Drop out Millionaire

Do you feel rejected or left behind by your peers because you don’t have a college degree? Do you see your supposed illiteracy as a limitation to achieving your dreams? Or are you in the group that thinks education is the ultimate yardstick for success? If any of these questions best describes you, then please read on.

How does it sound to your ears that most of the world’s richest men and women were school drop outs? Well don’t be surprised; it’s the truth.

“I have nothing against education. But at times, education gives people false confidence. It makes people relax, trusting in the power of their certificates rather than in working hard.” – Rasaq Okoya

Today, I will be sharing with you a brief compilation of the entrepreneurial success stories of self made men and women; who took the bull by the horn by building a business, without being held back by the lack of a college degree. These men and women found their entrepreneurial spirit, surmounted business challenges, completed the entrepreneurial process and became successful entrepreneurs.

Warren Buffett, Mo Ibrahim, Mike Adenuga, Oprah Winfrey, George Soros, John D. Rockefeller, Sam Walton, Jerry Yang and David Filo, Anita Roddick, Sergey Brin and Larry Page, Jeff Bezos, Pierre Omidyar, Martha Stewart, Henry Ross Perot and Aliko Dangote; the richest black man in the world did not make the list because they possessed college degrees. Without wasting much of your time, below is a comprehensive list of some of the world’s richest school drop out billionaires.

1.            Bill Gates: He is the billionaire co-founder of Microsoft Corporation, the world largest software company. Dropped out of Harvard to focus on building Microsoft. According to Forbes magazine, Bill Gates has held the position of the world richest man for thirteen consecutive years and he not showing a sign of letting go that position.

“To win big, you sometimes have to take big risks.” – Bill Gates

“We were young, but we had good advice good ideas and lots of enthusiasm.” – Bill Gates

2.            Thomas Edison: Thomas Edison was labeled dumb and scatterbrain by his school teachers but he went on to become one of the world’s greatest inventors and founded General Electric; one of the most powerful companies in the world.

 “Many of life’s failures are people who did not realize how close they were to success when they gave up.” – Thomas Edison

3.            Orji Uzor Kalu: He is one of the richest men on the soil of Africa. This young billionaire was rusticated from college for his participation in a student’s protest. Instead of lamenting over his predicament; he started trading on palm oil and from that humble beginning, he grew his business into a conglomerate “Slok Group.” Though he was later pardoned by the school authorities, he rejected the amnesty offer thereby refusing to return to school.

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere.” – Orji Uzor Kalu

4.            Li Ka Shing: Billionaire owner of Hutchinson Whampoa; one of the largest conglomerates in Hong Kong, with operations that span over fifty countries and more than 220,000 staff worldwide. Dropped out of school at the age of 15 and started out by selling watch bands.

“The first year, I didn’t have much capital so I did everything myself. I had to keep my overhead low by learning everything about running a business, from accounting to fixing the gears of my equipment. I really started from scratch.” – Li Ka Shing

5.            Richard Branson: Best known for his adventurous spirit and outrageous business tactics. He dropped out of school at the age of 16 to start his first successful business venture; Student Magazine, bought his own 79-acre Caribbean island when he was just 24 and he was knighted in 1999. He is the billionaire founder of the Virgin brand and its 360 companies. His companies include the famous Virgin Atlantic Airways.

 “I wanted to be an editor or journalist. I was not really interested in becoming an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.” – Richard Branson

6.            Lawrence J. Ellison: Larry Ellison dropped out of college twice and was told by his adoptive father that he would never amount to anything but he went on to become a billionaire by building Oracle, the world’s second largest software company.

 “I have had all the disadvantages required for success.” – Larry Ellison

7.            Michael Dell: He dropped out of college at the age of 19 to start PC’s Limited; later renamed Dell Computers Inc. Dell became the most profitable PC manufacturer in the world making Michael Dell a billionaire.

    “I had to give it a full go and see what happened.” – Michael Dell

8.            Steve Jobs: Billionaire co-founder of Apple Inc and Pixar; dropped out of Reed College to start Apple.

9.            Henry Ford: This automobile billionaire was born in abject poverty. He never saw the four walls of school but he went on to build Ford Motor Companyand become one of the richest men that ever lived.

 “Thinking is the hardest work to do, that’s why so few people are engaged in it.” – Henry Ford

10.          Walt Disney: Walt, regarded as the most influential animator because of his creativity with cartoons. He dropped out of high school at 16 and founded Walt Disney; a company which now has an annual revenue of about $30billion.

“If you can dream it, you can do it.” – Walt Disney

11.          Ray Kroc: Billionaire Ray Kroc never saw the four walls of school and spent most of his life working as a salesman. He bought McDonald’s in 1961 for $2.7m and grew it into a multi billion dollar company.

“Press on. Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

12.          Debbi Fields: A 20 year old housewife with no education and business experience started Mrs. Fields Chocolate Chippery and became the most successful cookie company owner. She later renamed, franchised, and then sold Mrs. Field’s Cookies.

“You don’t have to be superhuman to do what you believe in.” – Debbi Fields

13.          Cosmos Maduka: Nigerian Elementary school drop out andbillionaire founder of the Coscharis Group.

14.          Ingvar Kamprad: Billionaire founder of IKEA. He dropped out of high school at the age of 17 to start IKEA; now the top home furniture retailer in the world, with over 90,000 employees working in its 200-plus stores, and annual revenues in excess of $10 billion.

 “I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

15.          Carl Lindner: Billionaire investor and founder of United Dairy Farmers. He dropped out of high school at the age of 14 to deliver milk for his family diary.

16.          Simon Cowell: Famous for his involvement in American Idols, hedropped out of school at age 16 and started his own record label “Fanfare” at the age of 23.

“Good is not enough; you’ve got to be great.” – Simon Cowell

17.          Mary Kay Ash: Founder of Mary Kay Inc and best known as the most outstanding business woman in the 20th century. Mary never saw the four walls of school.

“When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.” – Mary Kay Ash

18.          Coco Chanel: Fashion magnate and founder of the Coco Chanel brand, she never saw the four walls of school.

19.          Wayne Huizenga: Wayne is the only person in history to build three Fortune 1000 companies practically from scratch: Waste Management Inc, Blockbuster Entertainment and AutoNation. He is the only person to have developed six NYSE-listed companies.

He also owns the Miami Dolphins and is previous owner of the Florida Marlins baseball team and the Panthers hockey team, making him the only person ever to own three pro teams in a single market, two of which won national championships. He dropped out of college to join a friend in a garbage collection business.

20.          Barry Diller: This billionaire media magnate dropped out of college to start Fox Broadcasting Company. He is chairman of Expedia, and was once the CEO of IAC/InterActiveCorp which includes Home Shopping Network and Ticketmaster.

“There’s a world in which reasons are made up because reality is too painful.” – Barry Diller

21.          Andrew Carnegie: Founder of Carnegie Steel Company and one of the richest men that ever lived. Born in abject poverty, Andrew never saw the four walls of school.

“I shall argue that strong men conversely know when to compromise and that all principles can be compromised to serve a greater purpose.” – Andrew Carnegie

22.          Sir Philip Green: Billionaire retail mogul and owner of the Arcadia brand, he dropped out of school at the age of 16. After four business failures, Philip Green made his first million at the age of 33.

“If you’ve got a natural talent, I think it’s fantastic. If I wasn’t in retail, being a singer or a tennis player would be a better idea.” – Sir Philip Green

23.          Madame C. J. Walker: She was born into the family of ex-slaves and farmers. Despite being widowed at the age of 20 and faced with extreme hardship, she started a cosmetics business and went on to become the first American self made female millionaire.

“I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them” – Madam C.J. Walker

24.          Mark Zuckerberg: The youngest billionaire in the world, dropped out of Harvard to promote his social networking platform; Facebook. As at 2010,he was 23 years and worth $4billion.

25.          Ted Turner: Billionaire drop out media mogul and founder of CNN; pledged a billion dollars to the United Nation.

“All my life, people have said that I wasn’t going to make it.” – Ted Turner

“Over a three year period, I gave away half of what I had. To be honest, my hands shook as I signed it away. I knew I was taking myself out of the race to be the richest man in the world.” – Ted Turner

26.          Cornelius Vanderbilt: Dropped out of school at the age of 11, began operating his own boat at the age of 16 and became one of the richest men in history.

 “If I had learned education, I would not have had time to learn anything else.” -  Cornelius Vanderbilt

27.          Mayer Amschel Rothschild: was born in a ghetto; started business as a money lender and built the largest private fortune in history. He never saw the four walls of school.

“Give me control over a nation’s money supply and I don’t care who make the laws.” – Mayer Amschel Rothschild

28.          Ty Warner: Billionaire real estate investor, hotel owner, sole owner, CEO, and Chairman of Ty, Inc. Ty Warner is a savvy, yet private business man. Ty, Inc; made $700 million in a single year with the Beanie Babies craze without spending money on advertising. He has since expanded to include Ty Girlz dolls, directly competing with Bratz dolls.

29.          Howard Hughes: Dropped out of California Institute of Technology and Rice University; founded Hughes Aircrafts and Co and went on to become a billionaire.

“I intend to be, the richest man in the world.” Howard Hughes

30.          Giorgio Armani: Billionaire founder of the fashion brand; Giorgio Armani S.P.A. Dropped out of medical school at the University of Bologna because he couldn’t stand the sight of blood.

“Remain true to yourself and your philosophy.” – Giorgio Armani

31.          Asa Candler: Founder of the Billionaire company and world’s most popular brand; Coca Cola. He dropped out of school at the age of 10.

32.          Jenny Craig: With no college degree, this woman started Jenny Craig Inc from scratch and grew it to become one of the largest and most recognized companies in the weight management industry.

“If I make a commitment to something, I will stick to it no matter what.” – Jenny Craig

33.          Rachael Ray: Despite having no formal training in culinary arts, Rachel Ray made a name for herself in the food industry. With numerous shows on the Food Network, a talk show and cookbooks, high-energy Rachael never slowed down. She has also appeared in magazines as well has having her own magazine debut in 2006.

34.          Milton Hershey: With only a fourth grade education, Milton Hershey started his own chocolate company. Hershey’s Milk Chocolate became the first nationally marketed chocolate.

35.          Frank Lloyd Wright: surpassed all odds to become the most influential architect of the twentieth century. Frank Lloyd Wright designed more than 1,100 projects with about half actually being built. He never saw the four walls of high school.

36.          David Geffen: billionaire founder of Geffen Records and co-founder ofDreamWorks.

“I never went to business school. I was just bumbling through a lot of my life. I was like the guy behind the curtain in the Wizard of Oz.” – David Geffen

37.          Billy Joe (Red) McCombs: founder of Clear Channel media, real estate investor.

38.          Craig McCaw: billionaire founder of McCaw Cellular.

39.          Dave Thomas: billionaire founder of Wendy’s.

“There’s no one to stop you but yourself.” – Dave Thomas

40.          ay Van Andel: billionaire co-founder of Amway.

41.          Micky Jagtiani: billionaire retailer, Landmark International

42.          John Paul DeJoria: billionaire co-founder of John Paul Mitchell Systems and Patron Spirits tequilla.

43.          David Green: billionaire founder of Hobby Lobby.

44.          Frederick “Freddy” Laker: billionaire airline entrepreneur.

45.          Kirk Kerkorian: billionaire investor, owner of Mandalay Bay and Mirage Resorts, and MGM movie studio.

46.          Leandro Rizzuto: billionaire founder of Conair

47.          Leslie Wexner, billionaire founder of Limited Brands.

48.          Marc Rich: billionaire commodities investor and founder of Marc Rich & Co.

49.          S. Daniel Abraham: billionaire founder of Slim-Fast.

50.          Theodore Waitt: billionaire founder of Gateway Computers.

51.          Y.C. Wang: billionaire founder of Formosa Plastics.

52.          Paul Allen: billionaire co-founder of Microsoft Corporation; dropped out of Washington State University.
53.          Ralph Lauren: Billionaire fashion mogul. Studied business at Baruch College for two years and dropped out.

54.          Dean Kamen: Billionaire Kamen holds more than 80 US patents; famous for the Segwey PT, Auto syringe and IBOT robotic wheelchair; dropped out of Worcester Polytechnic.

Business Plan

A curious thing happens to entrepreneurs in the end of every year. You wake up one day and realize you had better figure out how much money was made last year in order to pay your taxes. But wait, shouldn't a business owner already know how much money he or she made last year, last quarter, or last month? Don't wait. Develop your financial plan today.

If you don't keep track of how much money you're making, you have no idea whether your business is successful or not. You can't tell how well your marketing is working. You need to know what your net profit is. If you don't, there's no way you can know how to increase it. 
To be successful in business, you need to make a financial plan and check it against the facts on a monthly basis, then take immediate action to correct any problems. Here are 8 steps you should take:

Create a Financial Plan:
Estimate how much revenue you expect to bring in each month, and project what your expenses will be. If you need it, get help from business planning books, software, or an accountant.

Review the Plan Monthly:
Even if time is taken to prepare a financial plan with profit and loss projections, it often sits in a desk drawer. It's not enough to have a plan -- you have to review it regularly.

Lost Profits Can't be Recovered:
When comparing your projections to reality and finding earnings too low or expenses too high, the conclusion often is, "I'll make it up later." The problem is that you really can't make it up later; every month profits are too low is a month that is gone forever. 

Make Adjustments Right Away:
If revenues are lower than expected, increase efforts in sales and marketing or look for ways to increase your rates. If overhead costs are too high, find ways to cut back. There are other businesses like yours around. What is their secret for operating profitably?

Think Before you Spend:
When considering any new business expense, including marketing and sales activities, evaluate the increased earnings you expect to bring in against its cost before you proceed to make a purchase. You can often increase your profitability simply by delaying expenses to a later month, quarter, or year.

Don't be Afraid to Hire:
Retailers and restaurateurs wouldn't consider operating without employees, but many service businesses limit themselves by being understaffed. Almost any business can benefit from hired or contracted help. You can better use your talents for generating revenue than for running errands and filing.

Pay Yourself a Salary:
If you are incorporated, you may already be doing this. If not, allocate an amount to owner's compensation on a monthly basis. Each month that your business meets its profitability goal, pay yourself the full amount. When you miss your target, dock your "pay" and when you exceed it, pay yourself a "bonus." Writing yourself a monthly paycheck will give you a strong incentive to keep your business profitable.

It's About Profit, Not Revenue:
It doesn't matter how many thousands of peso you are bringing in each month if your expenses are almost as high, or higher. Many high-revenue businesses have gone under for this very reason -- don't be one of them.

How to Start a Business With Only $100 in the Bank

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Chris Guillebeau

Chris Guillebeau is a writer, entrepreneur, and traveler. His latest book, The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future, is now a New York Times bestseller. During a lifetime of self-employment and ventures ranging from online publishing to volunteer work in West Africa, he has visited nearly every country on earth before the age of 35. Host of the World Domination Summit, an international gathering of creative people, Chris is focused on encouraging individual quests while also “giving back.” His main website, ChrisGuillebeau.com, is visited by more than 300,000 people a month.

I interview Chris about his book, how he believes people can start a business on a small budget, how young people can turn their passion into profit, and more.




I traveled across the U.S. and around the world, and kept meeting unconventional entrepreneurs — people who had started a business almost unexpectedly, usually without a lot of planning and almost always without a lot of money. Most of them did so for $1,000 or less, and half of them did so for $100 or less. My goal was to tell their stories in a way that readers could use in their own quest for freedom.

It’s now possible to reach people (customers, clients, subscribers, etc.) based on shared ideals and values. Microbusinesses of one sort or another have been around since the beginning of commerce, but the ease of connecting with people is a new phenomenon. Also, a large percentage of the population is being comfortable with making purchases online. These things create a perfect storm of economic convergence. It’s never been easier.
Should college students start businesses over getting internships and jobs? Why or why not?
I’m not interested in telling anyone what they should or shouldn’t do. What I’d say, however, is that more and more people are opting out of the system. More young people are going it alone and finding much more success by taking matters into their own hands. If you can do so while keeping risk low (i.e. not spending much money), why not try?

Young people choose meaningful work over higher salaries. How can they find work they love and turn it into money?

The key is to connect the work they love with something that other people also love. Not everything you love can be turned into a successful business. I used to play video games, and no matter how good I was at Halo, no one came along to give me a check. However, I later learned that there were *other* things I loved — international travel, creative self-employment, writing — that I could in fact monetize.

That’s why it’s so important to focus on the question of *usefulness*. How will your idea serve others?

Can you share a story from your book of someone who created a successful business with $0 invested?

Most people spent *some* amount of money, even if it was just the cost of a $50 business license or a $10 domain name. But far more important than money was the investment of sweat equity — taking the time to make something meaningful. Brett Kelly wrote Evernote Essentials, a guide to the free Evernote software. His initial goal was that it would make $10,000 over the course of a year. One year later, it had made more than $100,000. Initial startup costs were essentially zero.

What are your top three tips for a $100 startup to get off the ground?

1. Turn your general idea into a specific idea. What’s the product or service? Who is going to buy it? How will you get paid? Again, be as specific as possible.

2. Don’t wait to get going. Aim for 30 days or less to actual startup time. Do whatever it takes to make that happen — get a free website from WordPress.com, sign up for a PayPal account if you don’t have one, and put your offer out to the world even if you don’t think everything is 100% ready.

3. Tell everyone you know about what you’re doing. Don’t spam people, but do contact your friends to say, “Hey, I’m doing this thing — want to help? Can you spread the word?”

4. A bonus, fourth tip: after the offer is out and you get initial feedback, commit to a process of continuous improvement. Every day, identify 1-2 actions you can take to further develop the project. Even if they’re small actions, the process will help you focus on being proactive instead of constantly responding to things.