You might not know him by name, but this entrepreneur has started up almost 100 companies and, as Wales’ first billionaire, is richer than even Prince Charles. An engineer by training, Terry Matthews became Wales’ richest man by fixing and building things ever since he was young. What started as $4000 in capital and a “long, long holiday” has since become one of the greatest examples of successful serial entrepreneurship in the world.

A journalist once suggested to Mathews, “The standard wisdom is that Canadians are more risk-averse than Americans and therefore less aggressive.” Matthews’ response? “Okay, so I suggest you write some articles to stay that’s bullshit. Canadians need to just get on with it.”Get on with it is exactly what Matthews did, working to build almost 100 high tech communications companies in Canada and the United Kingdom, and finding success every time. How did he do it?

You can read the full Terry Matthews story here: http://www.evancarmichael.com/Famous-Entrepreneurs/4955/summary.php

What do you think of Terry Matthew’s story? Are there any other famous entrepreneurs you would like to see profiled?

I’ve love to hear your thoughts if you leave a comment below!

He dropped out of Kalamazoo College to sell stuffed toys. It might not have been the most promising of starts, but when the young Ty Warner decided to start his own line of stuffed animals, he wound up taking children across the country – and their allowances – by storm. Beanie Babies were affordably priced, and with their cute individual names, Warner found himself sitting on top of a gold mine.

“Some companies are in it for the quick buck,” Warner once said back in 1996. “I want longevity.” In 1998, Ty Inc. surpassed Mattel Inc. and Hasbro Inc. to become the largest toy company in the U.S. How did this college drop out earn himself a spot on Forbes’ World’s Richest List?

You can read the full Ty Warner story here:

The Toy Tycoon: The Early Years of Beanie Babies Founder Ty Warner – Click To Read Article
He dropped out of Kalamazoo College to sell stuffed toys. It might not have been the most promising of starts, but when the young Ty Warner decided to start his own line of stuffed animals, he wound up taking children across the country – and their allowances – by storm. Beanie Babies were affordably priced, and with their cute individual names, Warner found himself sitting on top of a gold mine.

Taking Beanie Babies to the Bank: Warner’s Company Takes Off – Click To Read Article
Back in the U.S., Warner was now in search of the funds he needed to start his new venture. He placed a mortgage on his small suburban home and also set aside the $50,000 inheritance he had received after his father’s death in 1983. That, in addition to his life savings from his six figure income at Dakin gave Warner enough to found Ty Incorporated in 1986.

Lesson #1: Tease Your Customers into Wanting More – Click To Read Article
Warner did not spend any money on advertising for any of his product lines, not even the ever popular Beanie Babies. He did not have to. Instead, he pursued a novel and cost-effective strategy of teasing and taunting his customers into wanting more.

Lesson #2: Use Secrecy to Seduce Your Customers – Click To Read Article
Throughout Warner’s entire career, he has granted just three interviews with the media, this despite being one of the wealthiest men in the world. Does he really value his privacy that much? Or rather is it yet another weapon in Warner’s chest of arms that works to further lure in the unsuspecting customer and make his products irresistible?

Lesson #3: Listen To Your Customers, Not Your Critics – Click To Read Article
By 1992, Warner’s sales catalog had become an increasingly important marketing tool for the growing company. It now featured several dozen plush animal toys, with retailers and collectors alike in a frenzied race to order the latest releases.

Lesson #4: Low Risk Means Low Rewards – Click To Read Article
When it came to taking the road less traveled, Warner was all about accepting risk. And not just a little bit of risk; Warner knew that the more risk he was willing to take, the greater the reward in the end would be.

Lesson #5: Use Strategic Partnerships to Promote Your Products – Click To Read Article
Throughout most of his career in the toy industry, Warner had made a name for himself by bucking the trends. When tradition stated he should sell in the biggest stores he could, Warner opted to distribute his toys via the smaller “ma and pop” shops. And, when his competitors were spending millions of dollars on advertising campaigns, Warner resisted, choosing instead to cover the company and its products with a veil of secrecy.

Success Never Looked So Cute: How Beanie Babies Took the World by Storm – Click To Read Article
“Some companies are in it for the quick buck,” Warner once said back in 1996. “I want longevity.” In 1998, Ty Inc. surpassed Mattel Inc. and Hasbro Inc. to become the largest toy company in the U.S. How did this college drop out earn himself a spot on Forbes’ World’s Richest List?

Ty Warner Quotes – Click To Read Article
Ty Warner Quotes

What do you think of Ty Warner’s story? Are there any other famous entrepreneurs you would like to see profiled?

I’ve love to hear your thoughts if you leave a comment below!

You can take what took them years to figure out and put it to work in your business immediately.

My first real business was a biotechnology software company I became an owner in when I was 19 years old. I didn’t know anything about biotechnology or software at the time but our plan was to model the successful strategies of other software companies to build our business. We copied what Microsoft, Intuit, and Quicken did to grow and we soon had over 450 customers in over 30 countries.

Modeling The Masters Quotes:

“We worked every day, Sunday included, until at least ten o’clock at night. I remember it was an event when we quit work on Christmas night at eight o’clock to attend a family reunion.” – Walter Davidson (Harley-Davidson Motor Co.)

“Give them quality. That’s the best kind of advertising in the world.” – Milton Hershey

“Somehow I can’t believe there are any heights that can’t be scaled by a man who knows the secret of making dreams come true. This special secret, it seems to me, can be summarized in four C’s. They are Curiosity, Confidence, Courage, and Constancy and the greatest of these is Confidence. When you believe a thing, believe it all the way, implicitly and unquestionably.” – Walt Disney

One of the most popular sections of my main website is to profile famous entrepreneurs. I’ve also started a video series called Modeling The Masters in partnership with Phanta Media which I will be featuring in this blog.

Here are the first three videos that we’ve put together – so far they  have been viewed over 16,500 times. We examine the business success of Harley-Davidson, Milton Hershey, and Walt Disney. I’ve yet to decide on the best format for the videos and you can see that each one takes a slightly different approach.

I look forward to your feedback on which you like the best and how I can make them better and more valuable for you!