Wise Uncle Ben

Yesterday Forbes released their annual listing of the world’s billionaires. I always find it fascinating to see how many of the billionaires are self-made. Even more inspiring is how many of them made their fortunes in a business that is relatively easy to understand. To quote the world’s richest man, Warren Buffett:

Risk comes from not knowing what you’re doing.

I have nothing but respect and admiration for Warren Buffett and his remarkable record, but his skill set is inimitable for most people. Even though the principles of value investing are readily available to anyone who reads The Intelligent Investor, making a fortune the way he did requires a substantial dedication to developing strong analytical skills. Here are a few of the top 20 that I find most inspiring both for the simplicity of their businesses and their impact on the marketplace.

Ingvar Kamprad & IKEA

I am in the middle of reading Daniel Pink’s A Whole New Mind and what strikes me is how ahead of his time Mr. Kamprad was. One of Pink’s Six Senses is “Not just function but also DESIGN.” While Target gets a lot of credit for leading this change in the U.S., IKEA has been a world leader in bringing tasteful design to inexpensive home furnishings. In an age of CEOs who have enriched themselves while destroying shareholder value, it’s nice to know that Mr. Kamprad still flies economy class and decorates with IKEA furniture. Who knew we had so much in common?

Karl & Theo Albrecht & ALDI

Technically the Albrechts inherited some of their fortune even if it was a single corner grocery store in post-World War II Germany. In some ways, ALDI’s success is remarkably similar to IKEA’s in that they brought great value to the masses. ALDI and now its Trader Joe’s stores provide high quality private label food at rock bottom prices. ALDI was also a leader in the retail trend of charging for plastic bags to prevent waste. Thanks to the Albrechts, we all have a clearer idea of how much of the cost of a trip to the grocery store goes into advertising national brands and store overhead.

Mark Zuckerberg & Facebook

Lastly, Mark Zuckerberg may be #785 on the list, but he is still only 23. Although the technical infrastructure behind Facebook is complicated, the value of social networking is easy to understand. People want to stay in touch as effortlessly as possible. Facebook is the kind of inspiring start-up that was unimaginable just a generation ago.

Remarkably, all four of these billionaires have kept their companies private.

Who do you find most inspiring on the Forbes list?

Forbes: The World’s Billionaires

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DUBLIN — Ireland is now alive with enthusiasm for entrepreneurs, who seemingly rank just below rock stars in popularity.

For evidence, consider the Ernst & Young accounting firm’s award for Irish Entrepreneur of the Year. The award show was prime-time television fare in October. (The winner, Liam Casey, runs a business, now based in China, that arranges for products to be manufactured and shipped from China to customers in Europe and the United States.)

Then there are the government-sponsored studies proclaiming that Ireland ranks third in the European Union in early-stage entrepreneurial activity. And Enterprise Ireland, an agency of the Irish government that gives fledgling small companies a helping hand, has even leased space in an office building in Midtown Manhattan to serve as an incubator for businesses hoping to expand into the American market.

Entrepreneurship Takes Off in Ireland

Photo by Derek Speirs

Maybe you should consider Ireland for your next startup.

Living and Working in Ireland, 2nd Edition: A Survival Handbook

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People are always blaming their circumstances for what they are. I don’t believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and, if they can’t find them, make them.

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I came across a very motivating article over at Cultivate GREATNESS. The posting lists many successful entrepreneurs who do not have a college degree.

Education has many benefits beyond the technical competence to start a business, but not having a degree should not be an excuse to put your dreams on hold. On the other hand, if you already have a degree or two, you have one less excuse for not pursing your dreams. What’s holding you back?

How many times were you told to make sure you worked hard in high school so you could go to college and get a good career job? Okay, maybe not all of you got nagged about it, but probably a good portion of today’s generation of adults did.

It’s natural to wonder whether college is really necessary. A college degree, as many have found, is no guarantee of a good career. On the flipside, there are many successful entrepreneurs who didn’t need their college education and become millionaires anyway. Here are fifteen of them, both contemporary and from the past, in alphabetical order.

15 Successful Entrepreneurs Who Didnt Need College

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