Writer

Not just another WordPress.com weblog

Young Millionaire: Dominic McVey

A young man, his mobile phone and an idea. It’s the dream most kids have when they are young, but earning a million dollars doesn’t need ‘The Secret’, years of wisdom or even a car, according to one self-made millionaire.

 Using what he calls his childlike spirit, British teenage millionaire, Dominic McVey, made his early money with a simple idea and container load of zeal. By 15, he had made a million dollars.

“I was very, very competitive,” he said, starting up a business at just 13.

To save up for a collapsible scooter he thought filled a niche for London workers, McVey ran discos and did fund raising.

His hunch was right.

McVey’s Top 5 Tips for making a million

1)      If you are young, don’t draw attention to that.  I was young but I didn’t talk about it. I got on with what I wanted to do. I wanted to prove to people I could do it.

2)      Keep promoting – you have to get your product out there.

3)      Development – you have to move your product forward. You can’t let your product get stagnant or stale. Keep aggressive – have something new to offer all the time.

4)      Invest your money elsewhere. I invested in new brands, ideas, products, cosmetics, fashion.

5)       Be careful with your ideas because it might disappear at any time. If you have done it once, you can do it again.

 After selling the first five to family and friends, he then imported another ten and before long he had sold 300,000.

He was inquisitive and always disguised his age, doing all his business on the internet from his bedroom.

“Whenever I did meet companies, even if I thought I couldn’t get any business out of them, I asked them a million and one questions about how they did business,” McVey said. “They loved telling me because they felt like the other brother telling the kid what to do.”

And yes, it helps to be living with your parents.

“The added advantage is that the money you make is in a sense all yours, because you don’t have a mortgage or bills, all I was paying for was the internet and my mobile phone.”

McVey makes the point that your money may not last. This much is true for Australia’s Rich List.

A look at last year’s Top 5 Richest Young Australians (by BRW) highlights tragic stories, one of Edmund Groves the founder of ABC Learning Centres, and the Crazy John’s mobile phones magnate John Ilhan. The family man died of a suspected heart attack while out jogging. He was 42.

 

Practicing what he preaches, McVey has several new ideas in the pipeline.

And it involves his other passion – music .

McVey is set to launch a new boy band, called Most Wanted, and a music show for TV is also planned.

When you add a line of condoms called ‘Newd’, and some high-end pharmaceutical products it seems, for now, McVey’s riches are still on the rise.

link: http://au.lifestyle.yahoo.com/b/sunrise/8117/a-15-year-old-millionaires-tips-for-success

January 14, 2009 Posted by | Business, Entrepreneur, invention, Million dollars Idea, Millionaire, Television, Uncategorized, Youtube | , , , | 3 Comments

Business Idea: Cereality

David Roth wasn’t always a success in business. He has dabbled in consulting and publishing and even sold frozen steaks at Sears while in college.But when he noticed a Wall Street executive taking surreptitious mouthfuls from a Cocoa Puffs box hidden behind his desk, Roth knew he was onto something.

Roth is CEO of Cereality, a cereal bar and cafe chain with a location on Walnut Street. He spoke to an audience of over 40 students yesterday evening in Steinberg-Dietrich Hall.

The company is now growing rapidly, Roth said, with plans to open franchises across the country, as well as in Canada and the United Kingdom.

However, Cereality didn’t become successful overnight, Roth said.

Naysayers warned him that people would never feel comfortable eating cereal outside of their homes, that no one would pay more than $3 for a bowl of milk and cereal and that cereal manufacturers wouldn’t consider partnering with him.

However, Roth said that he “turned most of their basic assumptions about business upside-down,” Roth said, attributing his success to profitable connections, courage and luck.

Roth called himself and Cereality co-founder Rick Bacher “two outside-the-box marketing guys who are observers of human behavior and the wacky relationships people have with branded cereals.”

Today, Roth said, Cereality is more than just a cereal bar.

“We built a business out of Saturday morning,” he said. “It’s a promise to our customers that you can have five minutes of Saturday morning even on Thursday afternoon at 3 p.m.”

While talking at length about the inspiration for his company, Roth said he would not take questions about Cereality’s financial information because the company prefers to keep that information private.

Students said they enjoyed hearing about the process of creating Cereality.

“I think of myself as entrepreneurial as well, so it was inspiring to hear from someone with an entrepreneurial spirit that succeeded further down the line,” Wharton sophomore Andrew White said.

Wharton junior Bill Yau said Roth and Bacher bring with them an appealing message.

“Their marketing campaign … appeals to memories I had when I was a kid,” Yau said. “They’re doing a damn good job.”

November 10, 2008 Posted by | Business, Entrepreneur, invention, Million dollars Idea, Millionaire, Television, Uncategorized, Youtube | , , , | 1 Comment

Young millionaires: Jake Nickell and Jacob Dehart

More video: http://www.msnbc.msn.com/id/21134540/vp/28558746#28558746

Threadless is a community-centered online apparel store run by skinnyCorp of Chicago, Illinois, since 2000. Co-founders Jake Nickell and Jacob DeHart started the company with $1,000 in seed money after entering an internet t-shirt design contest.

Members of the Threadless community submit t-shirt designs online; the designs are then put to a public vote. A small percentage of submitted designs are selected for printing and sold through an online store. Creators of the winning designs receive a prize of cash and store credit.

Operation

Designers upload their t-shirt designs to the website, where visitors and members of the community score them on a scale of 0 to 5. On average, around 700 designs compete in any given week. Each week, the staff selects about ten designs.Each designer selected receives $2,000 in cash, as well as an additional $500 for every reprint.

On occasion, special contests—known as “Loves Threadless”—run in association with various sponsors. These contests set a theme for designs, with a selection of additional prizes being awarded to the chosen winner; special prizes often relate to the sponsor. The success of this concept led to several spin-off projects by the same company, including ongoing design competitions for t-shirt slogans at OMG Clothing and neckties and wallpaper at Naked and Angry. The competition from OMG Clothing was later integrated into the main website with the introduction of Threadless TypeTees. Multiple other companies have adopted the community model created at Threadless. Nevertheless, in mid-2006, Threadless expanded in a more traditional direction, adding shirts designed by selected artists. These designs, known as Threadless Select designs, are not subject to the voting process.

In the open source community, a Threadless t-shirt or design is considered to be crowd sourced because the designer and the company retain all rights to the design. As the “source” of a design—i.e., its vector graphics file—is not available for download, it cannot be considered “open source”.

Threadless shirts are run in limited batches. When shirts are sold out, customers can request a reprint. However, reprinting occurs only when there is enough demand, and the decision to reprint is ultimately up to company. New shirts are released on Mondays

website: http://threadless.com/

source: wikipedia.com

August 23, 2008 Posted by | Business, Entrepreneur, invention, Life, Million dollars Idea, Millionaire, Uncategorized, Youtube | , , , | 1 Comment

Business Idea: GotvMail

Hauser and Taghaddos, already on the fourth startup venture between them, got the idea for GotVMail because they were frustrated with the phone-system options for small businesses.

GotVMail gives mom-and-pops a way to sound just like big corporations. They can get the usual voice-mail boxes and also set up preferences like routing calls to a cell phone or getting messages by e-mail in the form of MP3 files — all for as little as $10 a month.

The company obtained seed money from friends and began turning a profit in its second month of operation. Now it generates about $5 million in revenue per year.

Lesson learned:

Taghaddos: “For a young entrepreneur, having good personal credit is one of the most important things. We wouldn’t have gotten all the help from American Express or Bank of America without it.”

Hauser: “To be involved in the entrepreneurial community and give back, talking to students is very important.”

July 8, 2008 Posted by | Business, Entertainment, Entrepreneur, invention, Life, Million dollars Idea, Millionaire, Television, Uncategorized, Youtube | , , , | 1 Comment

Rags to Riches: Alan Corey

website: http://www.alancorey.com/

June 23, 2008 Posted by | Business, Entertainment, Entrepreneur, Life, Million dollars Idea, Millionaire, Television, Uncategorized, Youtube | , , , , | Leave a comment

Millionaire under 21: Ephren Taylor Jr.

 

 (AUDIO from NPR):  mediaPlayer.html?action=1&t=1&islist=false&id=9913840&m=9913841

June 3, 2008 Posted by | Business, Life, Million dollars Idea, Millionaire, Television, Uncategorized, Youtube | , , , , , | Leave a comment

Business Idea: Bear Naked Granola

  
 
Kelly Flatley, 28, and Brendan Synnott, 29
Bear Naked, Norwalk, Connecticut
Projected 2007 Sales: $50 million
Description: Manufacturer of all-natural granola productsIt’s All Natural: Childhood friends Kelly Flatley and Brendan Synnott were in between jobs in 2002 when Flatley, ever the health nut, began making all-natural granola in her kitchen and enlisted Synnott to help. “The whole food chain [has become] so processed and filled with artificial ingredients,” says Synnott. “[To both of us], it just didn’t make sense why you would want to put that in your body, if you are what you eat.” Flatley and Synnott each invested $3,500 and moved back in with their parents as they began selling hand-wrapped bags of granola at street fairs.

Healthy Returns: Repeatedly pitching Bear Naked products to local grocer Stew Leonard’s yielded no response. Finally, Flatley and Synnott upped the ante: At 7 o’clock one morning, they showed up in matching outfits, armed with granola, yogurt, milk and fruit “[to] bring the buyer breakfast in bed,” explains Synnott, “which was so cheesy, but it worked.” In fact, when their target buyer wasn’t there, they spotted Stew Leonard Jr. walking by. “He [said,] ‘Come on in.'” Today, Bear Naked is also sold at Costco, Kroger, Safeway, Target and Whole Foods, and four of its products are sold in Canada.

 

 

 

Food for Thought: Scaling their company upward was challenging. “It was often difficult to maintain the balance between the amount of product our sales team could sell and the amount of product our manufacturing team could produce,” says Flatley.

Not wanting to give up their control to investors, they built from within. Says Synnott, “It forced us to ensure that every decision we made yielded value and success for us, even if it was the harder decision.”

Follow Their Lead: Do something creative–but still in line with your product philosophy–to distinguish yourself to buyers. –Nichole L. Torres

UPDATE: receipe for success:- Bear naked

Part 1: http://www.youtube.com/watch?v=oqskUD8BrPY&NR=1

( Double click on the website address if it’s says no longer available)

Part 2: http://www.youtube.com/watch?v=krbSnSsv5Yg&feature=related

Part 3: http://www.youtube.com/watch?v=MUUhGHQ0bhQ&feature=related

Part 4: http://www.youtube.com/watch?v=3o4hwUCen7k&feature=related

June 3, 2008 Posted by | Business, Entrepreneur, Life, Million dollars Idea, Millionaire, Television, Uncategorized, Youtube | , , , , , | 2 Comments

Kiva: A brilliant Idea

Kiva was founded in October 2005 by Matt and Jessica Flannery. It is run by a team with experience in microfinance and technology.The founders came up with the idea for Kiva, which means “unity” in Swahili, after spending time in East Africa.

 How it works

Kiva allows microfinance institutions around the world, called “Field Partners”, to post profiles of qualified local entrepreneurs on its website. Lenders browse and choose an entrepreneur they wish to fund. Kiva aggregates loan capital from individual lenders and transfers it to the appropriate Field Partners to disburse and administer. As the entrepreneurs repay their loans, the Field Partners remit funds back to Kiva. Once a loan is fully repaid, the Kiva lenders can withdraw their principal or re-loan it to another entrepreneur. Lenders’ funds are transferred to Kiva through PayPal, which does not collect its usual fees in this case. Field Partners generally charge interest from their borrowers, although Kiva claims to keep track of how much interest is charged and will not work with those charging unfair interest rates.Kiva lenders do not receive any interest because of US Government regulations. Kiva claims that its borrowers have a historical repayment rate of about 99.7%.

Publicity

  • Kiva was featured at the 2006 Clinton Global Initiative and the 2006 Global Microcredit Summit.
  • Former President Bill Clintonexhorted the students of Brandeis University to use Kiva in a speech given on December 3rd, 2007.
  • Frontline  and The Oprah Winfrey Show had segments devoted to Kiva.
  • Kiva is mentioned in Giving: How Each of Us Can Change the World  by Bill Clinton.
  • Los Angeles Times : Lending hope over the Web (October 18th, 2007)
  • The founders were on the Oprah Winfrey Show November 2007 “Oprah Features Kiva Founders”
  • “Kiva PR Director Fiona Ramsey” was interviewed on “CBC Radio One’s, SearchEngine”

So, if you can, please visit the website and show support on this brilliant idea that would help those in need. Through helping one person, you create jobs for other people as well.

Website: http://www.kiva.org/

Here’s more report about kiva: http://www.youtube.com/watch?v=MXk4GUGXNTQ

source: http://en.wikipedia.org/wiki/Kiva_%28organization%29

May 16, 2008 Posted by | Business, Life, News, Television, Uncategorized, Youtube | , , , , | Leave a comment