VIDEO ON MSN MONEY
MORE ON MSN MONEY
While it's nice to see these kids make something for very little and become successful I noticed something about every single story.
All of them simply produced a service taking advantage of holes in existing strategies from other larger companies to exploit the market place. Kudos to them for seeing those holes.
However, not one of them actually produced a tangible product. That's the sad part. In the long run it's the tangible products that allow service people to keep their jobs, or even have a job. That's where the true 'innovation' that moves society forward comes from, not social media, games, pimping your ride, slick marketing through websites, or becoming a direct seller and replacing an existing middle man.
I'm happy anyone is doing well, but I'll save my darling accolades for true innovators.
Understand the truth behind the myth....
A person has an idea. Then they make proposals to investment groups, relatives, friends or draw off retirement or pension funds. This is how they get the investment or 'seed money'. It takes money--lots of it and time--to become millionaire. You do have to show a prototype and hard figures for investors to invest.
You may have the idea but (most of the time), the investors put together (or are) the management team.They do have to protect their investment capital. A smart entrepreneur would maintain a controlling interest in the enterprise--through legal means.
Dont fall for the 'today I was eating Ramen noodles and now I make billions' legends. There is a logic behind story they dont tell you and this is the beginning of it.
These child richies must have had fabulous mentors. It's time for each parent to step up and take reposibility for their own children. Welfare breeds more welfare. If you bring a child into this world on your own, than quit expecting the working class to provide funds for you to support your child. It's easy...get a J.O.B.!!!
If you A) graduate from high school, B) don't get pregnant (or get someone pregnant) before graduating from high school, and C) don't get pregnant before getting married, your chances of living below the poverty line go down to around 10%. Add some more common sense to your life, the number goes even lower. Now, these are all things that pretty much everyone in America can do. Stay in school, keep your pants on, it's pretty simple.
That considered, getting the money that it takes to make money doesn't have to come from family or investors - it can come from savings from a day job. What this says to me is mainly the truth that you don't have to follow the beaten path to be successful. These people decided to leave the mainstream route of "high school then college then employed by company." The key is having the creativity to start looking at the potential of things you have (like work ethic and ideas) to overcome obsticles (like lack of money or connections).
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.