Yahoo just recently came out with an article about young entrepreneur who became at least a millionaire if not a billionaire by age 25. The first example is probably everybody's favorite - Mark Zuckerberg, co-founder of Face book.He is the prime example of generating an asset from an idea like I talked about earlier because he went from from no wealth to being a billionaire within a few years. It takes a lot of work to do it though.
Micheal Dell is always an example of becoming a millionaire because he started his home-based computer business out of his garage at age 19 and he is now worth 13.6 billion dollars. Me and my older brother Jeremy started a business for refurbished computers where we would fix old computers and re-sell them. It was called Booyah! Computers. Booyah came from the ESPN quote we always quote with each other. The venture did fail because our supplier kept sending us completely broken monitors - nothing was refurbished in the least bit just broken. I will admit that we gave up rather quickly. Instead of searching for a solution to the problem like finding a different supplier we just kept going to class to earn our respective degrees.
Catherine Cook was an example of an early millionaire that I had never heard of. She started a website at myyearbook.com. It appears to be kind of like a facebook, hotornot, and zoosk mix of a website. She made her first million by the time she was 18 years old.
The next example was Sean Belnick who made his first million by the time he was 16 years-old. He wasn't even out of high school yet. He set up a online business furnishing store. He still earned his degree after he became a millionaire in business.
Juliette Brindak's company was valued at $15 million dollars by the time she was 19. She started MissOandFriends.com. She developed the "cool girl" cartoon characters at age 10 which in 2005 was very popular with the tween girls. I was not familiar with her either until this article came out. I am currently working on a storyline for a cartoon with a friend who is a writer. We are currently at the stage in development where we have no solid idea on how to continue developing the idea. The trick, for me at least, is going to be sticking with it since I am in a unfamiliar territory and and do not know what to do.
The common thread between all of these young millionaires is they all started their fortune by through an online business. Some were social networking sites like facebook or myyearbook. Even Matt Mickiewicz was a a bit in in the social networking but specifically for web development. Others, sold physical products through there website like in the case of Dell and his computers and Sean Belnick through his furnishing website. bizchair.com.
Obviously, these examples are not typical. Anyone not in fantasy land can see the real possibilities of these ideas possibly not working out. Everyone of these brilliant minds utilized their ability to think for themselves and try out new possibilities. The article says that Matt Mickiewicz illustrates the idea that the Internet allows immediate customer feedback which makes it very cheap to test ideas. My favorite advice from any of the entrepreneurs was from Mickiewicz he said, ""People who say it takes money to make money are using the worst excuse ever. . . Create massive value for others by providing a solution where no other exists."
That is essentially the entire idea of creating an asset without tons of money. That is firsthand experience with someone who really knows too because their entire experience has been in this area.
Additionally, here are some quotes to guide aspiring entrepreneurs from the new young rich.
"You've got to be passionate about it," he said in an interview with the Academy of Achievement.
"I think people that look for great ideas to make money aren't nearly as successful as those who say, 'Okay, what do I really love to do? What am I excited about?' "
-Micheal Dell
"Stop just thinking about it, and make it happen. When you're young is the best time to start your own business, as you do not have the responsibilities you will have when you're older. The worst that can happen if you fail now is that you have firsthand experience to make your next venture a success."
-Catherine Cook
"It is never too early to start. I started when I was 14.There was a lot of great information on the Internet. Just do the research and find a way to do what you want to do."
-Sean Belnick
If you would like to read the article click here.
Everybody says that you should have a role model to model the success of what you want to achieve. That is what Rich Dad is to Kiyosaki. Although the role-model role comes out in a mentor form, it would be an incredible way to learn from these financially intelligent young people that help them turned their idea into millions by being an incredible asset alchemist.
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