Rayanne Thorn: Jobseekers: Understanding the Candidate Experience
LOOK: Mystery Man Gives Canada Animal Shelter $25,000 In Random Act…
Meet the New Young Millionaires
Forget Bill Gates and Steve Jobs. The founders of Facebook, YouTube, and other upstart companies are shaking up the business world -- and making millions along the way.
Posted 5/ 27 10 at 6:00 PM | Business Trends, Technology, Money, Leadership, Starting a Business, Consumer Products & Services, Food & Beverage, Media, Software, Inventions & Innovations
Text Size:
A A A
For many, the American dream isn't just to become a millionaire -- it's to become a young millionaire. There's something to be said for coming up with a million-dollar idea relatively early in the game of life.With original whiz kids like Bill Gates and Steve Jobs paving the way, a new generation of entrepreneurs is putting their own spin on success -- and making a lot of money along the way. How did they do it? While they may have taken slightly different paths, these young millionaires all found a way to turn unique ideas into lucrative ventures. Here's a closer look.
Young millionaire: Mark Zuckerberg, 26
His claim to fame: Zuckerberg co-founded Facebook, which this year will bring in anywhere from $710 million to $1 billion in revenue, according to various reports. Zuckerberg's own wealth is believed to be $4 billion -- at least on paper.
His blueprint for success: Zuckerberg started Facebook from his dorm room on February 4, 2004. The Harvard student didn't intend for his page to go beyond Harvard, but he soon recognized the appeal of being able to connect with college friends. He brought aboard his roommate Dustin Moskovitz and later classmates Eduardo Saverin and Chris Hughes, as they began expanding Facebook to other universities like Stanford, Dartmouth, Columbia and Yale. Facebook took off, first with college kids then high school students, and in June 2006, many corporations were allowed to join. In September 2006, Facebook opened the floodgates to the general public. Today, the site claims more than 400 million active users worldwide.
Young millionaire: Stacey Bendet, 32
Her claim to fame: She founded alice + olivia, a wildly successful women's clothing line, which brings in a reported $50 million a year.
Her blueprint for success: Bendet started her business with University of Pennsylvania classmate Rebecca Matchett (alice + olivia is named after the founders' mothers), and the collection is now sold in more than 800 stores around the world. Why the company became successful may simply be traced to Bendet's creativity. New York once reported that while in college, Bendet Rollerbladed to a job interview dressed in orange pants and a fur bomber jacket. Today, her collections are known for being sophisticated but always adorned in a sense of fun and a little quirkiness. And what happened to Matchett? The two parted ways pretty early in their partnership, but Matchett isn't doing so badly either -- she is the co-founder of another clothing company called Rebecca & Drew.
Young millionaires: Dennis Crowley, 33, and Naveen Selvadurai, 28
Their claim to fame: They founded Foursquare, which has been valued at $80 million.
Their blueprint for success: Foursquare allows users to alert their Facebook friends and Twitter followers where they are at any given time, encouraging everyone to check out cool places they've discovered. Selvadurai is a software developer and Crowley knows something about social media (he sold Dodgeball, a location-based social network, to Google in 2005). Foursquare, a combination of software and social networking, is based on a very human desire: to get out and see things and share experiences with people. Selvadurai created it simply because, as he told BusinessWeek, "I live in the East Village, which has so much rich history and so much to do, and I realized that I'd seen maybe 5 percent of it. I was looking for a way to get me and my friends to go out and do more things."
Young millionaire: Aaron Patzer, 30
His claim to fame: He created Mint.com, a money-management site. Last year, Intuit bought it for $170 million.
His blueprint for success: Patzer has always been something of an overachiever. As an undergrad at Duke University, he earned degrees in computer science, electrical engineering, and computer engineering. He later started a Ph.D. program, decided that it wasn't practical, and got his MSEE (Masters Degree in Electrical Engineering) at Princeton instead. So maybe it isn't a shock that he was only 25 when he created Mint.com. Still, you don't need to have an advanced degree to understand why Patzer was successful. Everyone has money -- or wants it -- and Patzer created an easy-to-use site that helps people keep more of it.
Young millionaire: Andrew Mason, 29
His claim to fame: He created Groupon, a coupon site like no other. Revenue is estimated to hit $350 million in 2010, and the company has been valued at $1.2 billion.
His blueprint for success: Mason harnessed the power of collective buying action. Groupon, available in cities nationwide, offers discounts from local businesses -- generally significant discounts, like 59 percent off admission to a laser-tag arcade or 67 percent off a week at a daycare center. If enough consumers respond that they'll take a particular deal, it goes forward. If not enough respond, the business can pull the deal. It's a win-win situation for everyone, since customers save a ton of money, businesses gets an influx of customers, and Groupon takes up to 50 percent of the cut.
Young millionaire: David Chang, 32
His claim to fame: Back in 2004, he created Momofuku, a noodle bar in New York City, which has since spawned a mini empire of line-out-the-door restaurants across the Big Apple.
His blueprint for success: Since opening his original noodle bar, Chang has expanded to several other locations, including Momofuku Ko, a 12-seat restaurant that takes reservations six days in advance, online only, and on a first-come first-served basis -- infuriating some fine-dining folks who want to eat there sooner and more frequently. Nonetheless, the restaurant is always packed. Chang has also authored a cookbook, and for his creative-yet-affordable culinary creations, earned himself a spot on the 2010 Time 100 list.
Young millionaires: Chad Hurley, 34; Steve Chen, 32; Jawed Karim, 31
Their claim to fame: If you've ever watched a video of a cat playing the piano or Susan Boyle singing her heart out, you know these guys. Yep, they co-founded YouTube.
Their blueprint for success: Hurley worked at PayPal and talked up the idea of a video-sharing site with two coworkers, Chen and Karim. When they were given a bonus after eBay bought PayPal, they used that -- along with some venture capital -- to build an office in a garage. It was there, in February 2005, that they started YouTube. While Hurley, Chen, and Karim's exact net worth is unknown, but you can do the math: Google bought YouTube in November 2006 for $1.65 billion.
Young millionaire: Kevin Rose, 33
His claim to fame: He created Digg, a content-sharing site with estimated revenue of $31 million.
His blueprint for success: Like a lot of these young millionaires, Rose tapped into the wisdom and acceptance of crowds. Rose's business depends on people from all walks of life around the globe. In a nutshell, Digg asks people to vote on a story, asking them if they "Digg" it. Rose was featured on the cover of BusinessWeek in 2006 with the cover line: "How This Kid Made $60 Million in 18 Months." Despite plenty of critics who question whether the site has a solid business model, BusinessInsider.com recently suggested that the company could be worth $250 million.
Getty Images
- 'Marriage Penalty' Could Make Costly Return - CNNMoney
- Oil Rises on Optimism for Cliff Deal - FOXBusiness
- Dow 2012: The Studs and Duds - InvestorPlace
- Turning the Corner: Why 2012 Wasn't as Bad as You Think - The Motley Fool
- World’s Longest High-Speed Rail Line Unveiled In China - IBTimes
- FORGET THE DEFICIT: Here's The Real Reason Liberals Want To Hike Taxes On The Rich - Business Insider
- CEOs to Fire in 2013 - 24/7 Wall St.
- DailyFinance Market Minute - DailyFinance
Comments (Page 3 of 5)
Bobbie you wiil maintain Success,if you have not already done so , by the time you receive this.You have LEARNED, one of the most inportant rules of SUCCESS.and that is to learn from your pitfalls, & Shareing the Experience.Helping others to achieve thier Dreams with as less diffcultlies as possible, is a sign of greatness. Greatnss,Focus,& Determination = Success & you have them all. Great success in your journey...
I have never seen a more asinine title for an article. Geoff Williams, you are an idiot. Forget YOU!!! These flash in the pan success stories above could not hold a candle to either Gates' or Jobs' achievements. Only if they create one site after another for the next 30 years that makes billions or that they sell for billions will they be in the same Universe as Gates and Jobs. You show a complete lack of understanding and appreciation for what real achievement in business is all about, and your Headline is insulting to anyone having an appreciation and understanding of success in business. One deal does not make your above-mentioned multi-millionaires anything other than lucky to this point. Gates and Jobs are and will continue to be icons in the historical annals of business success on this planet.
Do you like Detroit or Flint style coney dogs? How about fiery hot chili, garlic and herb spaghetti sauce or hearty Polish soups? How’s your supply of steak seasoning or tangy rib rub now that summer is upon us? Get these spice mixtures and much more at wholesale costs from www.SunriseSideBulkPacks.com
Being one of those 'old geezers'...I can appreciate the process the learning curve! Some are just longer than others. I applaud the youth that take charge and make something of themselves. I started my first company when I was in my late 20,'s, with moderate success, but thanks to the internet..I generate more CASH now...than ALL those years...just by spreading GOOD NEWS! www.cash4goodnews.com
....and the point, being?
Replying to Bobby.
All I can say is that every generation of children is more intelligent and brilliant than the last... no matter how many people are in denial. Granted, that they do not obviously have the same maturity level as their elders. I'm only 21, and I'm blown away by the intelligence level of my 2 little nieces whom are only 7 and 4. The 7 year old is REALLY starting to show her intelligence... It makes me wonder if I was as smart as her at that age...(i think the answer is "not quite")
People 21 and over should just spend $10,000 sit for about 7 days and if they win the World Series of Poker main event these days they'll probably make at least 8 million. That's something that takes no thoughts at all just a bunch of luck.
I'm sorry to tell you this but it will take a lot more than $15000 to open a restaurant in America. It would be more like $250,000 just as a down payment. Who have you been talking to? Or maybe you haven't spoken to anyone about your idea. You need to get a business plan together, present it to an accountant or banker and let them help you figure out what kind of money you need, but $15K is not anywhere near enough to start a restaurant. You need to pay for a location (rent), utilities, Cooking equipment, insurance, advertising, dishes etc., and salaries. You should have at least 6 months to a year of money saved up to pay all of this, as business just doesn't happen as soon as you put your "Open" sign in the window. Most restaurants fail within the first year of business. In today's market, it's iffy at best. Why don’t you just try to get a job as a cook, then chef at some restaurant and see if you like it first, and get some experience?
Bobbie that is great that you have made a million and lost a million and made it back already. I would like to see if you would lend me 15,000 dollars to open a restaurant? Send for me and let me cook for you for a week and then you can decide if my cooking is good enough to serve to the masses! Or anyone out there that reads this post. Everyone I cook for tells me to open a restaurant but I just can't come up with the first 15k to do so. Please give me the chance to make it too. Give back just a little and I will in turn also help someone else down the road. sproutsoflife@aol dot com
What is common to all comments?: Youth and internet, i.e. technology. One should be able to form something of value the old way, not using modern technology.
Dear NowIUnderstand, Re: how one measures “success”
I agree….and also, through my eyes, measuring success is truly what you have just said….loving others, giving time to the children who have no one, helping the elderly, stray animals and other human challenges. I have to say though, we cannot deny that having “self-made large money’ is a ‘level’ of success’…because that really and truly is a success. Yes, it is. I didn’t say ‘inherited’ money or ‘stolen / scammed’ money….but ‘self-made’ money. However, the real success is ‘what is done with that money’ after the money is made. That money can and will be a profound key to helping others in need, getting orphans homes, servicing the elderly, saving and re-homing stray animals, building new homes for those who have lost theirs in natural disaster…and on. The money is a part of the ‘way-maker’ to help turn things around….creating paychecks for the jobs to those who are a bit more able and want to help the elderly, the orphans, the abused animals, the emotionally ill, medical research, re-directing the homeless, saving those who don’t know what direction to turn to. Money creates the non-profits and foundations to help others in need or dis-advantaged. I am only 59 years old and have less wisdom than you. I had my first and only child when I was 40. Glad of it…my son and I are close. I have had some successes and some intense failures. What I realize though is…… that our job is to encourage the young innovators to do well with their profits. (Even when they are not looking for the advice.) Don’t discount their creations and deem them not worthy in life, look at what good can and has stemmed from their ideas….as temporary as their creations appear to us who are older. Also, very importantly…let’s realize and clearly see that when their ideas have been proven as successful money makers because of their dedication to their vision, their companies are then bought out for more mega billions. Their companies are purchased by corporations that are run and controlled by our own older generation. They are the ones who see the financial value of the young innovator’s dream. The senior purchasing CEO’s, Owners, Investors blah,blah,blah are the ones who then become responsible for ‘how the money is used’. What you have pointed out truly is what is important, and it really does not take money for an individual to donate their time to help others in life…but think of what greater things that can be achieved if there is the money is there to make it happen. Money ( in any country) is man’s tool to barter for necessary and unnecessary services and things. Money is the dividing line ( in most cases) of rich and poor, struggle and ease, pain and joy. The more money one has, the more powerful we allow that person to become because they can do more things with their money. But it is what they choose to do with the money they have made. When it is shared for the good, for the helping and growth….. that is the ’success’. That is what goes down in history as speaking the heart of man. Please, let me know how you feel about my definition.
Good ideas, but hardly original. Getting rich is more than good ideas for products. It also has a lot to do with demand for the product, the sales techniques, as well as 'convincing' the potential buyer the 'need' of the product they are trying to sell. Theres no such thing as being 'independently wealthy.' If customers aren't interested, the business person will go nowhere.
Well I created HawgNSons Unlimited ...and I NEED TO GET PAID! www.HawgNSonsTV.Com
Well I created HawgNSons Unlimited ...and I NEED TO GET PAID! http://www.HawgNSonsTV.Com
I am in my early 30's and starting a new business. I have dabbled a bit in many things - even real estate (which is doing okay - own 3 properties with my mother and looking to buy more). I just started my own Jewelry business and am in the process of setting up with HSN, QVC, ShopNBC, and Jewely TV - along with my product line in WalMart/Sam's and Kohl's. I am building my own website with my products also.
I hope in 3 years (when I am 35) I will be a multi-millionare. I want my son to learn the value of money and hard work
DSwan, I am in total agreement with you. With my company, I intend to hire single mom's, the homeless, etc and pay 10% of the wholesale price for making the ring. In some cases,a person can make $30 to $40 per hour. This will take some people from homeless to having homes, to be able to save for their and their children's future.
As for my personal gain, it will be for my son and any future childen I have - and to help care for my parents. I adopted my son as a single mother at the age of 30 - he is almost 2 now. I would love to adopt more children and create a safe place for others who have been abused and neglected. My heart is for children and want to see then in safe homes.
I would love to create an adoption "agency" that will network birth parents to adoptive families at no cost. There will be no agency fees at all. The only fee will be the legal fees.
This is what I deem as sucess.
You forgot Charlie Graham, founder of "ShopItToMe.com"
......you mean the virtual crap YOU are on right now.....hmmmmm? What an idiot
Most of these so-called "businesses" are internet businesses that cater to human heliocentrism and communication-dribble amongst those under 25. Sad. No human interaction or human communication exchange, except for the clothing companies and the restaurant. Are there any internet sites that actually get one off their hind-end to go outside and experience the beauty of Nature and know about the real world we live in instead of all this virtual crap???????
All this from technology-and quite frankly, it is amazing these people have been able to see a future in these ideas-but it takesa great education and some thought t go forward with these ideas-and most of them are becomung pains-in -the-neck to society-should you love or hate them. What insight.