Unlocking The Secrets Of The World’s Richest Families

Family businesses aren’t just restaurants passed on from one generation to another, although these are considered that, too. Huge successes in business are headed by families, such as Wal-Mart and BMW. These are private companies dominating the world market with their family business secrets.

Image source: listcarbrands.com

Talent: Add character to talent, and you’re going to give your family business a win you can pass on from generation to generation. These families have surrounded themselves with people who know what they’re doing in the industry, who are talented and who work with grit, making their business thrive for years.

Free will: Most family businesses are led by successors, seemingly stuck with the role. However, one of the secrets of the world’s richest families is that they allow their children to explore and know what they want to do in the future, and not locking them up to fit the role of a business heir. If and when they find their way to the business, they have gained more experience that could help it grow even more.

Image link: businessinsider.com

Clear lines: They draw the line for work and family. In gatherings, they don’t talk about work to keep their sanity in check. These families know when to become relatives and colleagues. In doing this, they can maintain professionalism at work and business, and they make better choices for the company for they don’t think about themselves.

Family businesses thrive when leaders have consideration for the welfare of many; not just for their own family, but also for the people they consider a part of their own in establishing their market giant.

Hi there! I’m Steve Sorensen. I’m an investment strategist and business blogger. I look into the history of the world’s most successful companies to find out how their net worth grow to Fortune 500 levels. Follow me on Twitter for similar updates.

Just Do It: How Nike Became The Leader In Sporting Goods

IMAGE SOURCE: nike.com
IMAGE SOURCE: nike.com

At this point in time, one would be hard-pressed to find someone who doesn’t recognize the “Swoosh” symbol or the “Just Do It” slogan. Nike is everywhere, aspirational, and inarguably the leader among sports apparel brands. But how did the company become the global giant it is now?

Far from being the sought-after brand for sports equipment and gear, Nike was founded by Phil Knight and Bill Bowerman in 1964 as Blue Ribbon Sports, a distributor for a brand that it’s since overtaken in popularity, Onitsuka Tiger.

This rise from distributorship to manufacturer and global brand worth billions is thanks to a number of factors such as constant innovation, starting with co-founder Bill Bowerman who basically reinvented athletic shoes to the current Nike+ Fuel fitness tracker, consistency in terms of high quality products, and unparalleled marketing savvy. The company’s been known to feature some of the world’s top athletes as endorsers or collaborators. Case in point: Michael Jordan and the best-selling Air Jordans series was basically Nike telling people that wearing these shoes meant one could be like Jordan (or LeBron James or Kobe Bryant, if one preferred LeBrons or the Black Mamba, respectively).

IMAGE SOURCE: nytimes.com
IMAGE SOURCE: nytimes.com

Aside from all these, Nike also takes advantage of creative ideas and media to spread their “Just Do It” message with some very memorable ads. One very memorable modern commercial is a 2012 throwback to the original “Just Do It” ad from 1988, which features a young boy pushing himself as he jogs, and a voice over saying “Greatness is no more unique to us than breathing. We’re all capable of it.” Nike remains at the top of the sports apparel and gear game because it knows how to speak to its consumers and of course, because of its love for invention and quality.

Steve Sorensen studies the net worth of successful individuals, specificially how their investment choices helped them grow their companies. Follow him on Facebook to learn more about business and investments.