Thursday, October 23, 2008

Nouveau Riche

Contrary to my previous article on the financial meltdown, and people losing huge amounts of money, I have tried to write about a new concept called the Nouveau riche

Nouveau Riche is a term of reference used by the already rich to describe people who had the capacity to become rich by actually working for it rather than by patronage and inheritance.
This term also refers to the fact that the concerned individual was previously of a lower socioeconomic rank, and such wealth has given him the means for the acquisition of luxuries that were previously unobtainable with his income.
The world has seen millions of these kinds of people, who have got something in them, to achieve their dreams and passions, with a ingenious business ideas and made billions in the process
Some of these billionaires include the greats like SAM MOORE WALTON, CARLOS SLIM HELU, RICHARD BRANSON, DAVID PACKARD etc

Considering the example of Sam Walton, the founder of the world’s biggest retail Mart, Wal Mart.
Starting as a small retail store, he has now built a huge empire of hypermarkets across the world.
On the other hand, Richard Branson has a different story. Beginning with a student newspaper at age 17 and a record label to which he signed the Sex Pistols in his mid-20s, Branson has built the Virgin Group into an international conglomerate of some 350 companies, many of them still tiny but all of them combining for more than $8 billion a year in sales
When asked about his business ideas , Branson quotes
"The conventional wisdom is you should specialize in what you know and never stray from that, but no other brand has become a way-of-life brand the way Virgin has. And it wasn't us setting out to become a way-of-life brand, it was me continually being interested in learning new things. We've got people all over the world who are coming up with great new ideas, and trying them doesn't actually cost us a lot relative to the overall size of the group." So they try. In the process Virgin has developed a business method that Branson calls "branded venture capital," whereby he starts and manages all manner of new companies under the Virgin name while partners provide most of the investment.
describes in detail dozens of such entrepreneurs who made it to the big. The Nouveau Riche in the list is so comprehensive and has managed to cover almost every single billionaire across the world from almost every country . It is really worthwhile and enlightening to have a quick read over it
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