have an accurate assessment of their own abilities.

                        It’s the same in the workplace. Using peer feedback will often provide a more accurate assessment of a person’s ability than a self-assessment would.

                        13. Encourage Innovation and Don’t Penalize Failure

                        When it comes to productivity, encouraging employee input and adopting their ideas can be a great way to boost productivity. Just make sure that any changes you adopt translate into higher productivity.

                        Let’s say that someone comes to you requesting an entertainment budget so that they can take potential customers golfing or out to dinner. By utilizing simple productivity metrics, you can easily produce a cost benefit analysis and either expand the program to the rest of the sales team, or terminate it completely.

                        Either way, you have gained valuable knowledge and boosted morale by including employees in the decision-making process.

                        14. Use an External Evaluator

                        Using an external evaluator is the pinnacle of objective evaluations. Firms that provide professional evaluations use highly trained personnel that even specialize in specific industries.

                        They will design a complete analysis of your business’ productivity level. In their final report, they will offer suggestions and recommendations on how to improve productivity.

                        While the benefits of a professional evaluation are many, their costs make them prohibitive for most businesses.

                        Final Thoughts

                        These are just a few of the things you can do when learning how to measure productivity. Some may work for your particular situation, and some may not.

                        The most important thing to remember when deciding how to track productivity is to choose a method consistent with your goals. Once you’ve decided on that, it’s just a matter of continuously monitoring your progress, making minor adjustments, and analyzing the results of those adjustments.

                        The business world is changing fast, and having the right tools to track and monitor your productivity can give you the edge over your competition.

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                        Featured photo credit: William Iven via unsplash.com

                        Reference

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