In the 21st century corporate world, a good number of new big businesses entered into the marketplace as a result of extensive research, careful planning, strategic alliances and investments. Business Angels, Venture Capitalists, and the big money bags came together with ideas and models that are largely based on decades of experience and expertise and they work to maximize profits.
There are still companies, people and entrepreneurs however that start their own successful companies from the scratch with little or no experience and little or no money, “Rags of Riches” yes! That's what they are, stories of unique brands, started by unique individuals that does not only have accumulated wealth and vast market share, but have created their own niche and never looked back.
- Ebay
The first item to ever sell on eBay (then AuctionWeb) was a broken laser pointer, by the French born Iranian immigrant and eBay founder, Pierre Omidyar. The transaction closed in September of 1995, not long after Omidyar finished the code for the website in the living room of his Silicon Valley home.
By June 1996, Omidyar’s website had generated around $10,000 in revenue and Omidyar hired his first employee. Soon after this Omidyar left his day job as a computer programmer. By the end of 1996 the total value of items sold on ebay reached $7.2 million and had over 41,000 registered users. With over 250,000 individual transactions reached in 1996, by 1997 eBay began facilitating over 200,000 transactions a month. This caught the attention of a venture capital group who then invested $5 million in the company.
2. Dell
Dell was at one time the largest seller of personal computers and servers in the world. Presently Dell is ranked 34 on the Fortune 500, and in 2008 boasted revenues of $61 Billion with assets topping $27.5 billion. The path to the success that Dell now enjoys began with an idea and a $1,000 investment. While attending the University of Texas in 1984, Michael Dell founded the company as PCs Limited. Initial operations of Dell’s company ran from Dell’s dorm room, until he decided to drop out of college to run his company full time. In 1985, the company produced the first computer of its own design, and by 1988 had an initial public offering that valued the company at nearly $80 million.
3.Apple
Most remember the scene in Forest Gump when he explains that he never has to worry about money again because of his investment in the fruit company called “Apple.” Well the truth is that for many investors this was the case. Like many tech companies, Apple started in the garage of a young man by the name of Steve Wozniack. Wozniack was an electronics hacker, and he and his longtime friend Steve Jobs had this idea to create a personal computer. In 1976, the two approached a local electronics store to see if they would be interested in buying a personal computer that Wozniack had built. The owner of the store became interested and said he wanted 50 units. Wozniack and Jobs, both penniless at the time, went to a local computer parts supplier and ordered the parts on credit, based on their first purchase order. This was the start of Apple. Though the company has had its ups and downs in its 30-year history, Apple has proven to be the company that produces the industry standard time and time again. From the garage of Steve Wozniack to being ranked 103 on the Fortune 500.
4. The Dangote Group
Aliko (as was then known) established the Dangote Group at the age of just 20. Back then, it was a small trading firm, but over time it grew into one of the biggest conglomerates in the continent that extended its influence to nations such as Benin, Ghana, Nigeria, and Togo.
Aliko Dangote started his business with the NGN 500,000, a Loan he took from his uncle/master. He approached his uncle in 1977 and told him about his plan to establish a business outfit and his uncle gave him the loan to start the business. However, he was given a three-month-deadline and he repaid the loan in three months.
He kicked off his business by trading in commodities such as Sugar, rice, pasta, salt, cotton, millet, cocoa, textile and vegetable oil which He was importing into Nigeria. Since production is not complete until the goods reach the final consumer, Dangote developed a strong distribution channel that made his goods delivered faster than his competitors’ goods. After sometimes He leaped from importation to manufacturing Aliko Dangote transformed into a producer of products he was importing. In one of his statements, he revealed that changing from an importer to a manufacturer has so far been his best move. The move produced Dangote Group, an organization that controls over 13 companies.
5. Equitorial Trust Bank, Globacom and Conoil Producing
Mike Adenuga, Nigeria's second richest man and owner of the listed companies above, built his fortune in telecom and oil production. His mobile phone network, Globacom, is the second largest operator in Nigeria with 36 million subscribers; it also has operations in Ghana and the Republic of Benin. His exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta. He also owns real estate firm Proline Investments, which has hundreds of properties throughout Nigeria. Adenuga while studying in the United States and also worked part time as a taxi driver to support himself along the way made friends with Nigerian military bigwigs who awarded him lucrative state contracts; those formed the foundation of his fortune.
Augustine Akande Shina a web content Developer is a First Class Graduate and an in View Chartered Accountant.
Comments
Post a Comment