If you’re ever dreamt of being a billionaire, then you need more than one big idea to get there. Research shows that there are 1496 billionaires in the world and 960 of these are self-made and most of them made their wealth as serial entrepreneurs.
Richard Branson said that business opportunities are similar to buses and there is always one coming.
Among these entrepreneurs, only 15% of them built their empire on one business alone.
Richard Branson started by selling Christmas trees at a tender age of 12 years, he published a student magazine, opened a record store, opened a recording studio which made him his first million and sold records by mail order.
He made his first billion when he started Virgin airline.
Sheldon Adelson is another US billionaire who started by selling newspapers at 12 years. He also sold toiletry kits to hotels, he operated a vending machine and sold windscreen defroster spray. He made his first million running a computer trade show. He went ahead to operate a casino and came up with a mega resort hotel and became a billionaire when he set up a casino in Macao.
Mark Cuban is another US investor who sold garbage bags when he was 12 years. He also gave disco lessons and started a chain letter. He also ran a pub before he made his first million in a computer consulting firm.
Another millionaire we will look at is Groupon co-founder Eric Lefkofsky. He sold carpets when he was 18 years old. He later started a sports apparel line and made his first million with a marketplace for promotional items. He went ahead to start a print procurement firm, started an advertising software and had a logistics services business. He became a billionaire after co-founding the Group Coupon site.
Elon Musk is the PayPal founder and he started by writing video games at the age of 12 years. He made his first million with the online payment company. He also made space launch vehicles and became a billionaire by making electric sports cars.
As you might have noted, these billionaires showed their interest in entrepreneurship early while still in school.
From a study in 2010, Entrepreneurial Postures and Psychological Traits showed that these entrepreneurs had a need to achieve. Entrepreneurs also have low tolerance to ambiguity and have in inclination to risk taking and internal centre of control. This means that they are able to control what is happening in their lives and not being victims of circumstances.