Entrepreneurship | wealthymatters

Ferruccio’s Revenge

October 2, 2013 Leave a comment

Ferruccio started as a farmer and then went on to makentractors.

Eventually his business became so successful that he was among the most wealthy in Italy.

He owned a Ferrari which gave him some trouble at some point of time. Being a mechanic he tried to fix the problem and found out that his Ferrari had the same clutch used in one of his tractors. Obviously a bit furious he went to Modena to complain about the low quality part used in a Ferrari.

Enzo Ferrari being quite an arrogant man, said Ferruccio was a “farmer” and the problem was with him, not the car.

Ferruccio was insulted and vowed to make a car capable of beating a Ferrari.

His efforts resulted in the creation and development of one of the most powerful and well renowned brand of cars in the world today,fully capable of trouncing Ferraris any day.

So what’s Ferruccio’s full name? You guessed right.Its Ferruccio Lamborghini.

Revenge is a great motivator.Harness its power and use it wisely.

Filed under Entrepreneurship Tagged with Enzo Ferrari, Ferrari, Ferruccio Lamborghini, Lamborghini, Modena

Persist

October 2, 2013 Leave a comment

wealthymatters

In 2003 a bunch of Finnish guys ( Niklas Hed, Jarno Väkeväinen, and Kim Dikert ) decided to convert their love for making games into a video games company.

They made one game after another in the hope that one of them would catch on.

After 51 games and 6 years in, they were still at it.

Their 52nd game was a slingshot puzzle game about some birds.

Yes, the company is called Rovio, makers of Angry Birds.

Today, they have over a billion users, 500 employees and partnerships with some of the world’s most recognizable names like Star Wars, NASA and the Chinese government.

Their story only goes to show how it took them 51 failures to become a success………Do you know your magic number? Persist! The darkest hour is just before dawn.

Filed under Entrepreneurship Tagged with Angry Birds, Jarno Väkeväinen, Kim Dikert, Niklas Hed, Rovio

The Story Of Raphael Tudela

October 2, 2013 2 Comments

wealthymatters If you have ever wondered how to start-up when you have no money,here is an idea from a story in ‘What they don’t teach you at Harvard Business School’ by Mark H. McCormack:

Several years ago I met a Venezuelan oil and shipping businessman by the name Raphael Tudela. As I have come to know, respect, and admire him, he has impressed me as the quintessential street-smart executive. He has built a billion-dollar business from scratch in less than twenty years. He seldom deals in written contracts because his word is his bond. He has always made his own breaks. And his principal business, which is oil speculation, relies on his constant process of seeing opportunities where no one else does and taking advantage of them.

In other words, Raphael Tudela is a genius at taking the edge. One of the best illustrations of this –of how he has the facts, knows what people want, and figures out a way to give it to them- is the story of how he got in the oil business in the fist place. Read more of this post

Filed under Entrepreneurship Tagged with British Petroleum, oil speculation, postaday, Raphael Tudela, Shell Oil, Sun Oil Company, Venezuelan oil and shipping businessman, What they don't teach you at Harvard Business School by Mark H. McCormack

Ticketless Travel Insurance

October 2, 2013 2 Comments

wealthymatters

Here is an interesting post I came across today via the Freakonomics blog.I’m struck by the deshi jugaad-an ingenious solution to save a few rupees and avoid wasting time and energy waiting in the serpentine queues at the ticket window in case you’re not a regular monthly pass holder

.\In a crowded (understatement) local train in Mumbai, where there’s hardly any breathing space, what are the chances that a TC (ticket checker) walking into the train and checking for tickets?

Mumbai suburban railway system daily carries more than 6 million commuters on 3 corridors – central, western & harbour. 6 million commuters on these trains means that the task for the authorities is extremely difficult. Ensuring that all these commuters pay for the tickets is next to impossible for the railway authorities. The system to discourage ticketless travel has to rely on random ticket checking and the chances are that you will escape getting caught more often than not, while travelling without a ticket. However, if more and more people think that ticketless travel is harmless, the chances of them getting caught in the random check will obviously increase. This keeps the number of ticketless travellers in check. Read more of this post

Filed under Entrepreneurship, Tool Kit Tagged with postaday, saving on transport costs, ticketless train travel, ticketless train travel insurance

Changing Spending Habits of Indians

October 2, 2013 2 Comments

Here’s some help in comparing your spending with that of the majority of the country.Also you can use the information to project your own spending patterns in future.Being wealthy means you can live off passive income.So accurate expenditure projections are essential to ensure that living standards remain at at desired levels w.r.t. the rest of the population.

The graph above also points to potential areas to start businesses in and companies whose stocks you can invest in.