From starting his journey with an electric light bulb idea to creating a multinational electronics corporation, the rags to riches story of Konosuke Matsushita is truly inspirational. Known as the “God of Management,” the founder of Panasonic was involved in many other business ventures, which, together, gave him a net worth of $ 3 billion.
Matsushita had humble beginnings. Being born to a gambling father, Konosuke Matsushita started working at the age of 9 to support his family. Eventually, he started working for the Osaka Electric Light Company, where he climbed the ladder of success very quickly, without any prior school education. This is the company where he came up with the design of an improved light socket, which was far superior than the bulbs available at the time. After getting rejected by an unenthusiastic boss, Matsushita took it upon himself to sell the light bulbs and started his own company.
At the age of 23, in 1918, he founded the Matsushita Electric Industrial Company and began making light bulbs in his garage, with the support of his wife and 3 assistants. The business was unsuccessful in the early years, but the sales picked up with time. By 1922, his Company, which now had a new factory and 50 employees, started introducing new products every single month, which were far superior than the competitors’. Matsushita’s business strategy was to launch products which were lower in price by 30 % and better in quality by 30 %.
The battery powered bicycle lamp is considered one of Matsushita’s best inventions. Candles and oil lamps were used as bicycle lamps in the 1920s and only lasted a few hours. With a keen eye to identify markets with non serviceable goods, Matsushita quickly realised, developing efficient bicycle lamps would be profitable for the Company. He created oval shaped lamps, which had light bulbs for illumination and ran on battery.
In 1930, when the Company’s sales dropped, Matsushita truly proved his leadership and management skills. He cut the production in half without laying off any employees. He said, “We’ll halve production not by laying off workers, but having them work only half days. We will continue to pay the same wages they are getting now, but there will be no holidays. All employees should do their best to sell inventory.” According to Panasonic, this strategy worked and the company survived.
In 1935, the Company, bearing in mind its various businesses, was incorporated as Matsushita Electric Industrial Co., Ltd. The Company suffered greatly during World War II as Japan lost the War, but was saved due to Matsushita’s amazing skills as a leader. In the post War era, the Company came out with devices like washing machines, rice cookers, air conditioners and the product for which Panasonic is most famous—monochrome televisions (TVs.) The Company also started expanding globally during the 1950s and introduced its first colored TV set in 1960.
After Konosuke Matsushita retired in 1961, his son in law, Masaharu Matsushita, became the president of the Company. Post Konosuke Matsushita’s retirement, the Company was faced with the 1970s oil crisis, but managed to overcome it and only continued to expand its business. Konosuke Matsushita passed away in 1989, but his legacy continues even today.
The 101 year old Matsushita Electric Industrial Co., Ltd., which changed its name to Panasonic Corporation in 2008, is now one of the top electronics companies in the world.
Panasonic now has over 272,000 employees and at the completion of its 100th year (2018,) it reported an annual revenue of $ 72.32 billion. The Company has been climbing the ladder of success continuously. This was all made possible because of Konosuke Matsushita’s determination to succeed and excellent management skills.
Travis Kalanick Unknown Facts
Travis Kalanick, the co founder of Uber, is famous for turning the startup into a billion dollar company. Let us take a look at some unknown facts about Travis Kalanick.
Unknown facts about Travis Kalanick
1) Travis Kalanick was introduced to the entrepreneurial world from an early age, when he started selling knives door-to-door for a cutlery company called Cutco during his childhood.
2) Although he is widely known for starting companies like Uber, Scour and Red Swoosh, Kalanick started his first business at the age of 18. Along with a friend, Kalanick started a SAT prep business called New Way Academy.
3) Travis Kalanick was a very smart child. He became interested in computers at an early age and learned how to code by the time he was in middle school. Moreover, Kalanick scored 1580 out of 1600 in his SAT.
4) In 2001, Kalanick started a company called Red Swoosh. In order to save money, Kalanick started living with his parents and eventually moved to Trivandrum, India and then to Thailand.
5) Travis Kalanick is a passionate Wii Sports Tennis player and plays the video game during his spare time. According to investor Chris Sacca, Kalanick was ranked the second best player in Wii Sports Tennis in the world.
6) Travis Kalanick is known for his aggressive behaviour and once sent Instagram a cease and desist letter by posting it on the photo sharing social media platform, along with the caption, “Charming greeting card from a taxi cartel representative.”
7) Despite his billionaire status, Travis Kalanick is famous for being a frugal person. He is known to intentionally forget his wallet during team lunch and staying in cheap hotels while on vacation.
8) Travis Kalanick’s house, which he purchased after selling Red Swoosh, is famously known as the Jam Pad. This is because Kalanick’s house became the go to place for young entrepreneurs to hang out and discuss ideas. Kalanick’s house also has its own Twitter account.
With a net worth of $ 5.28 billion, Travis Kalanick is one of the richest entrepreneurs in America. Which of these unknown facts about Travis Kalanick surprised you the most? Comment below and let us know.
Warren Buffett Most Inspiring Quotes
The fourth richest man in the world, Warren Buffett is one of the greatest businessmen and investors of all time. Known for succeeding in everything at which he tried his hands, Warren Buffett is an inspiration to many. Here are the 10 most inspiring quotes by the “Oracle of Omaha.”
Most inspiring quotes by Warren Buffett
1) About passion
2) About happiness
3) About expectations
4) About success
5) About spending
6) About the important rules of life
7) About reputation
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Know the risks for it will keep you cautious. . . #StartupStories #StartupLife #GrowthTips #FridayThoughts #WarrenBuffett #USA #motivationalspeakers #motivationalquotes #inspirationalquotes #inspiration #success #successmindset #sundaythoughts #sundaymotivation #believeinyourself #believe #entrepreneur #entrepreneurship #entrepreneurgoals#instadaily #instainspire
8) About doing good
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Work in such a manner that you leave behind something useful for later generations. . . #StartupStories #StartupLife #GrowthTips #LifeHacks #WarrenBuffett #ThursdayThoughts #motivationalspeakers #motivationalquotes #inspirationalquotes #inspiration #success #successmindset #believeinyourself #believe #entrepreneur #entrepreneurship #entrepreneurgoals#instadaily
9) About investment
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Invest in yourself before investing in anything else. . . #StartupStories #StartupLife #FactOfTheDay #MondayMotivation #GrowthTips #LifeHack #warrenbuffet #warrenbuffettquotes #motivationalspeakers #motivationalquotes #inspirationalquotes #inspiration #success #successmindset #believeinyourself #believe #entrepreneur #entrepreneurship #entrepreneurgoals#instadaily #instainspire
10) About greed and fear
From being a paper delivery boy, to becoming one of the richest men in the world, Warren Buffett is an absolutely inspirational figure.
Comment below and let us know which of these quotes by Warren Buffett inspired you the most.
First Jobs Of Famous Billionaires
The success stories of many billionaires around the world inspire many people of our generation and have, on several occasions, ignited a desire in many to start their own business. However, many of these successful people began their career by working ordinary jobs. Let’s look at 5 such successful people, who started their career by working some very ordinary jobs.
First jobs of famous billionaires
1) Warren Buffett
Warren Buffett is the CEO of Berkshire Hathaway and is often referred to as the “Oracle of Omaha.” However, this American business magnate started his career by selling Coca-Cola bottles, chewing gum and magazines door-to-door. At the age of 13, he became a newspaper delivery boy and made $ 175 a month, delivering The Washington Post. He continued to look for other business ventures and accumulated savings of $ 9,800 by the time he finished college. Now, with a net worth of $ 82 billion, he is the fourth richest person in the world.
2) Michael Bloomberg
Michael Bloomberg, who founded the financial, software, data and media company Bloomberg L.P., worked as a parking lot attendant when he was young. Born to middle class parents, Bloomberg worked in a parking lot to pay his tuition fees in college and went on to graduate from Harvard Business School. Now a well known philanthropist, Michael Bloomberg is one of the richest people in America, with a net worth of $ 53.5 billion.
3) Oprah Winfrey
Oprah Winfrey is a well known media mogul and entrepreneur, who worked as a grocery store clerk in Nashville to support herself. She then landed a job in radio at the age of 16 and worked her way to the top, eventually owning her own production company. Now, with a net worth of $ 2.6 billion, she is considered one of the most influential women in the world and is a source of inspiration to many.
4) Li Ka Shing
Li Ka Shing was the former chairperson of CK Hutchison Holdings and CK Asset Holdings and is one of the most influential entrepreneurs in Asia. Coming from a poor family, he started his career as an apprentice at a watch strap factory when he was 13 years old and at the age of 19, became the general manager of the factory. He later started his own plastic manufacturing company and used the profits from the company to invest in real estate. Li slowly worked his way up the ladder of success and is now one of the richest people in Hong Kong, with a net worth of $ 27.1 billion.
5) Mark Cuban
Mark Cuban is an American Shark Tank investor, co founder of Broadcast.com and owner of the American basketball team Dallas Mavericks. Cuban began working at the age of 12 as a door to door garbage bag salesman. After graduating college, he worked as a bartender and then as a salesman for a software company. He started his own company, Broadcast.com, after getting fired from his job and now has a net worth of $ 4.1 billion.
It is true, starting at the bottom does not guarantee success. However, if you find your passion and work hard towards it, nothing is impossible, as the aforementioned individuals proved.
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