Millionaires...Could they do it twice?

[theBiz]

I have always studied wealthy people, how they did it, their mindset, etc that is how i ended up here. I have recently thought to myself, if millionaires lost everything, could they do it again.

I use Richard Brandson for an example. He is so wealthy and so far beyond 99.9% of the population. What is the difference between a guy with a net worth of $10 Million vs him?

Why is he super wealthy and not just wealthy. Is this guy just a money making machine, and does he know that much more than the average entrepreneur?
I think if he was put on the street with nothing right now, with no business connections he would still end up on top again.

I believe his number one key to success is leverage. Leverage of people and resources which turns into dollars which then he leverages the dollar more than anyone.
Whatever it is it should be studied.

 

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[Allseeingeye]

He is a master of himself, of course he would make the money again through personal magnetism. Why else is it that only 5% ever reach the success and wealth they desire, all the books I have read tell you over and over again, its because people dont truly master their own thoughts.

 

[MJ DeMarco]

The answer is really simply and just for comparison purposes, compare Branson versus myself ... Richard has provided and delivered more value. I delivered value to a narrow industry; Branson has provided value to the planet -- hence the difference.

 

[theBiz]

I agree... He obviously looks to solve problems on a huge scale, obviously implementation is a whole different story,(which is so impressive to me) it takes what most others lack, whatever that might be, research, development, resources, sales channels, etc.

I truly believe if you hand 10 people a product or services ready to go, something revolutionary, which could help millions, a few of those people would not make money with it. This is most entrepreneurs problems, they have the product or the service already they just don't know how to serve millions properly, usually their CPA too high = failure, or it is not presented properly, faulty sales funnel etc.


I believe Richard Brandson could make millions with a bad product or something that does not work (even before he had Brand Recognition). He has the other side of the equation, the most important side. He knows how to impact millions whether good or bad, and still make a profit.

 

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[Kazarian]

I think that you may have inadvertently answered the question with your typo of Richard Brandson. As PhxMj says, RB he has delivered something of value to the whole world and from what i've read and learned in the past, a big contributor to this was his ability to develop such a strong brand identity at an early stage.

However, I'd like to believe that a wealthy person could become a super wealthy person if they are able to maintain the same drive and determination that helped them to become wealthy in the first place.

Of course, from personal experience I can not confirm this as I am not in the same position as people like PhxMj but I do believe if you become a self-made millionaire then with that same passion and grit you can go beyond and achieve even greater things.

I hope to have the chance to recognise whether this is indeed true at some point in the future but until then I'll let people who have more experiance answer these sorts of questions! :smx4:

 

[hatterasguy]

Self made yep. A lot of guys go bankrupt and come right back, look at Trump.

 

[hakrjak]

Branson's personality definitely seems to be his best asset.... I read the guy's autobiography, and he talks about walking into a random house and meeting a girl he had never met, and sleeping with her 30 minutes later.... His ability to form personal relationships in business seem to be superhuman also! He had people working for him for free for the first 5 years of his business life, sleeping on floors and just being happy to be in his presence.

- Hakrjak

 

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[Gaulkin]

To me Richard Branson isn't the best example, most of his wealth came from once in a lifetime opportunities.

 

[Infinity]

To me Richard Branson isn't the best example, most of his wealth came from once in a lifetime opportunities.

I disagree, he's done seemingly well in a multitude of ventures..

If you want to look at people who have prospered from 'once in a lifetime' opportunities - check out Mark Cuban's sale of broadcast.com to yahoo

 

[Gaulkin]

Done well and signing musicians that come along once in a lifetime are two different things.

 

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[Russ H]

To me Richard Branson isn't the best example, most of his wealth came from once in a lifetime opportunities.

You need to study Branson. At least read his wiki page, if nothing else.

There is a LOT going on there.

-Russ H.

 

[Russ H]

Here's a timeline:

1960s

1966 - After failed attempts to grow and sell both Christmas trees and budgerigars, Branson launches his first successful business, a magazine named Student.

1970s

1970 - Starts selling records by mail-order
1971 - Opens his first record shop on Oxford Street
1972 - Opens a Virgin Recording Studio
1973 - Launches Virgin Records record label
1979 - Buys the gay nightclub Heaven, located under Charing Cross railway station. It is subsequently sold in 2003 to a private speculator.

1980s

1980 - Virgin Records goes international
1983 - Virgin Vision, later to become Virgin Communications, is formed to distribute films and videos in the television and broadcasting sector.
1983 - Virgin Games is launched.
1984 - Virgin Atlantic Airways and Virgin cargo are launched.
1984 - Virgin Vision (launched the previous year) launches "Music Box", a 24-hour satellite music station.
1985 - Virgin Group now includes record labels, retail outlets, exported music publishing, broadcasting, satellite television, and film and video distribution.
1985 - Branson starts Virgin Holidays
1987 - Branson takes Virgin Records to the United States
1987 - The Virgin Group, along with Granada, Anglia and Pearson, founds BSB (British Satellite Broadcasting) and receives a UK license to broadcast five new TV channels by satellite in the UK.
1987 - Virgin sets up 525, a post production facility in Los Angeles, to work on high-end commercials and pop videos.
1987 - Virgin sets up "Music Box" as an independent producer of music programmes.
1987 - Virgin buys a 45% stake in Mastertronic Group. Later Virgin Mastertronic becomes a wholly owned subsidiary of Virgin Group, creating, marketing and distributing computer games software and Sega consoles in several European countries.
1987 - Virgin buys Rushes Postproduction in London.
1987 - Virgin launches Virgin Airship & Balloon Company.
1988 - Virgin re-opens the recently acquired and re-modeled Olympic Studios in Barnes, London.
1988 - Virgin launches Virgin Classics, another Virgin international record label specializing in high-quality classical music.
1988 - Virgin sells some of its smaller UK retail stores and puts more money into Virgin Megastores, opening new stores both in the UK and abroad.
1988 - Virgin sets up Virgin Broadcasting.
1988 - Virgin Hotels is created, combining three properties: the Norton House Hotel in Edinburgh, the Crathorn Hall hotel in North Yorkshire, and the Rhinefield House Hotel in Hampshire.
1988 - Virgin sells its shareholding in BSB.

1990s

1990 - Virgin Megastores arrives in Japan
1991 - Virgin Publishing (Virgin Books) is formed
1992 - Virgin Records is sold to Thorn EMI
1993 - Virgin Radio hits the airwaves with Virgin 1215AM
1994 - Launch of Virgin Vodka and Virgin Cola
1995 - Virgin Direct Personal Financial Services opens for business
1995 - Virgin Express a European low cost Airline is launched in Brussels after the purchase and rebranding of EBA Express
1996 - V2 Music is created
1996 - Virgin.Net launches
1996 - Virgin Brides launches
1996 - Virgin Trains is launched
1996 - Virgin Group becomes majority shareholders in London Broncos rugby league team
1997 - Virgin Radio is acquired by Chris Evans
1997 - Virgin Cosmetics launches
1998 - Virgin Mobile launches Virgin's first telecoms venture
1999 - Virgin Active Launches in South Africa, UK and Italy
1999 - Majority shareholders in London Broncos is sold to David Hughes

2000s

2000 - Virgin launches Virgin Blue
2000 - Virgin sells Rushes Postproduction to Ascent Media - then Liberty Livewire
2000 - Virgin launches Virgin Energy
2000 - Virgin launches Virgin Cars
2004 - Virgin launches Virgin Galactic
2005 - Virgin Express merges with Sn Brussels Airlines to form Brussels Airlines. Virgin retains minority share.
2005 - Virgin Active UK acquires Holmes Place
2006 - Virgin announces Virgin Fuel, a new company to produce a clean fuel in the future
2006 - Virgin Active Spain is Launched
2007 - Virgin Active Portugal is Launched
2007 - Virgin launches Virgin Health Bank
2007 - Virgin launches Virgin Media
2007 - Virgin launches Virgin America
2007 - Buys 20% stakes in AirAsia X
2007 - Sells Virgin Megastore in the UK and Ireland
2007 - Virgin Media Television Launchs Virgin 1
2007 - Closes Virgin Digital in the UK (Virgin now sells music downloads through Virgin Media's website)
2007 - Virgin Fuel US$400 million in Virgin Atlantic jet flight on biofuels and in renewable energy.
2007 - Virgin Money becomes preferred bidder for acquisition of Northern Rock (but is ultimately unsuccessful).
2007 - Virgin Radio Italia launches in Italy in joint venture with Gruppo Finelco S.p.A.
2008 - Virgin Australia Airlines offers competitive prices between Australia and Los Angeles. Known as V Australia due to naming rights.
2008 - Virgin launches Virgin Healthcare
2009 - Virgin launches Virgin Money Giving

2010s

2010 - Virgin launches Virgin Racing, a Formula One team previously known as Manor Grand Prix
2010 - Virgin launches Virgin Gaming, a service for people of all skill levels to play competitively on popular Video Games.

********

-Russ H.

 

[FDJustin]

Virgin gaming you say..? Hey, thanks Russ! It's moments like this that make me glad I spend more time reading these posts than I should. That information is bound to come in very handy for me someday!

 

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[exon]

1970 - Starts selling records by mail-order

I think I read somewhere that those records were all pirates, like todays illegal downloading and that is how he start in this (record) business.

His greatest talent is to know how to find talents and hire them :smxF:

 

[theBiz]

Self made yep. A lot of guys go bankrupt and come right back, look at Trump.

I would not use this as an example, take all brand recognition and connections out of the equation.

Lets say he woke up in a different body. I believe it is mostly mentality and strategy which once learned can be implemented immediately and effectively.

If you sat down with Richard Brandson for 1 week could he teach you how to be successful?

I actually believe if it is someone competent he could show you how to make money and do it fast without little capital and no brand recognition.

It is not all capital and brand recognition with him, he just knows how to make money, his systems work.



Also if you look at that time line you really have to break down those years. He is so successful in just one year he does more than most people do in a lifetime.

He obviously understand the importance of time, which is the greatest thing i have learned on this forum so far.

---He understands how to leverage the system of providing value to others.---

 

[Ghost]

To me Richard Branson isn't the best example, most of his wealth came from once in a lifetime opportunities.

That is a fair enough thing to say if he were simply finding the opportunities - like finding musicians. But it seems more than luck when a skill (finding musicians) and another skill (Starting an Air Travel Company) and being able to build a successful soda company all happen to come to the same person at different times in said person's life.

Then, those opporunities may not be found - but created.

How many once-in-a-lifetime opportunities do we not create in our lives? How many opportunities does Richard Branson have to 'find' before he is considered a creative force?

 

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[Russ H]

1970 - Starts selling records by mail-order

I think I read somewhere that those records were all pirates, like todays illegal downloading and that is how he start in this (record) business.

Wrong. He sold cut outs, and called his business "Virgin" b/c they weren't played-- they were NEW.

Do a little research instead of just repeating incorrect information.

That's called due diligence, and if you don't bother to do it around here, you will get your *ss kicked.

2 minutes of searching:

Branson Richard (please read)

-Russ H.

 

[Anon3587x]

Branson's personality definitely seems to be his best asset.... I read the guy's autobiography, and he talks about walking into a random house and meeting a girl he had never met, and sleeping with her 30 minutes later.... His ability to form personal relationships in business seem to be superhuman also! He had people working for him for free for the first 5 years of his business life, sleeping on floors and just being happy to be in his presence.

- Hakrjak

You're really glorifying the guy here.

 

[hatterasguy]

I would not use this as an example, take all brand recognition and connections out of the equation.

Lets say he woke up in a different body. I believe it is mostly mentality and strategy which once learned can be implemented immediately and effectively.

Wouldn't make a difference. Trump got to where he is now because of the way he is, connections helped he didn't have to start at ground zero because his dad already had a pretty good real estate business. But he did work hard and learn it from the ground up, without his dad it just would have taken him longer.

Going from 700 million in the hole to over a billion is quite a feet.

Brand recognition and the TV stuff is recent.

 

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[Anon3587x]

If you were to ask If trump would be a billionaire if born in the middle class/lower class. . .
I would tell you I don't know, I doubt it.

...Richard Brandon is another story.

 

[Russ H]

Richard Branson is a jack of all trades & master of one.
His one happens to be business.

2 billion $ + later I don't think anyone can argue that

All these UK Entrepreneurs have there own lil swag to em'

The latest numbers I've seen on Branson's net worth are 2.6 billion British pounds.

That's just shy of 4 billion US dollars.

-Russ H.

 

[hatterasguy]

Well I like Trump, I respect a lot of the work he does and his outlook and work ethic. I want to own tall pretty buildings like him.

New York city is a brutal real estate market to deal in, I respect anyone who plays in that market. $10m deals are chicken sh*t, everything is big and complicated.

 

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[Gaulkin]

Here's a timeline:

1960s

1966 - After failed attempts to grow and sell both Christmas trees and budgerigars, Branson launches his first successful business, a magazine named Student.

1970s

1970 - Starts selling records by mail-order
1971 - Opens his first record shop on Oxford Street
1972 - Opens a Virgin Recording Studio
1973 - Launches Virgin Records record label
1979 - Buys the gay nightclub Heaven, located under Charing Cross railway station. It is subsequently sold in 2003 to a private speculator.

1980s

1980 - Virgin Records goes international
1983 - Virgin Vision, later to become Virgin Communications, is formed to distribute films and videos in the television and broadcasting sector.
1983 - Virgin Games is launched.
1984 - Virgin Atlantic Airways and Virgin cargo are launched.
1984 - Virgin Vision (launched the previous year) launches "Music Box", a 24-hour satellite music station.
1985 - Virgin Group now includes record labels, retail outlets, exported music publishing, broadcasting, satellite television, and film and video distribution.
1985 - Branson starts Virgin Holidays
1987 - Branson takes Virgin Records to the United States
1987 - The Virgin Group, along with Granada, Anglia and Pearson, founds BSB (British Satellite Broadcasting) and receives a UK license to broadcast five new TV channels by satellite in the UK.
1987 - Virgin sets up 525, a post production facility in Los Angeles, to work on high-end commercials and pop videos.
1987 - Virgin sets up "Music Box" as an independent producer of music programmes.
1987 - Virgin buys a 45% stake in Mastertronic Group. Later Virgin Mastertronic becomes a wholly owned subsidiary of Virgin Group, creating, marketing and distributing computer games software and Sega consoles in several European countries.
1987 - Virgin buys Rushes Postproduction in London.
1987 - Virgin launches Virgin Airship & Balloon Company.
1988 - Virgin re-opens the recently acquired and re-modeled Olympic Studios in Barnes, London.
1988 - Virgin launches Virgin Classics, another Virgin international record label specializing in high-quality classical music.
1988 - Virgin sells some of its smaller UK retail stores and puts more money into Virgin Megastores, opening new stores both in the UK and abroad.
1988 - Virgin sets up Virgin Broadcasting.
1988 - Virgin Hotels is created, combining three properties: the Norton House Hotel in Edinburgh, the Crathorn Hall hotel in North Yorkshire, and the Rhinefield House Hotel in Hampshire.
1988 - Virgin sells its shareholding in BSB.

1990s

1990 - Virgin Megastores arrives in Japan
1991 - Virgin Publishing (Virgin Books) is formed
1992 - Virgin Records is sold to Thorn EMI
1993 - Virgin Radio hits the airwaves with Virgin 1215AM
1994 - Launch of Virgin Vodka and Virgin Cola
1995 - Virgin Direct Personal Financial Services opens for business
1995 - Virgin Express a European low cost Airline is launched in Brussels after the purchase and rebranding of EBA Express
1996 - V2 Music is created
1996 - Virgin.Net launches
1996 - Virgin Brides launches
1996 - Virgin Trains is launched
1996 - Virgin Group becomes majority shareholders in London Broncos rugby league team
1997 - Virgin Radio is acquired by Chris Evans
1997 - Virgin Cosmetics launches
1998 - Virgin Mobile launches Virgin's first telecoms venture
1999 - Virgin Active Launches in South Africa, UK and Italy
1999 - Majority shareholders in London Broncos is sold to David Hughes

2000s

2000 - Virgin launches Virgin Blue
2000 - Virgin sells Rushes Postproduction to Ascent Media - then Liberty Livewire
2000 - Virgin launches Virgin Energy
2000 - Virgin launches Virgin Cars
2004 - Virgin launches Virgin Galactic
2005 - Virgin Express merges with Sn Brussels Airlines to form Brussels Airlines. Virgin retains minority share.
2005 - Virgin Active UK acquires Holmes Place
2006 - Virgin announces Virgin Fuel, a new company to produce a clean fuel in the future
2006 - Virgin Active Spain is Launched
2007 - Virgin Active Portugal is Launched
2007 - Virgin launches Virgin Health Bank
2007 - Virgin launches Virgin Media
2007 - Virgin launches Virgin America
2007 - Buys 20% stakes in AirAsia X
2007 - Sells Virgin Megastore in the UK and Ireland
2007 - Virgin Media Television Launchs Virgin 1
2007 - Closes Virgin Digital in the UK (Virgin now sells music downloads through Virgin Media's website)
2007 - Virgin Fuel US$400 million in Virgin Atlantic jet flight on biofuels and in renewable energy.
2007 - Virgin Money becomes preferred bidder for acquisition of Northern Rock (but is ultimately unsuccessful).
2007 - Virgin Radio Italia launches in Italy in joint venture with Gruppo Finelco S.p.A.
2008 - Virgin Australia Airlines offers competitive prices between Australia and Los Angeles. Known as V Australia due to naming rights.
2008 - Virgin launches Virgin Healthcare
2009 - Virgin launches Virgin Money Giving

2010s

2010 - Virgin launches Virgin Racing, a Formula One team previously known as Manor Grand Prix
2010 - Virgin launches Virgin Gaming, a service for people of all skill levels to play competitively on popular Video Games.

********

-Russ H.

Im not saying he hasn't done great things, all im saying is where he really made it was in the talents he signed. Without them its debateable if Virgin would even be a brand today.

 

[Russ H]

Im not saying he hasn't done great things, all im saying is where he really made it was in the talents he signed. Without them its debateable if Virgin would even be a brand today.

Rrrright.

So he "got lucky" signing the Sex Pistols and Oldfield/Tubular Bells, after being immersed in music for years.

Branson built his own recording studio-- same as 50,000 other pikers across the globe.

So what made him different/successful?

The artists?

Sorry, I don't buy that.

-Russ H.

 

[Gaulkin]

Rrrright.

So he "got lucky" signing the Sex Pistols and Oldfield/Tubular Bells, after being immersed in music for years.

Branson built his own recording studio-- same as 50,000 other pikers across the globe.

So what made him different/successful?

The artists?

Sorry, I don't buy that.

-Russ H.

No need to be snippy, everyone can have there own opinion.

 

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[Anon3587x]

No need to be snippy, everyone can have there own opinion.

If somebody said this every time 2 people were having a discussion with different views. This forum would have 2x the amount of posts.

I believe all Russ ment was;

"I do not agree with that, convince me with something else."

 

[Forbes]

Super successful people have incredible persistence. That's what separates them from normal people. They are not afraid to fail.

One super successful person I have been learning about is Dan Pena. He lost everything and rose from the grave 4 times. It wasn't luck. He just refused to fail.

 

[Russ H]

Super successful people have incredible persistence. That's what separates them from normal people. They are not afraid to fail.

It wasn't luck. He just refused to fail.

Precisely.

Those who attribute incredible success to "systems" or "luck" or "being in the right place at the right time" do a great disservice to the perseverance successful people have.

I guess I'm a bit "snippy" b/c I grew up around a bunch of people who never got ahead (b/c they always sat around whining, and didn't get their *sses in gear).

They blamed their lack of success on outside factors-- and naturally, believed that successful people had "everything going for them".

This makes perfect sense. Because the minute you attribute massive success to the INDIVIDUAL-- then you have to acknowledge that YOU are responsible for your own ultimate success-- or lack thereof.

Does this mean I can be as successful as Richard Branson?

No.

Wanna know why?

Because he has more drive, more charisma, and more business skills than I do.

So does Tony Robbins.

They are superior individuals.

I don't attribute their success to "being lucky" or "in the right place at the right time".

As I'm fond of saying:

Luck favors the prepared.

-Russ H.

 

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[Anon3587x]

Super successful people have incredible persistence. That's what separates them from normal people. They are not afraid to fail.

This is why I feel there is no such thing as "luck"

Luck is created through action and perseverance.
There is no other way it could of happened, because that is the way it did happen. For all we know every outcome is inevitable.

 

[biophase]

Im not saying he hasn't done great things, all im saying is where he really made it was in the talents he signed. Without them its debateable if Virgin would even be a brand today.

Based on that timeline, do you really think that Branson would have just stopped and gave up if Virgin Records failed in 1980? Or do you think he would have started Virgin something else??