Category: How They Made Millions

  • FILA 2018: Indian Entrepreneurs and Millionaires of Today and Tomorrow

    FILA 2018: Indian Entrepreneurs and Millionaires of Today and Tomorrow

    The Forbes India Leadership Awards (FILA) 2018 ceremony held at the Trident in Mumbai, November 23, recognized the outstanding CEOs and entrepreneurs in the world’s fastest growing economy.

    Some are already millionaires and billionaires, others are just beginning their entrepreneurial journeys, including teenagers as young as 13 who received a standing ovation for their success at such a young age.

    Here are a handful of the FILA 2018 award’s featured entrepreneurs and winners from the event’s nine categories well worth a mention.

    Harshwardhansinh Zala – Age 15 – Founder of Aerobotics7 Tech Solutions

    Harshvardhan Zala Image Source: Forbes India

    Zala, has invented a drone that can detect and detonate landmines, still a major cause of death and injury in many war-torn countries, affecting 26,000 people each year. The device uses multi-spectral detection to identify both metal and plastic landmines, and other ordnance and explosive devices. Zala told Forbes India:

    “We can detect explosive devices, track their location and detonate them with our wireless detonator, averting any human risk.”

    The EAGLE A7 drone (Escort for Attacking on Ground & buried Landmines as Enemy by Aerobotics7) took three years to develop and is 91-93% accurate. Zala is filing five international patents to protect his technology.

    Even though his early access to the internet during the research of his projects was limited, Zala persevered and he’s now visited Silicon Valley and Google and had multiple university place offers from around the world. Aerobotics7 now employs over 30 staff but the product is not yet in full-scale production, it will be presented to the Indian Army this year. Zala is reported as saying:

    “Never underestimate yourself… If you want to change something, do it even if it is impossible for the world.”

    Azim Premji – Net Worth $20 Billion

    Azim Premji Image Source: Forbes

    The 73-year-old billionaire won the FILA 2018 lifetime achievement award for his transformation of a vegetable oil company into the IT enterprise Wipro and then his philanthropic activities over the last two decades. Premji left Stanford University and his studies to take over the family cooking oil business when his father died in 1966.

    He expanded into software and then computer products and Western India Vegetable Products Limited became Wipro Products Limited. Wipro now has an innovation center in Silicon Valley focused on new technology and collaborating with startups. It won a $1.6 billion contract from Alight Solutions, Illinois, U.S, in September 2018.

    Premji founded the Azim Premji Foundation in 2001 with a vision to improve universal education systems and schools in India, particularly in rural areas. In 2010 Premji pledged $2 billion to improve education in India, the largest donation of its kind in the country.

    Vivek Chaand Sehgal – Net Worth $5.2 Billion

    Sehgal is chairman of the Samavardhan Motherson Group, founded in 1975. The businessman won the FILA 2018 entrepreneur award for taking the company to its status as the 23rd largest auto parts company in the world. He’s led 20 acquisitions for the firm in the past 15 years and the company adjusts its strategies to cope with the evolving global economy and automotive marketplace.

    The Samavardhan Motherson Group generates revenues of over $10.5 billion, partners with Japan’s Sumitomo Wiring Systems, and has 250 factories and operations in 41 different countries. Its clients include Volkswagen, BMW, Mercedes, Ford, and Toyota.

    According to Forbes, Sehgal is 21st on India’s Richest 2018 list and the 289th richest billionaire in the world. Sehgal, at 62, is Indian-born but has Australian nationality.

    Adar Poonawala – Net Worth Unknown

    Ada Poonawala is the 37-year-old son of Indian billionaire Cyrus Poonawalla who has a net worth of $7.9 billion.

    Cyrus Poonawalla founded the Serum Institute of India in 1966, now one of the world’s largest vaccine makers, producing 1.5 billion doses to protect against diseases like measles, polio, and influenza. The company owns Bilthoven Biologicals and the Czech based unit of Nanotherapeutics.

    Adar Poonawala is now CEO to the Serum Institute, winning the FILA 2018 GenNext entrepreneur award, given to heirs of family businesses in India.  He’s seeking to grow the low-cost vaccine manufacturer to more than twice its current size by 2022.

    The Serum Institute was critical in the mid-2000s and onwards producing low-cost vaccines which have helped to almost wipe out the meningitis-A virus in much of the sub-Saharan region. Bill Gates said of the Serum Institute in 2012:

    “[SII’s] contribution to global health has been phenomenal.”

    Adar Poonawala said of the business and his father’s aspirations:

    “My father’s vision was always to provide low cost, yet high quality vaccines to the masses.”

    The Serum Institute keeps its profit margins low and supplies vaccines to the Indian government and organizations like Unicef and the WHO. Adar Poonawala told Forbes India:

    “Children will be vulnerable if we don’t provide the vaccines to immunise them.”

    He also claims that two out of three immunized children around the globe have been administered Serum Institute vaccines.

    Adar Poonawala was named one of the Heroes of Philanthropy 2016 for donating $15 million to clean up Pune city, near Mumbai.

    One thing that was clear from FILA 2018 is that India’s thriving, and growing, economy is being driven by many committed entrepreneurs young and old as well as companies which are able to diversify to continue the country’s growth.

    Diversification is a key strength of India’s economy, making India a land of opportunity with a number of important sectors worth monitoring for entrepreneurs and investors.

    Featured image from Shutterstock.

  • David Choi Built a Multi-Million-Dollar Taco Empire with $18,000

    David Choi Built a Multi-Million-Dollar Taco Empire with $18,000

    Succeeding in the tech industry isn’t the only way to strike it rich. Self-made millionaire David Choi from St. Louis proved that a brilliant idea can bring in the money in any area, despite competition and lack of resources.

    His idea of selling Korean food in tacos from a food truck helped him to build the brand Seoul Taco, currently present in two states, Illinois and Missouri.

    Today, he manages a growing restaurant chain with locations in Champaign, Chicago, Columbia, St. Louis, and Chesterfield.

    Seoul Taco includes five restaurants, a catering business, and two food trucks, with two more locations to be opened this winter in Chicago.

    But things weren’t always smooth for founder and owner David Choi, who started his business with just $18,000.

    Selling His Car to Start the Business

    David Choi bought his first food truck in 2011, after selling his car and draining his bank account. He explained his decision in an interview:

    “I started Seoul Taco at the peak of the recession because I didn’t want to work three minimum wage jobs 100 hours a week. I sold my car, cashed out my bank account and found someone selling a food truck in Philadelphia for $40,000. I had $18,000. He sold it anyway.”

    The Korean taco inventor got other $22,000 to invest in his business from friends and family who believed in his idea, as well as in his talent for cooking.

    Before starting his own business, Choi had worked in small jobs in the food industry, making pizza, sandwiches, and even working in a Chinese restaurant. According to him, all previous positions helped him manage his food truck better.

    David Choi Recouped His Initial Investment in a Few Months

    The mix between Korean and Mexican food was a success, and the owner of Seoul Taco soon had to open his first brick-and-mortar location to meet the growing requests from customers.

    His winning strategy included, among other things, opening locations in former restaurants. For each of his sites, Choi collaborates with local artists to create the vivacity of urban culture inside the restaurant.

    David Choi will open two new restaurants in Chicago this winter. Even if he didn’t have big plans when he bought the first food truck, the culinary entrepreneur now understands the potential of his idea.

    Choi stated for Sauce Magazine:

    “Success would be maybe opening into a third market; I think that would be huge. I want to look into another market that has a similar feel to St. Louis and Chicago, down in Texas or Atlanta. Chicagoland has been really good to us. I think it makes sense to open up a few more there as well. And then possibly another concept; I would like to see that.”

    Despite his growing success, David Choi is still a regular young man who watches ESPN Sportscenter, plays the guitar, and likes making Asian-style tacos. At least for now.

    Featured image from Entrepreneurial Chef.

  • Giana Tiger Is 18 Years Old and Already Has a Stock Portfolio Worth Over $10m

    Giana Tiger Is 18 Years Old and Already Has a Stock Portfolio Worth Over $10m

    Most teenagers are more interested in their smartphones than their studies. They’d rather be snapping selfies for their Instagram accounts or playing Fortnite than contemplating hitting the books–let alone starting their own businesses at the tender age of 13. But then again, most teenagers are not Giana Tiger.

    The now 18-year-old high school student sold her cleaning business for $1 million, turning a $100-investment into almost 1,000,000% profit just two years later. She then went on to invest $250,000 into a stock portfolio that’s now worth over $10 million dollars in less than two years.

    Self-assured, with a steely will to succeed and just a touch of insecurity (Giana reached out asking if I thought anyone would be interested in her story–seriously). Becoming a self-made millionaire while studying calculus and reading up on our founding fathers?

    I’d say that was enough to pique the interest of even the staunchest doubting Thomas. So, how did she do it? I had a few questions. Here’s what Giana had to say.

    You started a home and office cleaning business when you were just 13, which you went on to sell for over $1 million. How did it all begin?

    “I had to sell 100 boxes of Girl Scout cookies in my little neighborhood in the Midwest. While one of my customers [I love how seriously the Girl Scouts in America take this task] was filling out the forms he apologized for his messy house.

    I offered to help clean, and he asked how much I would charge. I hadn’t considered charging so I took his first offer of $200 a week twice a month.

    The rest of the weekend I kept selling my cleaning services along with the cookies. After my weekend of cookie sales, I asked for referral business from existing clients. Some of the people I was referred to owned or managed office space.”

    It’s pretty clear that Giana has her head switched on, asking for referrals, looking to grow her own business while selling cookies, even if in some places that might be considered child labor.

    With Giana, it was more than that though. She didn’t just take it as another chore to score a badge or outshine her counterparts; it sparked her entrepreneurial spirit. I wanted to know more.

    Why did you feel compelled to start a business? Who was your inspiration?

    “The business basically fell into my lap, but my parents inspired me to be persistent. They also gave me a lot a flexibility to operate the business along with my homeschooling. As business owners themselves, they knew which direction to point me in when I had a question.”

    Giana certainly has supportive parents but it’s one thing selling a few cookies. It’s another building your own cleaning empire.

    How do you get through the legal red tape and sign the papers you need to when you’re a minor anyway?

    “Generally speaking banks, insurance companies, and other large institutions do not take teenage girls seriously [seriously?]. I contacted my local Small Business Administration (SBA) office and asked for mentors.

    These volunteer mentors are amazing, and they along with my parents helped me figure out how to overcome these problems. The SBA also helped me understand how to manage employees, and obtain my own office space, and acquire equipment.”

    Take note, kids. That’s definitely worth looking into. Most people Giana’s age would probably decide they were too young to participate. Not everyone is as fortunate to have supportive entrepreneurial parents either.

    So, if you have an idea, a goal, a dream… it’s worth checking in your community if you can find a mentor to help you. It worked for Giana and she didn’t have to pay a dime.

    What made you decide to sell the company and what are you doing with the proceeds now?

    “After receiving an offer of over $1 million dollars from a large competitor I spoke at length with my parents, mentors, and everyone agreed that I should sell. If I wanted to get back into the cleaning business the contract allowed me to start a new cleaning business one year after the sale.”

    Talk to us about stock trading. How did you get involved in that? How did you build a stock portfolio worth over $10 million dollars in less than 2 years starting with less than $250,000?

    “After the sale of my cleaning business, I spoke to several financial advisors, but no one seemed like a good fit. I tried to predict the markets using financial analysis techniques and reading the financial news before investing real money. Like most investors, I couldn’t beat the market. I had to find another way.”

    Here is the persistence part once again. We’ve already established that Giana is not your average teen. Gifted in finance, in business, oh, and check out her Twitter profile, she’s also a gymnast. Just shows you that whatever you have on your plate, you can take on one more thing. And no, you don’t have to let the barriers get in your way.

    “The revelation came to me when I learned about the Exchange Act. Major shareholders, directors, and executives of public companies must declare their holdings to the public. If several of these individuals either begin buying or selling a significant amount of a particular stock I need to start building a relationship with these individuals.

    Then I use those relationships to understand what steps I should take next, always with the advice of a lawyer. There are insider trading laws, so you always need to contact a lawyer before taking any action.”

    So, what is Giana going to do with all this? Just 18 years old and already worth $10 million. She doesn’t only want to amass a greater fortune for herself but she wants to share her success with others.

    “Beyond the financial rewards of selling my business, and success in the stock market I would love to teach others how to have similar or greater success than myself. I have learned that having amazing advisors, and persistence is 99% of success.”

    What’s next on the list for you? Do you think you will always want to be an entrepreneur?

    “I will be attending college online in the Spring, and I would love to get involved in government in my community. Beyond a fulfilling private life, education, volunteering, and public service I can think of nothing more exciting than entrepreneurship.”

    Do you have any advice for kids just starting out?

    “If you want to do anything in life get started today, don’t procrastinate.”

    Most people take a lifetime to accumulate their wealth. Giana’s not even legally allowed into a bar yet she’s already made enough money to buy one if she wanted. And it all started with Girl Scout cookies.

    If you have questions for Giana, she’d love for you to contact her on [email protected] or through her Twitter handle @GianaTiger. 

    Featured image from Giana.

  • “Uber” for Football Tailgating Is Making Millions Across the Nation

    “Uber” for Football Tailgating Is Making Millions Across the Nation

    Football tailgating is practically a religion for many fans. It’s a blast to hang out before a game with your friends and enjoy great food with other refreshments.

    The Tailgate Guys saw an overlooked business opportunity in one collegiate campus and grew it into a nationally known business that is raking in the cash.

    It’s a ton of work to put on a great tailgate party.

    Parker Duffey was a construction project manager in Alabama who saw a waiting market a decade ago. He and his friend took out a $30,000 USD loan to get Tailgate Guys off the ground, but according to Parker, they only needed $5,000 USD to get up and running.

    Tailgating Is a Blast

    Parker Duffey went to the University of Alabama, in Auburn, before taking up work in construction. His business partner Michael Otwell also found work in the building industry, as a salesman for construction supplies.

    It was probably an easy transition for the two when they decided to start Tailgate Guys. Although there are some similarities between construction management and event planning, the two still had to do a lot of hard work.

    Parker said about their first year making Tailgate Guys work:

    “It was just two young dudes just getting after it… We bootstrapped everything 100%.”

    Initially, the business only served the University of Alabama, where the founders had numerous community connections to draw on. That has changed over the last 10 years, and today Tailgate Guys serve college campuses all over the USA.

    Tailgate Guys Was a Great Idea

    While Tailgate Guys was a great idea, it wasn’t really original. Parker Duffey was inspired by a local man in Auburn that had a similar business model but on a much smaller scale.

    Parker saw that a guy was basically squatting and selling out choice tailgating space at University of Alabama football games, and the idea for Tailgate Guys was born. It does seem like a simple enough business model, but the two young entrepreneurs had a brilliant addition to bring to the table.

    Tailgate Guys decided to partner up with the schools and make their business a legit part of the game day. Parker mused:

    “That was really our twist-partnering with the schools… It really separated us from anything anyone else was doing.”

    Working with the university and team added a level of credibility to their business, which squatters in empty lots just couldn’t match. The idea has been a successful one, and today Tailgate Guys is represented at more than 16 colleges, and NFL venues to boot!

    Tailgating Could Be the Event

    Most football tickets aren’t cheap, and many millennials could care less about going to the actual game.

    According to Parker:

    “We’re part of a generation where the athletic event somewhat becomes secondary in a lot of ways… We’re drawn to the community aspect of things, where the event around the event is actually the draw and with ride sharing as big as it is people aren’t even driving to games anymore.”

    The fact that millennials may have different tailgating tastes probably isn’t a problem for Tailgating Guys.

    Given their connections with both college and professional sports, their business can adapt to any kind of sports party culture that emerges from a very different generation.

    Featured image from PBS.

  • Millionaire David Meltzer Thinks Your Energy Makes a Big Difference

    Millionaire David Meltzer Thinks Your Energy Makes a Big Difference

    David Meltzer has made his fortune more than once. By the time he was 33, he had made millions of dollars and lost it all. Falling down the economic ladder can be rough. Many people don’t have the strength to start over. For David Meltzer, adversity has taught him how important energy is for success in life.

    A big part of being positive is being thankful. In today’s world, the idea of spiritual energy seems a little “woo-woo,” but David Meltzer thinks that the energy a person has will make a big difference in their life. He gives the advice that if a person wants to get ahead in life, they should say, “thank you.”

    David Meltzer Doesn’t Stay Down for Long

    Positivity is a powerful force that can help people get through rough times. For those of you that don’t know, David Meltzer grew up in a poor family with six siblings. His single mother worked as an elementary school teacher, and there was never enough to go around.

    The rest of his brothers and sisters excelled in the world of academics. They all managed to secure scholarships at ivy league schools. David wanted to make the big bucks. He graduated from Tulane law school and found his first big opportunity on the internet.

    Back in the 1990s, the internet was still a new idea. David was offered a job selling legal research online for West Publishing. In less than a year, he had made his first million. Things just kept getting better for him, until at age 33, it all came crashing down.

    David Meltzer lost everything in a bankruptcy that even cost his mother the home he bought for her.

    With the help of his wife, he got back on track with more passion than ever before. Now he works at the sports marketing firm he co-founded with quarterback Warren Moon, called Sports 1 Marketing.

    It has grown into one of the most influential sports marketing firms in the USA and does business with most of the major sports leagues.

    Say Thank You!

    If a person is grateful, why wouldn’t they give thanks?

    David Meltzer tells audiences that one of the most powerful things a person can do for their health and happiness is begin and end their day with two simple words; thank you. It might seem silly to say thank you to yourself, but the positive energy it creates is palpable.

    Giving thanks helps people to see the good things in their life, and fade the static. Most situations can be improved if a person has a positive attitude. The opposite thing is true for negative thinkers, who can make their lives worse.

    Building a Better World

    Gratitude has probably helped David Meltzer on his second rise to wealth. Today he is once again on the top of the economic ladder. Now he prizes his ability to contribute to the overall well-being of people he comes into contact with and works hard to push the world in a positive direction.

    No matter who you are, or what you want to do, David Meltzer’s ideas can probably help you. Staying positive and being grateful will help attract people that have a similar worldview. Positive people are much better at getting things done, which is a big part of getting ahead of the pack!

    Featured image from YouTube.

  • El Chapo Trial Soon to Begin in the US as His Partner’s Wealth Soars

    El Chapo Trial Soon to Begin in the US as His Partner’s Wealth Soars

    The honcho of the world’s largest drug trafficking organization, Joaquin Guzman Loera (El Chapo) has been facing a 17-count indictment and jury selection has finally begun for the trial, while his deputy, Ismael Zambada (popularly known as El Mayo) oversees the cartel’s fortune and remains one of the most wanted fugitives in the world.

    El Mayo who was under the tutelage of Amado Carillo, one of the biggest drug lords in Mexico, rose in ranks and became the logistical coordinator of the Sinaloa Cartel, which emerged from the much older Guadalajara Cartel, formed in the 80s.

    The Sinaloa cartel thrived with the assistance of Zambada who worked as a close associate of El Chapo. Both drug lords lived in stupendous wealth amassed from the proceeds of trafficking drugs to the United States before El Chapo found himself under reins.

    Having escaped from prison on numerous occasions since his first arrest in 1993, security is tighter than ever surrounding the trial.

    His extradition to the United States has left the drug lord who once called the shots of the multi-billion dollar Sinaloa Cartel, in a world of loneliness.

    El Chapo’s court trials have been facing delays after his lawyers argued that they were not sure if their client was mentally competent to face proceedings. Amid tight security at the New York maximum prison, it seems that El Chapo’s mind is now being affected.

    El Chapo’s Misfortune, El Mayo’s Gain

    El Mayo was among the influential figures who made the Sinaloa Cartel the empire it is today. With a massive trade line in the sale and distribution of heroin, cocaine and human trafficking, the cartel has successfully concealed its ill-gotten wealth through undercover bank transfers and offshore accounts.

    The Drug Enforcement Agency traced the cartel’s investment in over 250 companies which run from Latin America to Asia.

    Zambada now occupies the Sinaloa empire as its most experienced hand. As a top commander in the cartel’s hierarchy since 2001, El Mayo had earned at least 5% of the empire’s gross revenue, which places his wealth at an estimated $3 billion according to the Bloomberg Billionaire’s Index.

    Despite his immense fortune, Zambada remains a fugitive. The DEA has a $5 million bounty for anyone who provides information that leads to his arrest.

    As the last founding member of the cartel, El Mayo’s leadership will also be put to the test by other allies in the cartel who plan on usurping power from his grip.

    It remains a puzzle how long he will retain his assumed leadership in the dreaded mountains of Sinaloa, where he continues to hide.

    Featured image from Rolling Stone.

  • Indian Millionaire Rupesh Thomas Inspires People on All Continents

    Indian Millionaire Rupesh Thomas Inspires People on All Continents

    In the era of self-made millionaires, here’s one story that travels around the world and inspires people to work hard to achieve business success. It’s the story of Rupesh Thomas, an entrepreneur that left his home in Kerala, Southern India, and made it in London.

    His secret? Chai, a traditional Indian drink that Rupesh and his wife prepare using old family recipes.

    $790 and a One-Way Ticket to London

    Ever since he was a kid, Rupesh dreamt of seeing London and was fascinated by everything British from the cold weather to people’s habits. His dream came true after college when he left India to live in England.

    Being born in a low-income family, he arrived in London with a little more than $790 (£600)–part borrowed from his father and part from selling his motorbike.

    23-year old Rupesh got a job at McDonald’s, where he was making $5.1 per hour (£4). Before starting his own business. The Indian entrepreneur got several more jobs, from carer to salesman.

    Rupesh’ s luck changed after he married Alexandra. The woman fell in love with traditional Indian Chai and, after two long years of trial and error, the couple created the right mix of tea and spices to sell on the London Market.

    A Million Dollar Business Started in the Family Kitchen

    Rupesh and Alexandra Thomas launched their Tuk Tuk Chai in 2017. They invested everything they had in the idea, £100,000 raised in more than 10 years of hard work.

    The two entrepreneurs use the Indian mix of spices and techniques to give Tuk Tuk Chai the authentic flavor that reminds its drinkers of the Indian street tea. The business is now a supplier to the luxurious Harvey Nicholas and also sells its drink through Sansbury’s.

    This year, Rupesh tried to obtain more cash to expand his business through BBC2’s program Dragon’s Den. In the end, the entrepreneur ditched investment from Peter Jones and turned to crowdfunding instead.

    Rupesh’s company raised $191,000 (£150,000) in 24 hours–for 8.5% of its equity. The company is now valued at $2.3 million (£1.85 million). The entrepreneur and his wife have invested the money in a new filtration machine and marketing.

    The Life of a Self-Made Millionaire

    Rupesh and his wife live in a £1 million house in Wimbledon. He plans to expand his business outside the UK.

    Rupesh Thomas for Business Advice:

    “We will be running a fast-growing company with a presence in North America, Australia, Middle East, Far East, Europe, and the UK. We want to take chai from the streets of India to the hotspots of London, and into the high rises of Manhattan and Tokyo and further afield.”

    Rupesh Thomas believes that his success has nothing to do with luck. In an interview for The Sun, he stated:

    “I am proof that if you work hard, you can be successful. I really am a real-life Slumdog Millionaire.”

    Featured image from Wimbledon Guardian.

  • From a Thousand Euros to Over 100 Million – An Interview with Damian Merlak Co-Founder of Bitstamp

    From a Thousand Euros to Over 100 Million – An Interview with Damian Merlak Co-Founder of Bitstamp

    Young people often dream about how to get rich quick. But according to 31-year-old Slovenian millionaire Damian Merlak, there is no shortcut, and:

    “Sometimes you also need luck.”

    Merlak is a co-founder of Bitstamp Exchange, Tokens.net (crypto-to-crypto exchange), and Quantum Project. He’s also in the 37th place on the rankings of the most influential Slovenians and the country’s youngest millionaire.

    Seven years ago Damian Merlak bought his first bitcoins, for about two dollars each. He doesn’t have those bitcoins today anymore.

    “Practically nobody who bought bitcoins for a couple of dollars each hasn’t kept them until today. Perhaps only someone who forgot he owns them.”

    With those words, the myth of millionaires who spent a few hundred dollars for the initial purchase of bitcoins was broken down. The first stop on the road to his own fortune was mining bitcoins.

    More than seven years ago, he entered a specialized shop in Kranj, Slovenia and ordered the two newest, most powerful graphics cards, which he wanted to connect with the slowest processor and worst memory card (RAM).

    All the PC specialists were confused: “What are you going to do with such a computer?” asked Nejc Kodrič the owner of the mentioned shop, and was quickly infected by Merlak’s enthusiasm over bitcoins.

    In 2011, they were hanging out and debating about the crypto world which soon turned into business cooperation when they founded the Bitstamp exchange.

    They received $10 million in startup funding to develop their idea. At that time there was Mt. Gox, a Japanese exchange platform, which offered a poor user experience. Getting money to Mt. Gox and getting it out was very difficult, as well as completing orders for sales and purchases.

    The user platform was dull and useful only for technically trained people. According to publicly available data, they calculated that Mt. Gox was earning $10,000 a day from commissions.

    “We calculated that if we’re as bad as they are, we can earn $10,000 a day.”

    In the meantime, many exchange platforms including Mt. Gox did not integrate well and did not succeed, but Bitstamp remains one of the largest crypto exchanges in the world.

    It has its headquarters in Luxembourg and offices in New York, London, and Slovenia, where its center of development also is. More than 100 people are employed at Bitstamp, while Merlak and Kodrič, each of them with more than $100 million dollars of assets land in the group of most rich and influential Slovenians.

    From Crypto Startups to Farms

    Damian Merlak considers himself to be a serial entrepreneur. And in order to pursue all of his business ambitions, he resigned from the executive position in Bitstamp, but he remains a 32% owner and member of the Supervisory Board.

    He got into some of his projects through the issuance of crypto coins (ICOs – initial coin offerings). The Quantum Project based on this idea, which offers trading strategies, collected him $4.12 million.

    With the Tokens.net project, which is a crypto-to-crypto exchange, he raised an amount of $15 million through an ICO. In addition to crypto enterprises, Merlak also focuses on more tangible things: he owns a farm which has 1,100 living animals. He also owns a veterinary clinic and a retail store with textile products, as well as several real estate properties.

    Let’s dive deeper into the man behind Bitstamp and find out how he got to where he is today.

    Can you give us a quick introduction to your background? How did you get where you are today and what does your company do?

    A colleague with whom we worked on projects told me about bitcoin in 2011. When I checked the subject on the Internet, I first said that I was not interested. At that time the price was about two dollars. Two months later, I accidentally caught the price of it between 15 and 20 dollars. This difference aroused the interest in me.

    Then bitcoin fell again and I started buying. I was also interested in technology and the system that runs the background. I started to participate in the forums. First I was only buying bitcoins, then I saw an opportunity in mining them.

    I went to a classmate and ordered graphics cards and everything that was needed to mine bitcoins. The thing started to interest him, but his brother, Nejc Kodrič was blown away too and soon started to explore the topic, and within some time we together formed the idea of Bitstamp.

    At the moment, there is a large assortment of crypto exchanges around the world, and Bitstamp is one of the largest and it is the only licensed company in Luxembourg. On our exchange, not only individuals but also institutional clients can buy and sell crypto coins. A fund or an investment bank can’t operate in an unregulated entity or with a “Monkey Business,” as I call it.

    Bitstamp maintains the strategy of the fiat to crypto exchange and vice versa. We have a large array of new virtual currencies and projects that are funded through ICOs. I think that these supporters need to provide adequate infrastructure, so I decided to establish Tokens.net. The exchange platforms are complementary to the activity and services they offer.

    When did you make your first million? Can you remember the first thing you bought?

    It was in 2013, I was 27 years old. When I earned the first million I bought a car – a Tesla model S. I invested the rest in my business.

    Did your life change when you become a millionaire? How so? Have you gotten many new “friends”?

    Not really, I might have lost some. I do not think the money changed me. I think the information and insight into the system at first hand have changed me. Now I know a lot of things that I didn’t know before, that’s why I respond differently to things that are happening around me.

    Probably your friends, acquaintances, and colleagues ask you how to make quick earnings. What do you answer them?

    I avoid giving financial advice. You don’t gain anything from it, just a problem when the market reverses, and people only really like the green numbers. Do you know how much more a 10% loss hurts compared to the sweetness given to you from a really good 10% profit?

    Would you say that investing in crypto is like gambling?

    Of course, there are risks. I advise people who invest, to learn about the technology itself, what it offers and what its weaknesses are. Many will burn, many have already. I also suggest that people invest in the largest, credible coins and don’t seek quick benefits in various schemes that someone sells door-to-door. The most important thing is to invest when the value is low and not when it reaches its all-time high.

    It is the same as Stocks of Tesla, Twitter, Snapchat and various. The average daily volatility of bitcoin is mostly 3% (let’s leave aside the crypto-bubble, which was created in December of the previous year). That can be compared with many technological stocks on the US stock exchange market NASDAQ. Investing in tokens (ICOs) is actually investing in startups. Profits can be huge, but the successes will be rare.

    Have you been lucky entering the crypto world?

    Seven years ago, I was firmly convinced, and that is why I also invested all my thousand euros of savings in bitcoin. If only then I had more savings… [ laughter].

    Many crypto millionaires are moving their crypto-money to real estate – from virtual to physical, including yourself. Why is this a good idea?

    Simply, the fortune has to be dispersed. The majority of my properties are linked to the success of the cryptocurrencies, and it makes sense to bring some of it to a bigger range and some other fields.

    Where else do you have your money invested?

    Shares and stocks of US companies, real estate for tourism, private companies with good cash flow. I have a farm with 1,100 living animals. I plan to build a boutique hotel. Due to great growth, my shares make me apprehensive so I protect them by buying options.

    What made you decide to buy shares?

    I have been trading with traditional shares for more than 10 years. That brought me to the world of cryptocurrencies. In recent years, I have been doing this with a distance, mainly because of staying in touch with cryptocurrencies.

    I use the options because it is much easier to limit the risk with them, and they also allow earnings in the form of a premium on possible sales in short periods of time.

    Changes in the crypto world are very fast. Do you get any sleep at all?

    Otherwise, it would not be fun! We’ll deal with boring business in 20 years.

    Where do you live and what does your workday look like?

    I live and work from home, from my small house in Malta. I decided to cooperate with Maltese local financial companies and the country of Malta in new projects because it regulates and is open to the possibility of licensing and dealing with cryptocurrencies.

    Moreover, winter is not really my favorite season, and the Maltese climate was only an additional advantage in deciding.

    You have enough to retire, why don’t you do that?

    I’m already somewhere warm, and I think I’ll never really retire. I love doing the things I do and living the way I live and I can’t imagine what my retirement will look like.

    What do your parents say about your success?

    They are proud.

    Did your parents help you financially with your entrepreneurial ventures?

    No. My fortune in life is that I come from a rather modest family, so I had to create everything by myself, which made me value my work even more. People who are born with everything tend to achieve less.

    What advice do you have for people just starting out with a business or trying to make their fortunes?

    It is necessary to perceive what is happening around you. If you are passive, things will pass you by. You have to be up-to-date with international flows and understand them. Expand your view. You have to set up a big, realistic and with a little luck accessible goal. Try to work with companies from industries and activities of your own interests, connect with them when you’re educating yourself.

    If you create wealth slowly, you have a completely different perception of it. If you hit the lotto overnight, wealth can be a problem. But if you build a company and you don’t earn anything in the first year, you might start paying your salary in the second one. The third year you might reach some higher growth and start paying your salary, as you always wanted.

    This is the organic growth, personal growth, that makes you understand money. After six years, Nejc and I agreed to have reached that point. Today I have a healthy attitude towards money, which makes me have less true friends than I used to have years ago.

    Featured image from Instagram •Damian Merlak (@damianmerlak).

  • 25-Year-Old Is on His Way to Become a Pokémon Millionaire

    25-Year-Old Is on His Way to Become a Pokémon Millionaire

    Yannick is a 25-year-old German. He doesn’t want to reveal anything about himself except first name and age. This is due to a hobby that has already earned him a lot of money. What do old Pokémon cards and a company in California have to do with it? Here, he explains in his story.

    A summer of 1999 in the schoolyard, main break. A group of boys keeps their heads together. Then-six-year-old Yannick is also among them. What is in the hands of the first graders? Not break sandwiches, but Pokémon cards.

    Everyone tries to get the cards that are missing in their collection. But the break is too short. After school, an urgent appointment with the TV. The Pokémon adventures are waiting.

    The Giant Market in America

    Early 2014: Yannick is bored in the university lecture hall. But he and his buddy find a more interesting topic than the dry lecture: they are brought together by their Pokémon passion.

    Shortly thereafter they became two adult men with Pokémon cards. But the cards are not the same anymore. And because Yannick does not like the new cards, he searches on eBay for the one card that everyone wanted to have as a child: the “Glurak” of the 1st edition.

    For 50 euros (about $58) he buys the card. But there are also other cards out there for which he would have literally ripped off a leg as a child. He started to look for a “Turtok.”.

    Everything Yannick finds is a 1st edition card rated 10 by a company called “PSA.” At the time, Yannick did not know what that meant. Nor why the card was four times more expensive than normal cards.

    The PSA

    Through research on YouTube and Google, he finds out that PSA (Professional Sports Authenticator) is a California valuation company. It rates Pokémon cards for their condition and authenticity. A 10 is the highest rating.

    “It was a huge market in America at that time, but completely unknown in Europe”, he says.

    Yannick Brings the Trend to Europe

    Yannick starts buying German Pokémon cards in America. Comparatively cheap. The next step at the time was to market his “hobby,” as he calls it, via Facebook and Instagram, because the cheaply-bought American cards could be sold expensively in Germany.

    “As a poor student, I financed rare cards which I wanted to have by buying more of regular cards, which I wanted to resell immediately.”

    The market was growing and Pokémon cards were becoming more and more popular. Today, thousands of people are collecting them in Europe, thanks to Yannick.

    “I’d say I was the first in Europe to come up with the reviewed cards from America and bring the trend here.”

    Once, Yannick sent a perfect card to the PSA and it came back damaged. The cards are sent in closed special cases for cards to protect from damage. Because the evaluator has pulled the card out of the case, dust particles that had previously dripped into the case scratched the card.

    The card turned out to be a 9 instead of the 10 that it deserved. That had consequences because there are only three of these 10 rating cards worldwide. As a 10 rate-card, it would have been worth 5,000 euros ($5,780), as a 9, it was not even worth 100 euros (about $115).

    End of 2014: Yannick’s idea works. First, he buys cards for 25 euros and sells them for 50 euros. Then he buys them for 100 euros and sells them for 200 euros. The value continues to rise.

    “That’s when I knew I had to put as much money into my hobby as possible.”

    But he did not have much money as a student. He explained to his mother what he was doing and she trusted him. Yannick’s mother gave him 3,000 euros (almost $3,500). She said to him, “Do something with it!” And he did. He invested the money to make six-figure sums.

    According to Twizzle which put together a helpful infographic highlighting how much certain Pokémon cards are worth, one card can be worth up to $100,000.

    End of 2018: Yannick buys Pokémon cards almost exclusively for his private collection. He is now working, but if prices continue to grow and the money continues to flow, the collection will soon be complete and worth millions of dollars.

    On Instagram, under the name @psa_gem_wizard Yannick shows parts of his collection.

  • From Zero to Hero – The Story Behind Les Brown

    From Zero to Hero – The Story Behind Les Brown

    “You got to become a risk taker! If you’re not willing to risk, you can’t grow. If you can’t grow, you can’t become your best, and if you can’t become your best, you can’t be happy, and if you can’t be happy, then what else is there?”

    These are the words of a famous politician, a radio talk show host, a best-selling author and a motivational speaker Leslie Calvin Brown, more commonly known as Les Brown.

    Les Brown moved through the adoption system, suffered the opinions of naysayers and even survived cancer several times.

    He used to sleep on the cold ground of his office in Detroit. But he kept his hope. He knew it was only a moment in time, and that moment would pass. And guess what? He was right! He kept trying and he found success. Or rather, success found him.

    For over 41 years Les Brown has been one of the top speakers in the world. He has helped change the lives of millions of people all across the world through his motivational speeches and his coaching.

    He continues to be a student of success. But the reality is that he went through a lot of trial and error to find his passion and to discover what his talent and gifts were.

    In School He Was Deemed “Mentally Retarded”

    Les Brown credits his success and reaching his full potential to his mother and his high school teacher, who supported him along the way. Having that support made him commit to rising from various positions in life – from radio host to radio station manager and from club MC to one of the most respected keynote speakers, among others.

    He has been active in many fields of life, from a motivational speaker to a bestselling author, business owner, and former politician. In all his positions, he has spread his positive energy and enthusiasm about life.

    He loved being a disc jockey, but what he was even more passionate about was social change. He wanted to make the world a better place. So he spoke about it on the air. At that point, he was told that maybe being a DJ wasn’t enough for him; maybe he should run for public office.

    That idea seemed crazy. He had no experience, but he decided that it was time for him to run as a member of the Ohio House of Representatives.

    He was also terrified to run for office. However, after some campaigning, guess what? He won! He became a legislator, and he was able to start making the changes that he always dreamed of making.

    Les Brown Laws of Success

    motivational speaker
    https://lesbrown.com/

    This is only one story of dozens in which he was scared to death. But he didn’t let that fear ruin his chances of changing the world. From that point on Les Brown became a best-selling author and the world’s leading motivational speaker. Les Brown has 12 laws of success, which you can read about in his book of the same title.

    However, of particular note, is the importance of listening to your heart, leveraging your talent and gifts, and letting go of your fear.

    Today, Les Brown is a multi-millionaire and successful speaker and author who inspired millions of people through his talks. A feat that took him 13 years to accomplish.

    To shape your reality in a powerful way, Brown says you have to maintain an unshakable belief in your abilities. Never let the naysayers or setbacks control your narrative; it’s all about the story you choose to believe about yourself.

    Featured image by Dominick Brady.