Folorunsho Alakija is a Nigerian business tycoon dominating the fashion, printing, and oil industries. Ranked as one of the richest women in her country, Alakija is estimated to be worth $2.5 billion. Her career in business began in 1974 as executive secretary to Sijuade Enterprises before she moved to the First National Bank of Chicago. Alakija soon established her own tailoring company, Supreme Stitches, which rose to prominence in the industry in just a few years as Rose of Sharon House of Fashion gained popularity. Alakija also has Famfa Limited, which explored oil in Nigeria, and a joint venture with Star Deep Water Petroleum Limited.
Alakija also established a foundation known as the Rose of Sharon Foundation which empowered widows and orphans by providing business grants and scholarships. In 2013, the Nigerian government established the National Heritage Council and Endowment for the Arts, appointing Alakija as the vice-chairman. The council is in charge of protecting and conserving objects and places of heritage in Nigeria, ensuring that such objects and places are properly registered.
Friday, May 30, 2014
Tuesday, May 27, 2014
Diane von Furstenberg: From Darling Princess to Queen of the Fashion World
Born Diane Simone Michelle Halfin, Diane von Furstenberg is considered to be one of the most successful fashion designers in the world, credited for introducing the wrap dress in 1972. Though she married a prince and attained the status of a royal in those days, her designs were mostly geared towards middle-class women and addressing their needs. She released her first collection in New York City in 1970, but had little experience producing clothing on a large scale so von Furstenberg opted to work for manufacturers first. In 1972, she opened her own manufacturing business with help from her father and her friend Richard Conrad.
Most of the designs she displayed in her Seventh Avenue showroom were variations of the pieces she released in her first collection. She did produce a new sweater dress though called Angela which was named after black activist Angela Davis. This sweater dress became popular but not as popular as the wrap dress that put von Furstenberg on the fashion world map. By mid-70s, the wrap dress had revolutionized how women wore clothing in America. It was versatile, comfortable enough to wear during the day for business and elegant enough to use as an evening gown. By 1976, five million wrap dresses had been sold.
Though wildly successful in her career, von Furstenberg's personal life took a hit, forcing her to divorce with her prince in 1983. She remained strong and moved to Europe to found the French-language publishing house Salvy. She also ventured into home shopping with her line Silk Assets. After finding moderate success, von Furstenberg moved back to the US in 1990 and settled in Connecticut.
In 1997, she re-launched Diane von Furstenberg, her fashion company, reintroducing the wrap dress to the modern woman. The re-launch was a success, with the company moving on to complete four collections a year and becoming available in more than 70 countries around the world. Some of the famous patrons of her works include the Duchess of Cambridge, Jennifer Lopez, Gwyneth Paltrow, Madonna, and Kate Beckinsale.
Most of the designs she displayed in her Seventh Avenue showroom were variations of the pieces she released in her first collection. She did produce a new sweater dress though called Angela which was named after black activist Angela Davis. This sweater dress became popular but not as popular as the wrap dress that put von Furstenberg on the fashion world map. By mid-70s, the wrap dress had revolutionized how women wore clothing in America. It was versatile, comfortable enough to wear during the day for business and elegant enough to use as an evening gown. By 1976, five million wrap dresses had been sold.
Though wildly successful in her career, von Furstenberg's personal life took a hit, forcing her to divorce with her prince in 1983. She remained strong and moved to Europe to found the French-language publishing house Salvy. She also ventured into home shopping with her line Silk Assets. After finding moderate success, von Furstenberg moved back to the US in 1990 and settled in Connecticut.
In 1997, she re-launched Diane von Furstenberg, her fashion company, reintroducing the wrap dress to the modern woman. The re-launch was a success, with the company moving on to complete four collections a year and becoming available in more than 70 countries around the world. Some of the famous patrons of her works include the Duchess of Cambridge, Jennifer Lopez, Gwyneth Paltrow, Madonna, and Kate Beckinsale.
Friday, May 23, 2014
Karl Baehr: Entrepreneur, Educator, Example
Karl Baehr is best known for his work in Emerson College as the man responsible for starting the school's entrepreneurial studies program in 2004. He did such a marvelous job that he was named as 2007's Top Professor of Entrepreneurship by Fortune Magazine. He was also responsible for creating the Emerson Experience in Entrepreneurship expo which pitted students in his entrepreneurship course against each other in a business competition. Aside from honing their entrepreneurial skills, this expo also linked Baehr's students with business contacts since venture capitalists were invited to the event.
Born in San Bernardino, California, Baehr started showing his entrepreneurial streak at a young age by raising money for his Catholic school and hiring his younger sister Lisa to make his bed for a nickel. He also became a musician, educator, and writer alongside pursuing his interests in business. He graduated from the Stephen F. Austin State University in Texas in 1981.
Born in San Bernardino, California, Baehr started showing his entrepreneurial streak at a young age by raising money for his Catholic school and hiring his younger sister Lisa to make his bed for a nickel. He also became a musician, educator, and writer alongside pursuing his interests in business. He graduated from the Stephen F. Austin State University in Texas in 1981.
Tuesday, May 20, 2014
Steve Blank: Renowned Silicon Valley Entrepreneur and Teacher
Steve Blank is a serial entrepreneur in Silicon Valley with more than 20 years of experience in companies delving in high technology before he retired in 1999. His last company, E.piphany, was idealized in his living room back in 1996. Other start-ups under Blank's name include the semiconductor companies MIPS Computers and Zilog, the workstation company Convergent Technologies, the supercomputer firm Ardent, military intelligence systems supplier ESL, computer components supplier SuperMac, and video game company Rocket Science Games. Retirement gave the man time to think and reflect and with that time he wrote a book on the creation of early-stage companies known as Four Steps to the Epiphany, which was also considered to be the book that helped move the Lean Startup movement along.
After retiring from the entrepreneurial world, Blank ventured into the academe teaching entrepreneurship to undergraduate and graduate classes in Columbia University, UCSF, Caltech, Stanford University, and UC Berkeley. As the center of the Lean Startup movement, the "Customer Development" model that he developed in his book became the core themes in many of Blank's classes. In 2009, Blank was given the Stanford University Undergraduate Teaching Award by the department of Management Science and Engineering and was recognized as one of the 10 Influencers in Silicon Valley by the San Jose Mercury News. The following year, he received the Earl F. Cheit Outstanding Teaching Award at the Haas School of Business in UC Berkeley.
Blank's work in Silicon Valley proved remarkable as he received recognition year after year. In 2012, he was listed as one of the "Masters of Innovation" by the Harvard Business Review, while he was ranked one of the 30 most influential people in Tech by Forbes in 2013. Blank also served on the California Coastal Commission, the Audubon National Board, and the Peninsula Open Space Land Trust.
After retiring from the entrepreneurial world, Blank ventured into the academe teaching entrepreneurship to undergraduate and graduate classes in Columbia University, UCSF, Caltech, Stanford University, and UC Berkeley. As the center of the Lean Startup movement, the "Customer Development" model that he developed in his book became the core themes in many of Blank's classes. In 2009, Blank was given the Stanford University Undergraduate Teaching Award by the department of Management Science and Engineering and was recognized as one of the 10 Influencers in Silicon Valley by the San Jose Mercury News. The following year, he received the Earl F. Cheit Outstanding Teaching Award at the Haas School of Business in UC Berkeley.
Blank's work in Silicon Valley proved remarkable as he received recognition year after year. In 2012, he was listed as one of the "Masters of Innovation" by the Harvard Business Review, while he was ranked one of the 30 most influential people in Tech by Forbes in 2013. Blank also served on the California Coastal Commission, the Audubon National Board, and the Peninsula Open Space Land Trust.
Friday, May 16, 2014
Shiza Shahid and the Malala Fund: Paving the Way for an Equal Future
The Malala Fund was the result of Malala Yousafzai's vision to educate every girl in Pakistan. When Malala was shot by the Taliban in 2012, one woman came to her aid not just to care for her as she recovered but to make her dream come true. That woman was Shiza Shahid. Through Shahid's help, the Malala Fund was established as a way of leveraging the young girl's voice and driving all the activity around her into meaningful action.
Shiza Shahid is a Pakistani social activist and entrepreneur. Before being CEO and co-founder to the Malala Fund, she graduated from Stanford University and went on to become a business analyst in the Middle East for McKinsey & Company. For her work, Shahid was recently inducted into Forbes 30 Under 30 list for social entrepreneurs and TIME Magazine's 30 Under 30 World Changers. Shiza Shahid is a young woman guiding those even younger to a world of change and a better future that would arise from it.
Shiza Shahid is a Pakistani social activist and entrepreneur. Before being CEO and co-founder to the Malala Fund, she graduated from Stanford University and went on to become a business analyst in the Middle East for McKinsey & Company. For her work, Shahid was recently inducted into Forbes 30 Under 30 list for social entrepreneurs and TIME Magazine's 30 Under 30 World Changers. Shiza Shahid is a young woman guiding those even younger to a world of change and a better future that would arise from it.
Tuesday, May 13, 2014
Frank Munsey: Huge Fortune from Cheap Pulp
Frank Andrew Munsey was an American author and newspaper publisher. He was born on August 21, 1854 in Mercer, Maine but spent the majority of his years in New York City. Munsey was honored in New York the Munsey Park and the Munsey Building in Baltimore, which were named after him.
Before he rose to the top of the newspaper and magazine publishing business, Munsey took several odd jobs. He failed in his first job as a general store manager so he moved to Augusta, maine to work in the Western Union telegraph office as telegraph operator. He was promoted to the position of manager where he was introduced to his first encounter with new media. Later, Munsey would use his experience with Western Union in the printing business.
Moving to New York City in 1882, Munsey ventured into the publishing industry. He purchased the rights to a number of stories with his savings. He entered into a partnership agreement with two of his friends: one from New York City and another from Augusta, who was a stockbroker. As soon as Munsey arrived in New York, his stockbroker friend opted to be released from the partnership. Munsey approached a publisher from New York to replace his friend. Munsey was able to edit and print his first magazine which he named Golden Argosy within just two months from his arrival.
Munsey became popular with the concept of using a high-speed presses to print on cheap and untrimmed pulp paper for the mass production of ten-cent magazines. Munsey observed that the working class were not interested to read the more expensive 25-cent “slick” magazines which typically contained action and adventure-fiction stories. Munsey’s innovation was later known as pulp magazine. Pulp magazines drew the industry unto Munsey which made him wealthy. Munsey was quick to stop printing and change contents as soon as he noticed that his magazines were unprofitable and would oftentimes start new ones as replacements.
Before he rose to the top of the newspaper and magazine publishing business, Munsey took several odd jobs. He failed in his first job as a general store manager so he moved to Augusta, maine to work in the Western Union telegraph office as telegraph operator. He was promoted to the position of manager where he was introduced to his first encounter with new media. Later, Munsey would use his experience with Western Union in the printing business.
Moving to New York City in 1882, Munsey ventured into the publishing industry. He purchased the rights to a number of stories with his savings. He entered into a partnership agreement with two of his friends: one from New York City and another from Augusta, who was a stockbroker. As soon as Munsey arrived in New York, his stockbroker friend opted to be released from the partnership. Munsey approached a publisher from New York to replace his friend. Munsey was able to edit and print his first magazine which he named Golden Argosy within just two months from his arrival.
Munsey became popular with the concept of using a high-speed presses to print on cheap and untrimmed pulp paper for the mass production of ten-cent magazines. Munsey observed that the working class were not interested to read the more expensive 25-cent “slick” magazines which typically contained action and adventure-fiction stories. Munsey’s innovation was later known as pulp magazine. Pulp magazines drew the industry unto Munsey which made him wealthy. Munsey was quick to stop printing and change contents as soon as he noticed that his magazines were unprofitable and would oftentimes start new ones as replacements.
Friday, May 9, 2014
Arthur Motley: What a Good Salesman is Made Of
Arthur Motley was an American publisher who has turned the fledgling Parade Magazine into one of the most profitable Sunday supplements in the history of newspaper. In 1959, Parade Magazine has reached 10 million copies in circulation each week - a number five time higher than when Motley took over the magazine in 1946. Today, Parade Magazine supplements more than 130 newspapers with weekly circulation of over 24 million copies. No wonder why his colleagues cited him as the “greatest salesman God has ever created.”
While Motley was in the University of Minnesota, he thought his good voice would help him land an acting career. But after graduation in 1922, Motley moved to New York City. There, Motley realized that if he was to go farther, he has to do something more than just buying balcony tickets to Broadway shows.
Motley taught English at Hamline College in St. Paul but has to quit later because teaching was not for him. He went to Columbia Law School, but decided one year later that law was not for him although he passed all his subjects. He worked with Smith Brothers Company, selling cough syrups from town to town through medicine shows.
But Motley’s greatest break came in 1928 when he worked for Crowell-Collier Publishing Company. From his first job there as advertising space salesman, he became the manager in Detroit in 1935. He was recalled to the New York office in 1940 to serve as executive assistant to the president. In 1941, Motley became the publisher of American Magazine.
Motley helped lift Parade Magazine, which was losing thousands of dollar at that time. Motley thought that smaller newspapers were better in the suburbs since more veterans were returning after the World War II. His strategy was effective and Parade Magazine was out of debt within just two years.
While Motley was in the University of Minnesota, he thought his good voice would help him land an acting career. But after graduation in 1922, Motley moved to New York City. There, Motley realized that if he was to go farther, he has to do something more than just buying balcony tickets to Broadway shows.
Motley taught English at Hamline College in St. Paul but has to quit later because teaching was not for him. He went to Columbia Law School, but decided one year later that law was not for him although he passed all his subjects. He worked with Smith Brothers Company, selling cough syrups from town to town through medicine shows.
But Motley’s greatest break came in 1928 when he worked for Crowell-Collier Publishing Company. From his first job there as advertising space salesman, he became the manager in Detroit in 1935. He was recalled to the New York office in 1940 to serve as executive assistant to the president. In 1941, Motley became the publisher of American Magazine.
Motley helped lift Parade Magazine, which was losing thousands of dollar at that time. Motley thought that smaller newspapers were better in the suburbs since more veterans were returning after the World War II. His strategy was effective and Parade Magazine was out of debt within just two years.
Tuesday, May 6, 2014
Michael Milken and the High Price of Being on Top
Michael Milken was an American businessman, financier and philanthropist. He became popular in the business world for developing the market for high-yield bonds or “junk bonds.” But his indictment and subsequent conviction for violating US laws in securities overshadowed his business acumen and charitable causes.
Milken was born on July 4, 1946 in Encino, California. Milken earned his bachelor’s degree at the University of California, Berkeley and his MBA at the Wharton School of the University of Pennsylvania. During his years at Berkeley, Milken’s business philosophies was influenced, to a great extent, by the studies of former Federal Reserve of Cleveland president W. Braddock Hickman. Milken believed that non-investment grade bonds have greater “risk adjusted” returns than investment grade bonds.
After earning his MBA, Milken was hired by Drexel as research director of low-grade bonds. Drexel provided him with capital so he can trade when needed. According to anecdotes, Milken was very devoted to his job that he would wear a miner’s headlamp so he can read the company’s prospectus while he rode the bus.
In 1989, Milken was involved in racketeering and securities fraud after the Securities and Exchange Commission investigated an insider trading report. During his plea bargaining, Milken pled guilty for violating securities laws but pled not guilty for racketeering and insider trading. Milken was convicted of his crime and was sentenced to ten years in the federal penitentiary, a fine of $600 million, and a lifetime ban from the securities industry. For his good behavior and his testimony against his former peers, Milken’s sentenced was reduced to two years in prison.
Milken’s critics would call him as the “epitome of Wall Street greed” and would nickname him as the “Junk Bond King.” However, his supporters like author George Gilder praise Milken in his book entitled Telecosm for impelling economic growth in the US. Gilder noted of the increased capital productivity as Milken spearheaded the trap to old-line businesses by putting them back into a dynamic market.
After serving his sentence, Milken financed a medical research and co-founded the Milken family Foundation. As a prostate cancer survivor himself, Milken poured significant amount of resources to pursue research studies on the disease.
Milken was born on July 4, 1946 in Encino, California. Milken earned his bachelor’s degree at the University of California, Berkeley and his MBA at the Wharton School of the University of Pennsylvania. During his years at Berkeley, Milken’s business philosophies was influenced, to a great extent, by the studies of former Federal Reserve of Cleveland president W. Braddock Hickman. Milken believed that non-investment grade bonds have greater “risk adjusted” returns than investment grade bonds.
After earning his MBA, Milken was hired by Drexel as research director of low-grade bonds. Drexel provided him with capital so he can trade when needed. According to anecdotes, Milken was very devoted to his job that he would wear a miner’s headlamp so he can read the company’s prospectus while he rode the bus.
In 1989, Milken was involved in racketeering and securities fraud after the Securities and Exchange Commission investigated an insider trading report. During his plea bargaining, Milken pled guilty for violating securities laws but pled not guilty for racketeering and insider trading. Milken was convicted of his crime and was sentenced to ten years in the federal penitentiary, a fine of $600 million, and a lifetime ban from the securities industry. For his good behavior and his testimony against his former peers, Milken’s sentenced was reduced to two years in prison.
Milken’s critics would call him as the “epitome of Wall Street greed” and would nickname him as the “Junk Bond King.” However, his supporters like author George Gilder praise Milken in his book entitled Telecosm for impelling economic growth in the US. Gilder noted of the increased capital productivity as Milken spearheaded the trap to old-line businesses by putting them back into a dynamic market.
After serving his sentence, Milken financed a medical research and co-founded the Milken family Foundation. As a prostate cancer survivor himself, Milken poured significant amount of resources to pursue research studies on the disease.
Friday, May 2, 2014
Scott Boilen: The Man Behind the Snuggie
In 2008, The Snuggie became a pop culture that millions of people rushed into stores to get one for themselves especially for the cold season. This unisex body-length blanket is the brainchild of the American entrepreneur, Scott Boilen.
What was thought of as a ridiculous idea turned into a million dollar venture that made his net worth skyrocket to roughly around $200 million. Designed similar to a bathrobe, but is worn backwards, a Snuggie or a sleeved blanket is a body-length blanket usually made of fleece or Vellux material. This product has been marketed under different brand names like the Slanket, Toastly Wrap, Doojo, Snuggie and Snuggler. With the help of Ellen DeGeneres, Jay Leno and Whoopie Goldberg, who featured his item in their shows, he was able to generate close to $40 million during its first three months of release in the market.
Due to the popularity of his item, several YouTube videos were posted in reference to this product and Snuggie pub crawls were created. Currently Scott Boilen sits as the President of Allstar Products company.
What was thought of as a ridiculous idea turned into a million dollar venture that made his net worth skyrocket to roughly around $200 million. Designed similar to a bathrobe, but is worn backwards, a Snuggie or a sleeved blanket is a body-length blanket usually made of fleece or Vellux material. This product has been marketed under different brand names like the Slanket, Toastly Wrap, Doojo, Snuggie and Snuggler. With the help of Ellen DeGeneres, Jay Leno and Whoopie Goldberg, who featured his item in their shows, he was able to generate close to $40 million during its first three months of release in the market.
Due to the popularity of his item, several YouTube videos were posted in reference to this product and Snuggie pub crawls were created. Currently Scott Boilen sits as the President of Allstar Products company.
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