Bill Gates: How innovations impact the world

Whether it’s the environment or medical costs, all of those, I think innovation will be what gets us out of the problem. At the turn of the century, around 1900, people were projecting how much horse manure there’d be and that our cities would just be inundated. Well, of course, the car solved that problem. It introduced some new challenges like, okay, where’s the oil going to come from. But it’s always innovation that gets us out of just straight-line thinking of problems look like. So I have very little doubt that in the next 20 years cheaper, friendly ways of generating energy will come along and that will avoid a big problem and also let us live better lifestyles. Clearly in health we need big breakthroughs for the big diseases. The diseases in this country and the diseases elsewhere. I think the world is educating more people. We’ve got better collaboration. So I’d be optimistic that the right things will come, but it’s a long list of problems, and the only reason I feel good about them is that innovation will be able to surprise us with solutions that aren’t just zero-sum trade-offs, but rather take us into a whole new way of looking at things.

How to Encourage Innovation and Creativity in Kids

Have a lot of people who from a young age get a great math and science education and get exposed to the idea that new innovations can really fundamentally change things, whether it’s a new seed and a new way of generating energy or a new kind of software. Our future will be defined by those innovations and we have to have all the IQ of our smart, young minds being ambitious and dreaming and understanding that the status quo can be greatly improved. Getting those minds to come together and try out different experiments, have the right incentives so that if they do invent something that there’s this great reward and they can be an exemplar promoting that idea.

Ralph Lauren: Taking Risk

Ralph Lauren had only a high school diploma and a few business classes under his belt, when he made the decision to start his own company, which was the first of many risks Lauren would take in his legendary career.

The next was designing wide, colorful neckties at a time when narrow and plain was the norm. The radical approach won over Bloomingdale’s — and loads of customers. He sold $500,000 worth of ties in one year.

Despite such quick success, Lauren relentlessly expanded his company. Ralph doesn’t sit on his laurels for one minute, you can enjoy the moment, but you have to keep things going.”

 

Ralph Lauren: Have Vision

Oprah: What you do is beyond clothes—it’s about life. I get you, Ralph!

RalphBrooks Brothers was very important to me; I worked there when I was 24. But Brooks Brothers got to be boring. One day when I was coming out of Brooks Brothers, [1930s film star] Douglas Fairbanks Jr., who was then in his fifties and wore a double-breasted suit and spread-collar shirt, walked by me. I thought, “Wow—that guy looks cool.” Later it hit me: The reason I was looking at this older guy’s suit instead of at guys my own age was because his look represented something I didn’t see around me. Back then everyone was wearing cookie-cutter clothes: button-down shirts, thin ties. I wanted the spread collar, the wide tie, the shaped suit. At the time, you couldn’t find those clothes, so I made them, piece by piece. Then a businessman offered to lend me $50,000 if I would come and work for him. I told him I’d go into partnership with him if he’d put up the money. So he did, and I made my suits, and they started selling.

 

Ralph Lauren: Be innovative

No matter what industry you are in or what profession you practice, bringing new ideas to the table is what makes an individual, or in this case a company, progress. Ralph Lauren first achieved success by designing colorful and patterned ties in a world where thin and black uniform ties was still the norm. The decision paid off handsomely in the end, earning Lauren $500,000 in his first year alone. From there he was able to expand on new ideas and take his company in new directions. So the next time you have an idea, don’t be afraid to share it. You never know where it might lead you.

Living meaningful life as a billionaire

Most of us probably dream to become a billionaire someday. Who wouldn’t want to be one? Being a billionaire can give you the opportunity to travel around the world, be on expensive trips, buy almost anything you want, ride and acquire the most expensive car, yacht or even own a private jet.

But given the chances and opportunities to engage with such a luxurious lifestyle, there are some billionaires who chose to live a modest life themselves but give generously to others.

Being a billionaire doesn’t mean one must be an extravagant spender. One can still live a simple life and share the overflowing blessings to those who are in need.These billionaires are good examples that life can be lived in modest ways.  Also, this can serve as a good reminder for all of us that we must not live beyond our means because too much, sometimes, is bad enough.

 

Dish Network: satisfied with little

Charlie Ergen is a chairman of Dish Network. His net worth is $14.4 billion.

Charlie Ergen is a famous for living simply business leader, but he also nickels and dimes in his personal life.

Ergen has said that his being satisfied with little traces back to his mother’s childhood. “My mom grew up in the Depression, I don’t have a mahogany desk.”

The self-made billionaire packs a brown-bag lunch of a sandwich and Gatorade before work every day and, until recently, he shared hotel rooms with colleagues during travel.

 

Google: Very happy with very little

Sergey Brin is a co-founder of Google. His net worth is $39.1 billion.

He learned to live a simple life because of his parents who really raised him well.

“From my parents, I certainly learned to live simply and to be happy without many things. It’s interesting—I still find myself not wanting to leave anything on the plate uneaten. I still look at prices. I try to force myself to do this less. But I was raised being happy with not so much.”

 

Coca Cola: Think out of box

Marketing involves getting the right product to the right place, at the right time, at the right price and with the most suitable promotional activity. Coca-Cola has always been able to create the most appropriate marketing mix.

Since its beginnings, Coca-Cola has built its business using a universal strategy based on three timeless principles:

acceptability – through effective marketing, ensuring Coca-Cola brands are an integral part of consumers’s daily lives, making Coca-Cola the preferred beverage everywhere

affordability – Coca-Cola guarantees it offers the best price in terms of value for money

availability – making sure that Coca-Cola brands are available anywhere people want refreshment, a pervasive penetration of the marketplace.

Coca-Cola has created an extensive and well-organised global distribution network guaranteeing its products being everywhere.

Its approach is founded on the belief that Coca-Cola must try to quench the thirst of everyone in the world – all 5.6 billion of them!

World Dominance

The Coca-Cola Company is worth  $192.8 Billion. It is  #4 World’s Most Valuable Brands. Coca-Cola has more than 500 brands in more than 200 countries. No other company has as many beverage brands which annually earn at least 1 billion, as The Coca-Cola Company.

 

How to Turn Your Kids Into the Innovators of Tomorrow

I think exposing kids to the stories of innovation is something that’s important. I think having them get where the frontier is, what the tough problems are. I’m often saying to my son when he asks, “Is there a product that can do this?” I say, “No, you’ll have a chance to invent that.” Show him that he has that ability and should be encouraged. So recent examples, I think, are particularly powerful. Then even the stories of where somebody tried to innovate but hit a dead end get a sense of why it’s so daunting and yet the benefits are so incredible when it does come to pass.

Bill Gates: On leadership

Leadership and innovation aren’t qualities that people are born with; they’re earned after a lifetime of hard work and diligence. In the face of overwhelming odds or critical failures, it’s easy to lose sight of your aspirations, but the charismatic leaders we admire throughout history don’t give in to that temptation. They work to overcome any challenge. Leaders will be those who empower others.

Sometimes the inventor cannot be the marketer

Coca-Cola was invented in 1886 by a pharmacist John Pemberton. He fought in the Civil War, and at the end of the war he decided he wanted to invent something that would bring him commercial success.

Usually, everything he made failed in pharmacies. He invented many drugs, but none of them ever made any money. So, after a move to Atlanta, Pemberton decided to try his hand in the beverage market.

Coca-Cola was originally intended as a patent medicine.   Pemberton claimed Coca-Cola cured many diseases. Coke did not do so well in its first year. And to make matters worse, Pemberton died in August 1888, meaning he would never see the commercial success he had been seeking.

Coca-Cola was bought out by businessman Asa Griggs Candler, whose marketing tactics led Coke to its dominance of the world soft-drink market throughout the 20th century.

How did Sheldon Adelson get back from losing $25 billion

Sheldon Adelson knows a thing or two about poverty, having grown up the son of a taxi driver in Dorchester, Mass.

“I came from a very poor family, there were six people, four children, and my parents, one bed in the room…and my parents were poor.

Living at the bottom may be one reason Mr. Adelson has been so resilient in his climb back to the top. As Wealth Report readers might recall, Mr. Adelson lost more than 90% of his fortune in 2008 when markets tanked and credit evaporated.

His losses amounted to more than $1,000 a second, or more than $4 million a day. So how did he feel losing more money in one time than anyone else history? “So I lost $25 billion,” he said. “I started out with zero.”

In other words, no big deal. He also kept his cool as his company teetered on the edge of financial ruin. When many investors were abandoning ship, Mr. Adleson and his family invested $1 billion of their own money.

There is “no such thing as fear–not to an entrepreneur,” “Concern, yes. Fear, no.”

Still, Mr. Adelson’s story reminds us of how background can matter when it comes to building and maintaining wealth. Self-made billionaires often are confident that if they did it once, they can do it again. And having grown up poor, Mr. Adelson also knows what is like to have nothing, so he isn’t as fearful of temporary losses.

“An entrepreneur is born with the mentality to take risks, though there are several important characteristics: courage, faith in yourself, and above all, even when you fail, to learn from failure and get up and try again.”

Ralph Lauren: When you really believe in yourself, others will follow.

After that I wanted to sell to Bloomingdale’s, which was the kingpin in New York. When I finally had the chance to show the buyer the ties, he said, “Ralph, I like the patterns—but you gotta make them a quarter of an inch narrower. And I want you to take your name off and put on Sutton East”—that was their private label. I said to the guy, “Gary, I’m dying to sell to Bloomingdale’s, but I’m closing my bag because I can’t take my name off. And I can’t make the tie a quarter of an inch narrower.”

Later that day after I left Bloomingdale’s, I told some colleagues what had happened. They said, “Ralph, who cares if you have to change your tie?” I said, “No, no—I’m not going to do it,” and I continued to sell to other stores. Six months later, Bloomingdale’s called me again. “Listen,” the buyer said, “we’re gonna put in a whole rack and case of your ties!”

Ralph Lauren: Follow your dream

Oprah: Was it always your dream to create this empire?

Ralph: I didn’t have a vision as in, This is where I’m going. I had a vision as in, “This is what I love to do.” The ties, as simple as they were, looked very different from other ties. They were wide and unusual. I never said to myself, “I’m going to be the greatest.” I just wanted to do my own thing. I’d worked for a tie company, and I said, “Can we do this kind of tie? I think we could sell them in New York.” This older guy who ran the company said, “No—the world is not ready for Ralph Lauren.” That was a big statement to say to a 26-year-old kid. The guy laughed at the idea of doing your own thing. I left there and started out of a drawer in the Empire State Building. I used to go out and find rags and make them into ties, then I’d carry them to stores and sell them. People started saying, “More—we want more.” That was so exciting for me. A guy from Neiman Marcus came to my office one day and said, “Let me look at your ties. I’ve been seeing them around.” Then he said, “Would you send these to the main buyer?” At the time, I wasn’t big on flying—I had little kids, and I wasn’t that experienced in jetting all over the place. But I got my little rags together, got on a plane, and flew there, because I knew the buyer wouldn’t understand my ties unless I explained them to him in person. I came home with an order for 100 dozen! That was my first big success. I thought, “I can do this—I’m in business.

Bill Gates: have guts to approach things differently

I’m still trying to innovate in my 50s, but I have to say some of the new and different ways of looking at the world, you have to have a fairly blank mind where you’re willing to see things that are quite different. You often have to assume other breakthroughs. See that those are coming. In our case, knowing the miracle of the microprocessor and this Gordon Moore prediction of exponential improvement allowed us to not worry about the size or the memory or the speed, but just dream of almost infinite capacity and how could software take advantage of that. An innovator is probably a fanatic, somebody who loves what they do, works day and night may ignore normal things to some degree and therefore be viewed as a bit imbalanced. Certainly in my teens and 20s, I fit that model.

The man behind Coca Cola’s success

Asa Candler Built Coca-Cola. The master marketer, grew Coca-Cola into a global giant by lavishing free samples on pharmacists and consumers, securing the earliest celebrity endorsements, and, yes, zealously guarding that secret formula.

The power of advertising is ubiquitous today, but Asa Candler was among the earliest entrepreneurs to aggressively use it.  Candler wasn’t an inventor; he didn’t come up with a great company name or even a distinctive logo. Rather his greatest achievement was as a marketer. When he purchased control of Coca-Cola, it was a fledging five-cent soda fountain drink that only sold about nine glasses a day in its first year on the market.

In addition to the coupons, Candler also decided to spread the word of Coca-Cola by plastering logos on calendars, posters, notebooks and bookmarks to reach customers on a large stage. It was one step in making Coca-Cola a national brand, rather than just a regional brand.

Under Candler’s watch, Coca-Cola’s advertising budget grew from $100,000 in 1901 to $1 million in 1911. Candler even contracted actress and singer Hilda Clark to be the face of Coca-Cola, initiating one of the first-ever celebrity endorsements. Coca-Cola was the first commercial sponsor of the Olympic games, at the 1928 games in Amsterdam, and has been an Olympics sponsor ever since.

 

Work hard for your dreams — there is no shortcut

During the first five years of Microsoft, he was not only in charge of running the business, but he also oversaw product development, taking it upon himself to rewrite code if need be.

As a younger man, he also frequently pulled all-nighters. One time, an employee came into work and found a man sleeping on the desk. She was going to call the police, but then realized the man was Bill Gates.

Judy Faulkner: Not interested in living lavishly

Judy Faulkner is a founder of Epic Systems. She is worth $2.5 billion

She is a press-shy software programmer built Epic–a private health care company that sells medical-records software–from the ground up, launching in 1979 with about $70,000 in capital.
Her company’s success has made her a multi billionaire, but the 72-year-old has never been one to splurge. According to reports, Faulkner has had only two cars in the past 15 years and has lived with her husband in the same Madison, Wisconsin, suburb for nearly three decades.
In a May 2015 letter announcing her Giving Pledge membership and a promise to donate half of her fortune to charity, Faulkner wrote, “I never had any personal desire to be a wealthy billionaire living lavishly,” and said that, instead, she’ll use her money to help others gain access to “food, warmth, shelter, healthcare, education.”

Secret Formula

After Dr. John S. Pemberton invented Coca-Cola in 1886, the formula was kept a close secret, only shared with a small group and not written down.

As a publicity, marketing, and intellectual property protection strategy  the company presents the formula as a closely held trade secret known only to a few employees.

The exact formula of Coca-Cola’s natural flavorings (but not its other ingredients, which are listed on the side of the bottle or can) is a trade secret.

A popular myth states that only two executives have access to the formula, with each executive having only half the formula.

The secret formula is in a vault in a permanent interactive exhibit at the World of Coca-Cola in Atlanta.

Bill Gates: Qualities of a great leader

“I hope you will judge yourselves not on your professional accomplishments alone, but also on how well you work to address the world’s deepest inequities, on how well you treat people a world away who have nothing in common with you but their humanity.” This is the kind of caring and empathy that causes people to stand behind a leader. He is the type of person who isn’t working toward his own goal of personal gain; he is working to help others grow. This is a key quality that successful leaders often embody.

Chuck Feeney: Gave away billions of dollars, anonymously.

Chuck Feeney, is the co-founder of Duty Free Shoppers Group. His net worth is $2 million that’s because he has given away billions!

Over the last 30 years he’s crisscrossed the globe conducting operation to give away a $7.5 billion

A Depression-era veteran with a strict personal motto: “I set out to work hard, not get rich.”

The co-founder of Duty Free Shoppers has donated more than $4 billion to disadvantaged children and public health initiatives, all while going to great lengths to remain an anonymous donor.

“He has no ego . . . He always chooses the second-cheapest wine from the wine list,” according to his biographer, former Irish Times journalist Conor O’Clery. “When we traveled together he was always dressed like a down-at-heel American tourist.”