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The Young Rich: Top 10 myths exposed

The Young Rich: Top 10 myths exposed | Rich, Famous, and Inspiring | Scoop.it

There’s only one thing more inspiring (and that will make you more envious) than a successful and wealthy entrepreneur – that’s a young, rich entrepreneur.

Here are the top 10 surprises uncovered among a few of the attributes shared by Australia’s young rich.

1. They are clever beyond their years.Not so: they are naïve.

Sometimes being young and thinking you are bulletproof is a good thing. If you were about to start a new business, common sense would scare you away from the retail and technology sectors – barriers to entry are extremely low (any mug can start selling t-shirts at a market or start a website from home), and these industries are typically very crowded. Yet many of Australia’s most successful young entrepreneurs operate retail or technology companies. When they started their business, they were naïve enough to believe their business model or product could survive the cut-throat competition of a crowded market. They were right.

2. They do it alone.Not so: the young rich are exceptionally good at finding partners.

An increasing number of young entrepreneurs have recognised that sharing the load is sometimes the best way to build a business. Partnerships between old friends, husbands and wives, siblings and work colleagues are commonplace on BRW’s Young Rich list. Christine and Richard Matta are a great example. The perfume counters in the pharmacies Richard owned were struggling, so he bought in his wife to improve things. In a few months they had a booming new perfume business called Perfume Connection.

3. They shun the limelight and prefer not to discuss their success.Not so: they are masters of spin.

Where many older entrepreneurs prefer to build their businesses in anonymity, young entrepreneurs know that a business needs to stand out if it is going to have any hope of attracting investors and customers. Cosmetics king Napoleon Perdis has made himself into a make-up artist to the stars to sell his brand, and Craig Gore promotes his financial services business Wright Pattern Shakespeare by sponsoring V8 Supercars. Some people actually become the human embodiment of their brands, such as mobile phone retailer “Crazy” John Ilhan and hotelier Mark Alexander-Eber, who used his nickname Pubboy as the name of his company.

4. They use technology to create new innovations.Not so: they often do nothing more than take technology and apply it.

So many young entrepreneurs have become rich by figuring out how to use technology – and particularly the internet – to revolutionise existing industries. The way Bassat and Rockman’s Seek has revolutionised the classified recruitment advertising market in the last five years is astonishing. Or take Kelli Fox, who has used the internet to take her astrology services to a much wider audience and made almost $30 million in the process.

5. They come up with one good idea.Not so: often with the Young Rich these days, it is perseverance not a good idea that gets them on the list.

The dot-com boom killed so many businesses, but it didn’t kill the spirit of every web entrepreneur. David Gold worked for Looksmart before starting online retailer dStore in 1999. It was sold for $3 million a year later after eating $35 million of investors’ cash and Gold has sacked. But he has kept fighting; starting and selling a string companies, including Azure Wireless. He is now worth about $23 million.

6. They are based in major cities and start with good networks.Not so: Young entrepreneurs can come from a variety of backgrounds.

Nigel and Tania Austin started a clothing store called Cotton On in the regional Victorian town of Geelong in 1994. Nothing revolutionary about that, but the way they spotted a niche for relatively inexpensive youth fashion basics (like t-shirts, polo shirts and shorts) has allowed them to expand the chain throughout Australia and into New Zealand and Singapore. The value of the chain is about $100 million.

7. They go it alone.Not so: the new generation of the Young Rich seek a lot of help; hence the rise of the business coach and mentor.

Younger entrepreneurs seem to be much more willing to take on board advice and help than some of their older peers. The Seek founders cleverly bought in James Packer’s Publishing & Broadcasting Limited as an investor, which has helped open numerous doors for the company. Property developer Shaun Bonett (who owns Precision Group and is worth $300 million) and Peter Mavridis (founder of IT provider S-Central) have set up advisory boards to aid the development of their business.

8. They are arrogant and get rich on the labour of others.Not so: they value staff and go out of their way to reward them.

Some young entrepreneurs go to extraordinary lengths to repay loyal staff. John Ilhan took most of his workforce to Queensland for a holiday earlier this year. Rowena Szeszeran-McEvoy and Kerry McEvoy (who run the Australia Institute of Fitness training colleges) have given key staff Ferraris and Porsches.

9. They live the high life and party hard.Not so: many of these young entrepreneurs make enormous sacrifices and work extremely hard.

Wealth never comes without hard work, and young entrepreneurs make extraordinary sacrifices when their peers are out enjoying their youth. Take Queensland property developers Chris and Virginia Anderson, who are worth more than $60 million. They arrived in Australia from New Zealand with just $1400 and once worked 90 days straight over Christmas.

10. Entrepreneurs get rich by creating a brilliant new innovation.Not so: try having natural talent.

The best way to get fabulously wealthy at a very young age is to be born with lots of natural ability and become a world-famous actor, singer or athlete. Nicole Kidman, Harry Kewell and Kylie Minogue have all become fabulously wealthy thanks to their unique talents. Sounds a bit easier than all that sacrifice stuff, doesn’t it?

Cherrie Bautista's insight:

Well, there you go.  It seems like we have a lot to learn from these young millionaires.  They have the "can do" attitude deeply ingrained to them.  They are not afraid to make use of resources available to them as well as talents and skills they have.  Fearless, Determined, and Positive!

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A million more people join the ranks of the global super-rich ...

A million more people join the ranks of the global super-rich ... | Rich, Famous, and Inspiring | Scoop.it
One third of the new wealthiest are from Asia, according to Royal Bank of Canada research.
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Golden Opportunity: 10 Famous People Who Started Their Careers At McDonald's (And Loved It)

Golden Opportunity: 10 Famous People Who Started Their Careers At McDonald's (And Loved It) | Rich, Famous, and Inspiring | Scoop.it

In Golden Opportunity: Remarkable Careers That Began At McDonald’s, author Cody Teets recounts some of the more notable stories of the 20 million Americans who began their careers working at McDonald’s--including Jay Leno, Amazon.com founder Jeff Bezos, actress Andie MacDowell, and Andrew Card, former White House chief of staff.

 

Click through the slides here to see the lasting lessons they learned about building a career during their years flipping burgers and slapping together McDLTs.

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5 things you might not know about rich people - The Week Magazine

5 things you might not know about rich people - The Week Magazine | Rich, Famous, and Inspiring | Scoop.it
The Week Magazine
5 things you might not know about rich people
The Week Magazine
Apparently, it's all relative. 2. They drive like jerks. Social scientist Paul K.
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How 12 Inspiring People Rose to Leadership

How 12 Inspiring People Rose to Leadership | Rich, Famous, and Inspiring | Scoop.it
How 12 Inspiring People Rose to Leadership. I just came across this awesome infographic from Mashable and thought you might like to have a glance. the graphic features 12 business leaders together with their stories about how they made it ...
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Daily Habits of Rich People - 1st Mariner Bank

Daily Habits of Rich People - 1st Mariner Bank | Rich, Famous, and Inspiring | Scoop.it

Ever wonder how the rich people get rich or stay rich? With so much economic uncertainty these days, it seems almost everyone I know is a bit nervous about their financial future. Interestingly enough, there seems to be some common traits in how rich people structure their day.

Farnoosh Torabi of Yahoo! Finance recently highlighted financial planner Tom Corley and his book Rich Habits: The Daily Success of Wealthy Individuals. (“Wealthy” here is defined as earning at least $160,000 annually and maintaining assets of at least $3.2 million.)

Mr. Corley spent 5 years studying 320 “rich” individuals and determined several common behavior patterns.

1) Early Risers

Almost half of the wealthy individuals are early risers, waking up 3 hours before work; the time is spent reading or working out.

2) Structure

Wealthy people do not waste time. They maintain daily lists of tasks and complete (and check off) approximately two-thirds every day. Also worth noting, wealthy people have short and long term goals (which they review diligently).

3) No Long Lunches

In the movie Wall Street, Gordon Gekko said, “Lunch is for wimps.” He appears to have good company in that Mr. Corley determined that most wealthy people forgo long social lunches; instead they network or conduct business at lunch.

4) Calorie Counting

Wealthy people watch their weight. They limit alcohol and junk food snacks to 300 calories a day. Health is wealth to them.

5) Gossiping

Only 6% of those interviewed admitted to gossiping; they are too busy making money to care about anyone else’s business.

6) Limited Internet

High net worth people spend their down time networking or socializing, whereas the lower net worth interviewees spend at least one hour a day on Facebook and/or elsewhere on the internet.

I don't know about you but I am going to start setting my alarm clock quite a bit earlier and avoid the snooze button!

Cherrie Bautista's insight:

These are excellent points we can all learn from.  I particularly like #4, where rich people believe health is wealth.  So true.  A lot of people don't pay attention to their health and just focus on wealth building, only to regret about it in the future when they become too sick to enjoy their wealth.

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20 Inspiring Startups Aiming to Improve the World

20 Inspiring Startups Aiming to Improve the World | Rich, Famous, and Inspiring | Scoop.it
Social innovations.(incredible innovations & people MT @SocInnovators @mashable 20 Inspiring Startups Aiming to Improve the World http://t.co/1dK79iqDHE)...
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15 Rich And Famous People Who Used To Be Homeless

15 Rich And Famous People Who Used To Be Homeless | Rich, Famous, and Inspiring | Scoop.it

In order to get to where they are today, some people really had to beat the odds. 

These people weren't just poor — they were homeless.

They eventually turned their lives around and became an inspiration to anyone who dreams of a professional career despite starting from nothing.

Here are 15 inspiring stories of people who at some point in their lives had nowhere else to sleep but on the streets. 



Read more: http://www.businessinsider.com/formerly-homeless-people-who-became-famous-2012-6#ixzz2cjv6sF1W

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Jillian Michaels of The Biggest Loser inspires people to build their self-worth. - Ottawa Citizen

Jillian Michaels of The Biggest Loser inspires people to build their self-worth. - Ottawa Citizen | Rich, Famous, and Inspiring | Scoop.it
Jillian Michaels of The Biggest Loser inspires people to build their self-worth.
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