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Alexandra And Katharina Andresen- Sibling Billionaires!

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Alexandra And Katharina Andresen - Sibling Billionaires!,Startup Stories,Alexandra,Katharina Andresen,Alexandra and Katharina Andresen,Alexandra Andresen,youngest billionaires in the world,Top 20 Youngest Billionaires in the World,The Two Youngest Billionaires in the World Are Sisters


Before Kylie Jenner was crowned as the world’s youngest self made billionaire, Katharina and Alexandra Andresen were the youngest billionaires.  Alexandra Andresen shot into the limelight when she was named the planet’s youngest billionaire at the age of 19, in 2016. Although Katharina inherited the same amount of ownership stake at the same time as Alexandra, she was an year older to Alexandra (20.)  Hence Alexandra Andresen held the title of the youngest billionaire and continued to hold the title for the world’s youngest billionaire for three more years before Kylie Jenner claimed the title as her own. Both Katharina and Alexandra Andresen currently have a net worth of 1.4 billion dollars each.

How the Andresen siblings inherited their billions

Alexandra and Katharina Andresen became billionaires when they inherited a 42.2% ownership stake each in Ferd, an investment company based in Norway.  The stake was given to them by their father and founder Johan H. Andresen Jr. before he resigned as the Chief Executive Officer of Ferd and moved on to the role of Chairman while holding on to 15.2% ownership stake.

While not many in the world know about the Andresen family, they have a deep and rich history in Norway.  The Andresen family traces their roots back to Johan Henrik Andresen, who established his business in 1849 and is the great great great grandfather of Katharina and Alexandra Andresen.  Johan Henrik Andresen purchased J. L. Tiedemanns Tobaksfabrik, a tobacco factory and made it into one of the biggest tobacco manufacturers in Norway.  

Ferd currently operates in several business areas including  investing in private and public companies mutual funds,hedge funds (pool of money from investors) and real estate among many others.  Tobacco was eliminated from the Andresen portfolio in 2005 when the family sold the business for almost 500 million dollars.

A surprising fact is that Ferd founder, Johan H. Andresen Jr. decided to distribute ownership among his daughters so as to avail tax benefits.  Norway has a net wealth tax that orders the rich to pay about 1% on their net worth, but they can lessen that cost by distributing the money around the family.

ALSO READ: Top 4 Youngest Billionaires In The World

Billionaires yet humble

Alexandra Andresen is an accomplished equestrian rider who won many dressage (a competition where horse and rider are expected to perform from memory a series of predetermined movements) awards and recognitions.  Alexandra also modelled for the equestrian clothing company Kingsland.  Although she is a heiress worth billions, Alexandra prefers to drive second hand cars and earn her money through equestrian competitions.  Alexandra regularly competes on behalf of the Norwegian national team.

Katharina Andresen also prefers to stay humble .  Katharina interned at Ernst and Young office in Oslo for three months in 2018.  She has a strong passion for archery, skiing and fashion. Katharina Andresen hopes to obtain an Natural Language Processing (NLP) certification as well.  NLP is a subfield of linguistics and artificial intelligence. Katharina Andresen studied social sciences at the University of Amsterdam and currently works as a marketing coordinator at Brav, a Norwegian sporting goods company owned by Ferd.  Katharina is likely to be the sibling who would make a career at Ferd.

While it is not clear if the Andresen siblings have any plans to work with Ferd, they also are very wise when it comes to how they are spending their billions.  While the siblings have a lot of money at their disposal their father Johan H. Andresen Jr. believes Katharina and Alexandra, should be humble. During an interview with a popular news daily, Katharina says “Dad has a rule that we can buy a nice car, but it must be second hand (sic.)”  Alexandra Andresen said “I really save all the time, I’ve always done that. I save when I get weekly wages and cash prizes I win at events or if I get money as a gift for my birthday. It allows me to buy something I really want, like a purse or a pair of shoes, without having to ask mom or dad for money (sic.)”  The Andresen siblings are currently at the 2nd and 3rd position on the world’s youngest billionaires list.

 

 

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4 Things To Know About Instagram Reels

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4 Things To Know About Instagram Reels

Instagram Reels is the latest offering from the photo sharing platform Instagram and was launched as a replacement for the video sharing application TikTok.  Instagram Reels was launched only last year and was being tested in Brazil where it was called Cenas.  TikTok was enjoying an unrivalled popularity in India as it became a means to keep boredom at bay during the nationwide lockdown which was imposed in light of the COVID-19 virus.  TikTok amassed more than 200 million users in India and this is mostly due to the cheap internet plans rolled out by Jio Telecommunications, which made the internet accessible to every person even in the remote corners of India.

However, the Indian government announced that it would ban 59 Chinese applications in which TikTok was one, along with WeChat, Helo, Cam Scanner and many others.  This left a sudden void in video making applications, and Instagram realised the need for urgency to capitalize on this void.  Therefore, Instagram immediately pushed their latest feature Instagram Reels which lets its users create 15 second videos with music from Instagram’s database.  These videos look very similar to the ones made on TikTok and therefore Instagram is hoping to entice TikTok users to come onboard their platform.

Instagram users can open the explore tab on their mobile app and can see videos made from Reels.  These videos are displayed on the top of the explore tab and take up half the screen space to ensure more visibility for the feature.

Here are 4 things you need to know about Instagram Reels:

1) Create 15 second videos:

A user can use Reels after updating their Instagram application which is available for both Android and iOS users.  The Reels option is displayed when a user swipes right on their Instagram home screen.  A user can record upto 15 seconds of video and can string multiple 15 second videos to make a Reel.  

2) Reels can only be edited in App:

The Reels can only be edited in the Instagram app where users have a plethora of filters, music and video effects at their disposal.  The Reels can be reviewed to see how they look when they are stitched together (if two 15 second Reels are merged.)  The Reels can be deleted and re-recorded if they are not up to the mark.

3) Reels can be shared as a story or made public:

Unlike the normal Instagram Stories which can only be shared with your followers, Reels can be made public so they can be displayed on the explore tab for everyone on the platform to view it.  If you share your Reels to your Stories or in Direct, they will disappear after 24 hours. You can also save Reels to your drafts for posting later.

4) Featured Reels:

According to Instagram, Reels which may be watched by a lot of people depending on the cultural relevance and relativity to the audience will get a featured tag to them.  These featured reels will only be chosen from public accounts.

The chances are high that Instagram Reels feature is rolled out to almost everyone using Instagram in India.  Let us know if you began experimenting with it and created cool videos!

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5 Books For Every Entrepreneur In 2020

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5 Books For Every Entrepreneur In 2020

It is easy to talk about entrepreneurs and look at them with envy for pursuing their passion but what no one knows is the amount of sweat, blood and tears which go into making an entrepreneurial dream come true.  Entrepreneurs are expected to be highly competitive in the cutthroat market and at the same time continually strive to set an example for others to follow.  The sad truth however is that not all entrepreneurs succeed in their mission because some may give up midway through their entrepreneurial journey, or some might run out of cash while some are just not able to scale up their business.

Many successful entrepreneurs have documented their journey and their thoughts in autobiographies or novels for aspiring entrepreneurs seeking inspiration.  These books would manage to scale up your game, improve your business strategy, potential to connect with new people and most importantly would give you courage to persist on your journey.

Here are five books in 2020 which every entrepreneur should read

1) The Lean Startup by Eric Reiss

Published in 2011, this book is still relevant even in 2020 as Eric Reiss outlines a guide to help entrepreneurs to develop methods to manage their startups/businesses.  Entrepreneurs can set their strategies according to their needs and runway cash to optimise their business opportunities.  The Lean Startup offers entrepreneurs, in companies of all sizes, a way to test their vision continuously, to adapt and adjust before it is too late.

2) Zero To One: Notes On Startups Or How To Build The Future by Peter Thiel

Peter Thiel is the co founder of PayPal and an entrepreneur as well as a venture capitalist.  Zero To One tries to teach entrepreneurs about how Peter Thiel thinks , his approach towards business and how one can shape the future of their startup.  WhilePeter Thiel was teaching a class at Stanford University, a student named Blake Masters took notes which led to the book Zero To One released by both Thiel and Masters.

3) The Startup Owner’s Manual: The Step-By-Step Guide for Building a Great Company by Bob Dorf and Steve Blank

This book is touted to be the perfect guide for any entrepreneur to scale their business.  This book has detailed step by step instructions on building successful, scalable, profitable startups.  The Startup Owner’s Manual is so popular that it is taught in university courses at Stanford, Berkeley, Columbia and many other universities.  The Startup Owner’s Manual follows the theory of customer development, agile, and lean engineering.

ALSO READ: Five Steps Entrepreneurs Can Follow To Identify New Business Opportunities

4) The Greatest Salesman In The World by Og Mandino

Although first published in 1968, this book is still a bestseller and widely read by entrepreneurs.  The book aims to serve as a guide to philosophy of salesmanship, and success through the story of Hafid, a poor camel boy who achieves a life of abundance. The Greatest Salesman In The World is written in the form of ten scrolls.

5) Founders at Work: Stories of Startups’ Early Days by Jessica Livingston

This book is a collection of some really unique interviews done by Jessica Livingston with some of the greatest startup founders in Silicon Valley like Apple, PayPal, TiVo, Yahoo, and TripAdvisor.  This book aims to offer wisdom and insights straight from the mouths of some of the most influential entrepreneurs.

Let us know if there are any other books which deserve to be read in 2020.

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The Rise Of Gig Economy In India 

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The Rise Of Gig Economy In India 

India is notorious for churning out graduates from colleges at a very high rate and the education system in India is always under fire for not focusing on all round development but on marks and grades, instead.  This is a growing concern as there are not enough jobs available to accommodate all the graduates passing out from college.  However, the Indian millennial is a smart individual and when put under pressure, a millennial is capable of coming out of it better.  So, what did the Indian millennial do when there were less opportunities and did not want to be part of the rat race?  They turned to taking up gigs and that spawned an entire economy and industries to flourish.

Gig economy can be defined as a work engagement where on one side, there is a service seeker that is a consumer with a demand for a specific task, and on the other side, there is a service provider that is. a gig worker who can perform that specific task.  The gig economy was able to flourish solely because of the advent of digital platforms which were able to connect a service seeker with a provider.   More and more Indians are looking to escape from the monotony of a 9 to 5 desk job and instead take up freelance gigs which complement their skills.  

In order to put the gig economy into simpler terms, here are some examples.  An individual who likes to drive cars would consider working with Uber as a driver partner to earn some extra bucks.  An individual who is good at playing the guitar would consider performing in live shows with a band to earn extra money.  A person who is good at painting would consider selling their art for extra money.  The gig ecosystem offers the millennial an outlet to escape monotony and pursue their passion instead. 

The gig economy could only thrive when there are digital platforms which are able to connect the supply with the demand.  The digital gig economy generated a gross volume of approximately $ 204 billion from worldwide customers in 2018.  India has emerged as the 5th largest country for flexible staffing after the United States of America, China, Brazil and Japan.  Haryana, Madhya Pradesh, Andhra Pradesh, Gujarat and Telangana have the most opportunities in terms of growth for the flexible workers.

ALSO READ: Indian Startups Face Their Biggest Challenge As 70% Of Them Have Less Than 3 Months Of Runway Cash

Gig economy allows task ownership, convenience and flexibility.  Based on tastes and preferences, an individual can determine the number and type of projects they can work on, the quantum of their earnings, and thus, their work-life balance.  For example, an individual who took on five gigs in one month could take only three gigs the next month to balance life at their regular job.

The gig economy has a disruptive model to connect sellers and buyers for almost all kinds of skills and services.  While the size of the gig economy may seem marginal when compared to the traditional economy, it is recognized for its enormous potential with the desire of workers, specially millennials to have a flexible work schedule and the rise in the on demand consumer services.  Of In India, almost 70% corporates have already used gig workers for at least one task in 2018.

In India, a platform called Lemonop, is setting an example in the gig economy by providing a platform for students and working professionals to look for gigs of their liking.  There are plenty of other platforms like Lemonop which are slowly bridging the gap between talent and job demand.

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