How a Poor Immigrant With $11,000 In Savings Became One Of The World’s Richest Men
Do Won Chang found himself at a turning point after he’d gotten married.
He had a new bride to take care of, as well as his parents.
He could keep scraping a living delivering coffee to the nearby villages. Or he could hop on a plane and head to the United States to do something amazing with his life.
Chang made the choice.
6,000 miles later, he touched down in America.
And he landed into a $3 per hour job that earned him barely enough to afford a tiny apartment.
That just wasn’t enough. He took another job as a gas station attendant.
And another as an office cleaner.
Chang worked 19 hours a day to afford a paltry lifestyle.
That’s when he hit another turning point.
Should he carry on killing himself just to pay the rent?
Or should he do what the people who hired him did – start his own business?
He noticed that the people who drove the cars he wanted and had the life he coveted didn’t work in the jobs he did.
They worked in clothes.
So Chang took a job at a clothing retailer and started learning the ropes. Before long, he knew everything there was to know about running a clothing store.
He and his wife scrimped and saved until they had $11,000. Together, they opened a store of their own and called it Forever 21.
Today, he has 400 stores in over 50 countries. Forever 21 is now worth $5 billion.
And it all came down to Chang’s choices.
The Most Amazing Business On Earth
Just like Chang, Jeff Bezos made a choice.
He chose to quit his high income paying job on Wall St to start Amazon.
This was in 1994.
This was the year the animated classic Lion King topped the Box Office, pipping Forrest Gump for the #1 spot.
Bruce Springsteen’s Streets of Philadelphia was the world’s hottest single, too.
And now, 25 years later, he might have created the greatest opportunity on Earth - for anyone wanting to start their own business.
Because Amazon took everything which was difficult about running a business and solved it.
If you took Walmart, Home Depot, Costco, Lowes, Target, Best Buy, Kohl’s Macy’s and JCPenney – and combined them into one company they’d still be smaller than Amazon.
Based on its sales it would be the 55th biggest country in the world.
And it uses enough cardboard to cover all of Australia in a year.
It’s mind boggling how enormous Jeff Bezos’ empire has actually become.
However that’s not the best bit.
Jeff Bezos realised that, unlike most retailers which bought and sold their own products, Amazon would grow much faster if it let people sell their own goods on the platform.
So it threw the doors open to anyone who wanted to start their own store on Amazon and before long Jeff Bezos became the richest person in the world.
This means if you want to start a business you can partner with Amazon and get access to the biggest marketplace in the world:
- There are over 244 million active users on Amazon – which means an absolutely colossal number of people you can sell to
- Amazon don’t just connect buyers with sellers like eBay. You can send your products straight to Amazon and they’ll store them and ship them directly to your customer on your behalf. All you have to do is find what to sell and list it. It’s almost embarrassingly simple
- On average Amazon ships 608,000,000 packages a year which works out to 1.6 million packages a day – and people still can’t get enough of whipping their credit cards out and buying more and more things
And much more.
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Do Won Chang - owner of Forever 21