Billionaires Who Started Out Poor Shared What Traits?
|January 3, 2014||Posted by Staff under Inequality / Concentration|
15 Billionaires Who Were Once Dirt Poor
This 2014 excerpt of Business Insider, Jan 1, is by Vivian Giang.
Wealth tends to create more wealth, but a rich background is not the only way to the top. Some of the world’s wealthiest people started out dirt poor.
All from humble beginnings, these 15 people not only climbed to the top of their industries but also became some of the richest people in the world.
Although the rich do get richer, these rags-to-riches stories remind us that through determination, grit, and a bit of luck anyone can overcome their circumstances and achieve extraordinary success.
Ed. Notes: These bio blurbs, of course, are not thorough. So bear in mind that business success strongly favors a certain personality type, the salesman; not everyone has that competitive edge. And the role of luck is not little but huge, one needing to be in the right place at the right time.
Still, what can gleaned from these Horatio Alger tales? On the surface it seems most of these fortunes are owed not only to the entrepreneur’s determination but also to the size of the US economy, and being able to win a niche in this massive market.
Some examples: Selling your product to big buyers, such as car bumpers to Detroit’s Big Three or computers to the federal government. Another: Starting a fad or getting in on the ground floor, such as a clothing or cafe brand. Others are owed to government granted monopoly, such as a phone company getting a franchise or a software company getting exclusive patents. A few come from capturing the ground rents in big construction projects. And one, Oprah, is almost solely from selling one’s self, but her family were landowners, which is hugely stabilizing. Selling themselves is something they all had to do early on when winning over lenders and investors. So our hats are off to these people.
However, that said, would their fortunes still be as big in a just economy? What if there were no oligopolies as in car manufacturing, or boundless bureaucracy as in the federal government, or fresh, cheap credit for insider banks and big business, or stock-piling of patents for mere filing fees? Or a desperate workforce lacking leverage to negotiate higher wages? And what if people felt so good about themselves as unique individuals that they did not feel the need to belong to an immense faceless mass and preferred creative cafes and non-label clothes? Then you’d still see chains, but they couldn’t be so dominant.
If we did geonomize the economy, we’d create a level playing field, and while fortunes would be smaller, they’d be more numerous, too, so we’d hear many more stories of material success.