IN STRATEGIC PARTNERSHIP WITH TAMKEEN
MAY 2013 003
Bahrain
MIX n’ MENTOR BAHRAIN
WUDU A BAHRAINI
INVENTION
6
KHALID ALMUHARRAQI
LOCAL STARTUP MISTAKES YOU SHOULD AVOID
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EDITORIAL
startupBahrain Magazine Project
Project Founder Ahmed AlSawafiri
Production Mazin AlSawafiri
Photo & Video Ali AlRiffai Click Here to watch the magazine team Interview on “MBC in a Week” TV Program Internet Required
The month of April was a very special month for ‘startupBahrain’. We were honored to present the project to HH Shaikh Nasser bin Hamad AlKhalifa during the eCommerce Forum who showed great interest and support. The magazine team also held an interview with the MBC TV channel for “MBC in a Week” program, which we believe will help in extending our reach to the Arab World. Those activities will not only help in getting more readers to the magazine, but in getting more attention to you, the Bahraini startup and entrepreneur!
Contributors Mohammed Isa Zain AlZayani Adel Maymoon Hamed Fakhro
Contact Us Mob : +97333 973330
Social Media
To all Android users, The Andoird Tablet app should be out very soon. Follow us on our social media channels for more updates. Enjoy the 3rd issue, and please talk to us if you have any ideas or suggestions to take the project further. Ahmed AlSawafiri startupBahrain Founder
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CONTENTS
Tap on a topic to go to it
Features
Bahrain
Youth & eCommerce Forum
Khalid AlMuharraqi, an unusual artist from Bahrain
Mix n’ Mentor Bahrain
Advice
WUDU, a Bahraini Invention
Resources
6 Local startup mistakes Book Reviews How to Kill Competition Gadgets Debrief Get Social NOW APPS Debrief
Worldwide Starbucks startup story 7 Keys to Ultimate Success by Richard Branson
startupFeatures
eCOMMERCE FORUM Under the patronage of His Highness Shaikh Nasser bin Hamad Al Khalifa, The Supreme Council for Youth and Sports President, The Youth & eCommerce Forum was held on the 28th April and was a great success. ‘startupBahrain’ team were honored to present the Project to His Highness at the opening of the forum.
A video messege from Khalid AlAmin to startupBahrain
The event was organized by the Bahrain Chamber of Commerce and Industry Young Entrepreneurs Committee, in collaboration with SMEs’ Support Center and Tamkeen.
dullah Fakhro, delivered a speech at the forum in which he expressed his appreciation to His Highness Shaikh Nasser bin Hamad Al Khalifa for his kind patronage of the forum which translates His Highness’s keenness and constant The event was attended by BCCI chair- communication with the youth sector man and members, a number of officials and stimulating them to accomplish all and invitees as well as a large gathering successes towards a prosperous future. of Bahraini youth interested in e-commerce projects which paves the way for Also, the Young Entrepreneurs Comgrowth of youthful energies in various mittee chairman, Mr. Khalid Al-Amin, businesses. His Highness Shaikh Nasser delivered a speech in which he asserted bin Hamad Al Khalifa made a speech at that the support of His Highness Shaithe forum in which he stressed the im- kh Nasser bin Hamad Al Khalifa to this portance of e-commerce for everybody forum will definitely contribute in its worldwide especially for youths and success and to attain its objectives in said that “e-commerce is a landmark supporting Bahraini youths in the field of for drastic transformations in various e-commerce. Also sundry speech were aspects”. He said that economic trans- delivered on this occasion by young formations in the Kingdom are clear- proponents of e-commerce projects ly visible for the eye of the beholder through the all-encompassing revival thanks to the wise vision of His Majesty King Hamad bin Isa Al Khalifa. The BCCI’s chairman, Dr. Essam AbPage 2/2
Official Press Release by BCCI
startupFeatures
Mix n’ Mentor Bahrain Tap here to register !
Mix n’ Mentor by WAMDA is a community event that brings together promising entrepreneurs with industry experts and investors to discuss specific startup challenges. Mix n’ Mentor Bahrain will be held on the 11th May at Al-Jasra Handicraft Centre.
From Dubai Mix n’ Mentor event Internet Required
startupBahrain had an interview with Fares Ghandour from Wamda who talked to us about Mix n’ Mentor Bahrain and why entrepreneurs should not miss attending the event. Can you tell us a bit about Mix n’Mentor ?
Mix N’ Mentor is a community event that serves both entrepreneurs and mentors. We’ve worked hard in 2012 to sculpt the format of the event so that mentorship sessions are both effective and open. It’s a place where entrepreneurs can discuss the challenges they face at thier starups in hopes of getting some actionable advice from mentors. The day is made up of 3 mentorship sessions, 1 hour each. We pre-match 7 entrepreneurs and 2 mentors in breakout sessions based on their weaknesses and strengths. Attendees rotate for the different sessions to ensure maximum diversity in discussion. The topics discussed are determined in advance according to what entrepreneurs need advice on most (attendees fill out a brief survey upon registration). The day also has room for networking, good food, and closes with a casual panel session to wrap up thoughts and ideas discussed during the event. Page 2/3
What do you aim to achieve with this event ?
Our aim is to bring entrepreneurs actionable advice and mentorship that is applicable to real life challenges faced at their startups. There is a lack of institutionalized mentorship for startups past idea or incubation stage. Mix N’ Mentor fills this gap and we are happy to say that the response has been overwhelmingly positive.
How was your experience with Mix’n’Mentor in other Arab cities ?
2012 was a year to tweak the event format, 2013 is the year to scale this initiative. So far, we have 12 cities lined up for our 2013 roadshow. We already kicked off with a successful start in Cairo on March 16th.
Have you seen direct impact of the event on entrepreneurs? Can you give us any examples ?
For Mix N’ Mentor Cairo, we had a total of 250 attendees, 30% of entrepreneurs said they found potential investors, 60% said they established new partnerships and a staggering 90% of mentors are still in touch with entrepreneurs they met at MnM. A good example would be one of the startups that attended
both Mix N’ Mentor events in Amman in 2012. They secured an investment from Dave McClure, founder of 500 Startups, who attended the Amman event last November as part of the “Geeks on a Plane” delegation.
Photo Gallery of Previous Mix n’ Mentor Events Slide up to view more
Who should attend Mix’n’Mentor, and what should they expect ? Any entrepreneur that is past the idea stage is welcome to attend. In addition to that, industry experts, serial entrepreneurs, venture capitalists, or those with past experience mentoring entrepreneurs are invited mentor. The event gives the chance for attendees to forge connections, build partnerships, establish plans of action and get some insight and feedback from fellow attendees. We expect everyone to be open and share, because that is the only way to ensure the sessions are effective.
Who are the main partners to the event in Bahrain ?
We are partnering with the Bahrain Development Bank who have shown us tremendous support on all fronts in order to ensure Mix N’ Mentor Manama will be successful. The event’s Strategic partner is Tamkeen and is co-organized by Tenmou. On a side note, we are extremely excited to be hosting the event at the Al Jasra Handicrafts center, this sort of venue helps promote the casual atmosphere of Mix N’ Mentor. We dislike hotel ballrooms as those are too boring and formal.
Are you planning any other events in Bahrain soon ? Not in 2013; certainly for 2014!
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Interview by Ahmed AlSawafiri
startupBahrain
Khalid AlMuharraqi An interview with an unusual artist <<<< Pull left to slide
A Video messege from Khalid - Tap to view the controllers
Can you introduce us to Muharraqi style he/she wants to portrait to the viewer, I just try to follow my passion and what suits studios ? Muharraqi studios was founded 10 years ago, and was driven since then by my personal passion to art and 3D. We mainly work on architectural visualization and project walkthroughs. This has been our main business since we started. Today, we also do TV commercials, 3D environments and production for TV shows just like the famous Ramadan program â&#x20AC;&#x153;Sha3beytat Alcartoonâ&#x20AC;?.
When did you discover your passion for art and graphics ? I am originally a traditional artist. I started painting since I was 10. I never thought I would get into the digital industry but that was somehow the evolution of traditional art versus technology.
What makes Khalid AlMuharraqi unique ? I donâ&#x20AC;&#x2122;t consider myself unique but I think every creative person in the industry has a Page 2/3
my eyes.
How did you transform your talent and passion to a full time career/ business ? I initially started with a company that does advertising and graphics design. In my free time, I used to explore 3D art out of interest and curiosity. I got in love with it and ended up spending 8 hours everyday after work to study and learn the concepts, applications and techniques untill I got recognized by industry experts in the 3D world for my work.
Being an artist and an entrepreneur at the same time is a challenge, how do you manage both roles ? Trying to balance both roles is very difficult, as one is what you love to do while the other is basically what you have to do. There is a lot of mix of happy and unhappy days.
360 View of a character Developed by Khalid, Swipe to rotate
What are your greatest milestones/ Have you benefited from any of the accomplishments ? support programs ? My greatest milestone is that I have reached a bit closer to where I want to go.
How did you grow your business to reach regional and international markets ? If your product is good, you will automatically reach and people will be after you to work with them. In my case, I have workd with American, European, Japanese and even Austrailian firms. We have been hired by different companies to develop products that fit their usage.
What do you think of the entrepreneurship support in Bahrain?
I have benefited from a number of Tamkeen support programs and found that they are very supportive. I would however urge them to look at different support programs based on the company/industry rather than the size of the business or number of employees. I think this can make a great difference.
Whatâ&#x20AC;&#x2122;s your advice for young entrepreneurs in the graphics business ? My advice to entrepreneurs is to follow their dreams and never give up or take the negatives that come along the way. Try to focus on the positives. You are the only one who can determine if your business will be successful or not.
I think we are moving forward, but still behind schedule. The more we put our hands together and join forces to support young entrepreneurs set up their businesses and projects, the healthier the environment would be and the brighter the future. Page 3/3
Interview by Ahmed AlSawafiri
startupBahrain
Hamed Fakhro and Mohammed AlMoayyed
wudu
Wudu is the brainchild and property of Bahraini Cancer survivor, Inventor and Businessman Hamed Fakhro. It was incepted to help Muslims all around the world, have a safer â&#x20AC;&#x2DC;Wuduâ&#x20AC;&#x2122;. startupBahrain is glad to bring you the full story of this simple yet brilliant invention.
The Story of Wudu When the idea came to me it was simple. A washbasin with a lower basin attached that could be used to wash the feet. As I pondered the idea and flipped it around in my head, I kept wondering why nobody had done it before. Five years later, I know why. It’s a product desperately needed by many people who must wash their feet thoroughly and safely (five times a day) before prayer, not to mention children washing their hands safely as well. I researched it, and discovered that nobody had invented such a thing before. This should be easy I thought, as I munched on my turkey sandwich and kept digging. Piece of cake To visualize my idea, I took a piece of styrofoam and started carving. As the square piece began morphing into a legible shape I got increasingly excited. When I was done, I fitted some taps (mixers) and drain holes to see how it would look and feel. It actually looked half decent. “This might work!” I exclaimed happily.
till we submitted the drawings and patent applications. Then I targeted a manufacturer. Of course it had to be the biggest and best in the world. After having to break their door down for an appointment, they met me for lunch and politely said that my idea was technically impossible to create and I needn’t Roadblocks, money pits, and stop waste my time anymore. As I left the factory they tried to sell signs First off, finding a patent lawyer was me a container or two of their new a nightmare. After finding the best in plate product. My wings were broken. the Middle East, it took a year (and a nice chunk of my bank account) Page 2/3
Calling all units: Backup needed After being battered and bruised by the real world, I knew I needed backup. Who better than my good old friend Mr. Mohammed Almoayyed: An innovator, and vice Chairman of YK Almoayyed. As we ate breakfast in his villa overlooking his soccer pitch, the smell of freshly cut grass and optimism filled the air. As soon as Mohammed saw the idea he loved it. He picked up the phone and barked his orders. The next week his GM and I headed to their ceramic manufacturer in Oman (Oman Ceramics) who greeted me with a red carpet, and together we designed the first version of Wudu. It was an automatic partnership and we easily agreed; YK Almoayyed would be my exclusive distributors. Will it work? Here I was with the first prototype, and it was time to test it. Would it be all I thought it could be? As the plumbing crew of six crowded into a guest bathroom in my villa, we inspected and studied the plumbing and drainage. Yes I thought; this is simple. We don’t need to rebuild anything! Just a few simple modifications to the pipes, a few cuts, and that’s it! But will it really work? Will it support my weight? Will it be easy on my back? Will it save water? I put my foot in, took a deep breath, Page 3/3
and pulled on the mixer. A clean cool steady stream of water gushed onto my foot confirming the dream that started five years ago. Wudu was born. Bring it to market but first survive cancer Now all I had to do was bring it to market. I had a Bahrain distributor, but I needed one in Saudi Arabia as well. So I met with the largest manufacturer in Saudi Arabia, and got a verbal agreement to start on 10,000 units. I also met with the Sunni Endowment directorate in Bahrain who loved it, and decided to start changing all the mosques in Bahrain. One moment I was soaring, the next moment: Splat. I was diagnosed with 4th stage Lymphoma (cancer). Oh great, now it’s time to fight for my life. When I staggered out of bed a year later, the dream of Wudu was dusty, all the people I knew changed already, and I was all but forgotten. I struggled at first but then got the interest of a few organizations who immediately ordered several test units. I am also working now on officially launching it at the GULF BID on the 7th to 9th of May at the Bahrain International Exhibition Center. So here I am. Re-launch Wudu. Take II.
startupBahrain
Advice
Local Startup Mistakes The 6 No No’s when starting up your business in Bahrain by Hamed Fakhro
1- Don’t fall in love with a dream Many people fantasize about starting a restaurant and having their friends over for dinner, or selling clothes and having a lifetime supply of “awesomeness”. It’s definitely cool to follow your dreams, if that is your specialty! A major mistake startups make is not having the necessary knowledge, experience, or expertise in a particular field and running completely on the daydream of the finished product. Before they know it, the passion has run out, reality has hit, they are bleeding money, and have no customers or income. Make sure you know exactly what you’re doing before you start. Just because you are awesome at ordering sushi, that doesn’t make you a sushi chef.
Advice
2- Don’t fight with government employees Although Bahrain is considered “Business friendly” relative to its GCC neighbors; it still leaves a lot to be desired. Red tape may snag your nerves, employees playing “hot potato” with your applications may be frustrating, and the helplessness you feel not knowing where to go or how to finish your paperwork may kill your soul. Keep your chin up, and your nerves cool. Bahrain realizes it has a lot to fix, and we all need to be part of the solution and not the problem. Don’t fight, stand your ground, be patient, and talk calmly but firmly to the supervisor/manager. 3- Don’t partner with friends or family As a matter of fact, try not to partner with anyone at all if possible. It’s always a good feeling to have those you love and trust around. When things are going good, they’re great! But when they go bad (and in business there is always a rough time), they get much worse; because it’s harder to face your friends with their mistakes and issues than an employee or a stranger. Things get very personal, very quickly. It’s also very hard to attain a balance of roles and responsibilities in a symbiotic relationship, and eventually resentment can creep in. So keep your business and personal life separate, and try to avoid partnering unless it’s crucial. 4- Don’t neglect Tamkeen support programs & benefits Tamkeen is awesome, and so are its privileges and programs. It is also a startup though, and is still working to improve its efficiency, speed, and clarity. I challenge you to find a better scheme internationally that throws that much money at its people. Go straight to them and find out how they can help you.
Advice
5- Don’t burn your budget “just cuz you can” It’s nice to have money, and its also nicer to spend it! Getting a nice office, furniture, and coffee machine are fine, but before you know it you could be in debt. Do NOT spend your company money unless it’s critical and you can get a return out of it. Once you begin taking a salary, that money is yours to burn. Try starting off in a Business center where you have a good idea of monthly spending, then expand only when you NEED to. 6- Don’t borrow money from family and friends Having easy money makes it easier to spend, and harder to pay back, no matter how much you love the lender. Also, it will definitely help you lose that person if you can’t pay it back. If a bank, government scheme, or angel investor won’t give you the loan then I’m sorry, but your idea probably needs more work. Go the hard way, nothing that’s worth it comes easy.
Advice
KILL Competition 5 steps to kill competition and lead the game by Zain AlZayani
This is a guide on how to kill your competition. The title may sound violent but trust me, with how competitive the market is these days – you will want to destroy your competitors. It’s a jungle out there. Given the small market that is Bahrain, there are a lot of copycat businesses popping up. One cupcake business opens and suddenly five emerge within the same vicinity. The Same applies to nail lounges, clothing stores…etc. The competition is so intense and the market is saturated – it often feels like there are not enough buyers. Everybody wants a piece of one tiny cake. So how do you, a startup, kill your competition? Focus on your idea You need to disregard similar businesses already in the market and focus on your idea, start from scratch and set
Advice
the standards. Build your business like you imagined it and just ignore the competition. Steer clear from going head-to-head with your competitors and stay focused on your own business. Aggression gets you nowhere. Your thinking hat on the other hand is your savior. Research the Market Once you’ve established your business (either on paper or physically), do a quick market scan and see what the competitors are doing. I know this contradicts my previous point – but it is important to note this step follows establishing your business and not the other way round. Learn from their mistakes and spot any differentiators that you can adapt in your business and add to your overall value proposition. Fear Your Competition Fear them not to the extent that you cower in the corner and tremble, but fear them so that you are constantly on your toes; with focused instincts and sharpened skills. Fear pushes you to be creative and keep your business exciting enough for customers to keep coming and spread the word. Be Innovative Innovate to the extent that your competition can’t even keep up with you. Don’t create your business and then sit back while you rack in the dinars. That cannot be sustained no matter how successful your business model is. You need to continuously read up and find new ways to innovate and delight your customers. They could be little things, as simple as a delicious cinnamon cookie with their complimentary coffee. Or an essential oil that is always burning in your store and that aroma will remind your customers of you wherever they go.
Advice
Invest and reinvest Finally, it is also important to reinvest in your business. Aiming for a profitable business is key, but reinvesting in it and constantly bringing the standard up is equally important. Shiny furniture at opening looks wonderful, shabby furniture 12 months later does not. Treat your business like your baby – take care of it through regular maintenance, redecorating if need be, and maintain the standard you have set. There is absolutely nothing wrong with closing for a day or two and completely refurbishing your premises – fresh coat of paint, recovering the furniture, servicing your air conditioner…etc. When you spend to keep your premises looking good – it shows, and customers appreciate that. These are a few tips that once applied, will set you apart from your competitors and can even result in you being in a league of your own. You have killed competition not by eliminating them or driving them out of business – but by operating in a completely different level than they are. Competition? What competition!
Advice
Get Social NOW Are you ready for the social media battle ? by Adel Maymoon
Recently, I learned that the percentage of smartphone users in Bahrain has reached 40%, while I believe the overall mobile penetration has already surpassed 150%. So, what does these numbers mean to you and your business? The continuous rise of mobile penetration and especially smartphones mean that more and more users are now consuming information, watching videos and socializing all from within that little smartphone screen. It also means that you as a startup should have an exceptional web and social media presence, not only to reach your customers but to compete with the active businesses out there. Smartphones today have replaced more than 20 devices (camera, video camera, voice recorder, microphone, MP3
Advice
(camera, video camera, voice recorder, microphone, MP3 player, GPS Navigation, etc) and this means that users are not just consuming information, but are also developing new content and adding more information on the go! With a smartphone and access to social networking channels, every person has become a journalist! He or she can post reviews about you or your product. They can and will share their experience with you online whether positive or negative. One negative review from a social media influencer (someone with high number of followers) can have a great deal of impact. However, if you are active and was able to track down the causes of the problem, you could turn things around and not only win the customer back, but actually have them write positive reviews about you. An old friend of mine, Jared Gulian from New Zealand was in Bahrain few weeks ago. He was invited to speak at the Bahrain International eGov Forum 2013. On his day of arrival and over lunch, he shared with me a story of one of his clients. It was a a spa which gave out discount coupons as part of their promotional campaign. It happened that one of the customers who got a coupon decided to pay a visit to the spa on a day the coupon was not valid. The customer ended up paying 10 extra dollars on her treatment instead of getting a discount. This made her very angry and she went and complained about this on various social media channels Jared and his client had good social media listening sys tems placed, so they were able to identify the customer behind the negative comments quickly. Instead of arguing with her on social networks about how good the spa is, or threatening her with legal action, they offered her a new discount coupon worth of 20 dollars. You wonâ&#x20AC;&#x2122;t b
Advice
lieve what happened next Jared tells me! The customer was so excited and she started posting great reviews on her experience, heavily promoting the spa on her networks and ended up being a brand ambassador. If the spa was not on social media they wouldnâ&#x20AC;&#x2122;t even know whatâ&#x20AC;&#x2122;s going on. They would start loosing customers based on negative comments and reviews while they are in ignorance. This spa however managed to turn a an unhappy customer to a brand ambassador, and that would not have happened if they had a weak social media presence. The future of your business depends on how good you use social media channels to connect with your customers and promote your products. Some researchers claim that with the rapid growth of social media and smartphones, a non-socially active business can hardly be around in 5 years time. Get Social NOW.
Worldwide
Starbucks
startup story
The phenomenal growth of Starbucks is a legendary story of American enterprise. Starbucks is now the largest coffeehouse company in the world with more than 18,000 location in more than 60 countries, annual worldwide earnings for the first quarter of 2013 of a record 3.8$ billion, and a stock market value exceeding 42$ billion.
in Seattle, Washington. Having met while they were students at the University of San Francisco, the three partners shared a love of fine coffees and exotic teas, and they believed that the market was ready for their brand of better-tasting coffee beans. Dutch immigrant and fine Arabica bean coffee importer, Alfred Peet, was the inspiration for the Starbucks business The Birth of Starbucks model. Peet was a coffee connoisseur In 1971, English teacher Jerry Baldwin, who ran a small coffeehouse in Berkeley, history teacher Zev Siegel, and writer California. Baldwin, Seigel, and Bowker Gordon Bowker opened their first visited Peetâ&#x20AC;&#x2122;s Coffee and Tea coffeehouse coffeehouse location in Pikes Place Market on many occasions and spent countless Page 1/2
hours listing to Peet explain the European method of dark-roasting beans to bring out their full flavor. The three friends became devoted customers of Peet’s coffeehouse. They even began to purchase their personal coffee supplies from Peet by mail. After making the commitment to open their own coffeehouse to sell coffee beans and other coffee products, each partner invested 1,350$. Then, with a bank loan of 5,000$ they opened their first location and decided to call the coffeehouse Starbuck Coffee, Tea, and Spice. During the startup phase, Bowker and Baldwin kept their day jobs and helped out during lunch and after work. Siegel worked full-time at the coffeehouse selling coffee beans as the company’s only employee.
Starbuck’s Meteoric Expansion
Within a year after opening their first coffeehouse they opened a second location. By the early 1980s, they operated fourStarbucks locations in the Seattle area. Now the company was positioned for continued growth even though Seigel had chosen to leave to pursue other interests. That was when Howard Schultz arrived on the scene. Schultz was an executive at Hammarplast, a Swedish maker of stylish kitchen equipment. He noticed that Starbucks was placing huge orders for their drip coffee makers and decided to pay the owners a visit. When he arrived, he was struck by the authenticity of the coffeehouse and the passion that Baldwin and Baker had for their business. Shultz approached Baldwin and Baker in 1982 with the idea of expanding Starbucks Page 2/2
Espresso, Crafted by Hand and Heart
all across America. Shultz offered to take a salary cut in exchange for an equity stake in Starbucks so that he could manage the expansion. Although they were worried that the company would expand too fast, they agreed to the proposal and brought Shultz on board. It was Shultz who reworked the coffeehouses in 1983 so that they recreated the experience of the Italian coffee bar culture. That’s when he introduced the baristas and the coffeehouses began to sell fresh-brewed coffees, espressos, cappuccinos, and lattes, as well as beans and coffee equipment. By 1992, Starbucks had opened more than 160 company-run stores. In December 2012, they announced that they would open an additional 1,500 locations over the next five years. As Starbucks continues to open new locations, they are also following a plan to expand their product offerings to include tea and juices in standalone tea or juice shops. Time will tell whether this strategy will pay off.
Worldwide
Worldwide
Richard Branson
The 7 Keys to Ultimate Entrepreneual Success Sir Richard Branson has worked his way up from selling records to the head of a multinational empire with a extravagant lifestyle. Knighted by the Queen of England as Sir Richard Branson for his contributions to entrepreneurship, his goals have turned to space travel and offering the public the opportunity to become astronauts on his personal spaceship.
net worth exceeding $4.6 billion. His Virgin brand is now associated with more than 400 companies worldwide, including a mobile phone network, airlines, gyms, gambling houses, bridal boutiques, a train company, and a space tourism company. He even owns 2 private islands.
Bransonâ&#x20AC;&#x2122;s bold spirit, fueled by perseverance, imagination, courage, and gut As of 2012, Branson is the 4th richest feelings helped him transform himself citizen of the United Kingdom and the from a high-school dropout to a self272nd richest man in the world with a made billionaire. Page 1/2
The Birth of an Entrepreneur
It’s Fun to Have Fun One of the most popular images of Richard Branson is of him waterskiing with a nude woman on his back. Life is too short to be unhappy. Branson says, “When it’s not fun, move on.”
Born on July 18, 1950 in Surrey, England, Branson struggled for most of his early years. He had a difficult time with math and reading in school. After nearly failing out of his all-boys school at the age of 13, he transferred to a boarding school before dropping out at the age Take Calculated Risks “Be bold. Don’t Gamble.” That’s Branof 16. son’s advice. His point is that you must When he dropped out of school, he never be afraid to say yes. Just make dropped out with a purpose. He dis- sure you do your due diligence. covered that he had a special ability to connect with others. He immediately Live in the Moment started a youth-culture magazine called Every moment is precious. Branson beStudent. It was a publication run by stu- lieves that even when you are working dents, for students. Branson launched long hours, you must find time to enjoy his magazine in 1966 and sold $8,000 your work and your life. worth of advertising in his first issue. Always Give Respect Branson learned the lesson of always The Secrets to Ultimate Success Here are the secrets to ultimate success giving respect when he met with a that Branson shares in one of his most group of Japanese businessmen in the popular books Screw It, Let’s Do It: Les- early 80s. He showed up to the meeting in jeans and a shaggy sweater. Still, they sons in Life and Business: treated him with traditional politeness and respect. He never forgot that lesSaying “Yes!” is Fun! Throughout his career, Branson claims son. to have said “Yes” more than he has said “No.” That’s because he believes in Continue to Give Back pushing himself beyond conventional The true meaning of life is to help others. When you experience success, wisdom. share it with those in need. Giving back makes the world a better place to live Dream Big! Branson dropped out of school and sold for everyone. records. Now he owns a space ship for tourists and a deep sea vessel that can reach the lowest depths of the ocean. That’s dreaming big.
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Worldwide