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How Rich People Got Rich Without College

Posted: 05 Mar 2019 08:10 AM PST

From a young age, many are taught to go to college, get a degree, join the white-collar world and climb the corporate ladder. That is success. But what about the people who break the mold and become successful outside the norm? How do those people become rich without going to college?

Steve Jobs, Bill Gates and Mark Zuckerberg became highly successful without college degrees. They dropped out of school and started their own companies: Apple, Microsoft and Facebook. While they are some of the most famous to reach the highest levels of success without a degree, they are far from alone.

How these experts did it

Joy Gendusa, founder and CEO of PostcardMania, dropped out of high school when she was 17 and began maintaining a design and print broker firm. While trying to promote the business, she created the concept of PostcardMania – a marketing company that specializes in lead generation for small businesses.

The leap to create PostcardMania started out rough, and Gendusa was initially only able to pay herself a $40,000 annual salary to support her and her two boys. In time, she made the bold decision to double her marketing budget. The next year, the company doubled its revenue from $750,000 to $1.35 million. Revenue doubled each year until 2003, when it reached over $10 million.  

Gendusa said the book The Millionaire Next Door was crucial to her success from the beginning. The advice in this book helped her lay a good financial foundation and stay out of debt. She also credited proper communication for keeping her business afloat during hardship.

"I had a credit card with a $5,000 limit on it, quickly maxed that out, and then basically grew on the backs of my amazing vendors," Gendusa told Business.com. "Net 30? More like net 200. But we always paid, eventually. The key was staying in really good communication with them so they kept servicing us."

Another successful professional found her career without a degree through networking and coding. Katherine Huang, contributor at Inkvest, dropped out of Yale during her junior year. She supported herself by freelancing and tutoring while she learned coding through free online resources. She started working on small data set analysis projects, and soon began freelancing for data science at Twitter during the company's infancy.

Her network and skill set expanded, and she later joined Uber as an early employee on the team. She began working on the Uber surge feature and eventually became part of the founding team for Uber Eats. Currently, at the age of 30, she is looking at a seven-figure payout from her stock.

Huang explained why those without college degrees might be better suited to seeking out companies in their infancy. "The smaller and newer a company, the more open they are to hiring people who don't have conventional backgrounds. The hiring standards may change as a company matures and becomes more bureaucratic. For example, at Google and Facebook, HR screens for undergraduate degrees."

If you don't have a degree, it can be helpful to have other proof of your hard skills, such as a history of contributing to open source. 

Overall, we heard from a dozen professionals who found success without earning a college diploma. While they all ended up in different places professionally, their paths to success were often similar. Of those we spoke with, the average dropout age was between 19 and 20. While most of them attended college for about a year before dropping out, some didn't even finish high school. They each had little to no financial assistance and primarily funded their endeavors on their own. Many either launched their own companies or started at ground zero with companies that eventually became successful.

Industries that don't require college

While many industries require a college education, such as medicine and law, there are also many that don't. Entrepreneurship is perhaps the most obvious route to success, as you don't need a degree to own a business. However, there are certain industries that you can be hired into as well, such as these:

  • Trades (e.g., power plant operators, power dispatchers and maintenance repair)
  • Creative industries (e.g., art and fashion)
  • Local police and fire departments
  • Marketing and advertising
  • Writing and coding
  • Commercial piloting
  • Engineering
  • Tech startups
  • Real estate
  • Sales

These industries may not require a college degree, but that doesn't mean they don't require education. You should be knowledgeable about the field you want to work in and ready to learn even more.

According to Gendusa, formal college education often has very little to do with employee performance, as opposed to personality. "What matters is if someone has a willingness to do a job well and the ability to learn how to get to that point. You can basically learn about and study any subject online these days."

Advice for those who can't or don't want to attend college

Remember that formal education and success are not always synonymous, just as dropout isn't synonymous with failure. The route you take should be what is best for you.

According to Jorge Cevallos, successful entrepreneur and marketing director at Media Jet Marketing, it is crucial to take full responsibility for your actions. If you want to create an alternative path that doesn't include college, you still have to listen to people, read, learn and invest in yourself.

"In my opinion, college is an amazing tool to network, build work ethic and have the tools to learn at your fingertips," said Cevallos. "That being said, if you are able to build those traits and have the discipline to search for information and have a system to get to where you want to be, I believe there are no limits."

Along those same lines, Gendusa emphasized the importance of hustling. When she started PostcardMania, she focused on hustling, even if it meant working 15 hours a day, seven days a week. Her dedication eventually provided her with a stable career and great work-life balance.

"Be ready to make sacrifices and go for it," she said. "Do your research, read up on others and what they did, read blogs and books and anything you can get your hands on, and be frugal … There are so many resources available that people can get ahead in if they really commit to the hustle."

According to the experts, becoming rich and successful is only possible if you continue to learn and improve. If you want to start your own business, Cevallos said it is important to create an idea, back it with knowledge in the field, assemble the right team and then use your connections to make it happen. College can help you with your career, but your own drive is what ultimately determines your level of success.

3 Ways to Celebrate International Women’s Day in the Workplace

Posted: 05 Mar 2019 07:00 AM PST

On Mar. 8, International Women's Day (IWD), we take stock of the social, cultural, economic and political achievements of women and advocate for greater progress towards gender equality.

In the 56 years since the Equal Pay Act was passed, American women still face a substantial wage gap compared to their male counterparts. On average, a woman earns 80.5 cents for every dollar a man earns, with a women's median annual earnings being $10,086 less than men's, according to data from the U.S. Census Bureau.

Despite making up 58 percent of the American workforce, women are also severely underrepresented at senior management and leadership levels. Only 5 percent of Fortune 500 companies had a female CEO in 2018!

Here are three easy ways to celebrate International Women's Day in the office and promote the advancement and equal treatment of women everywhere:

1. Unleash the Power of Social Media

This year's IWD theme is #BalanceforBetter, which calls on all individuals to drive greater gender balance.

A social media-driven campaign aims to highlight how women representation in the workplace is not just a women's issue, but a business imperative and essential for thriving economies and communities. It will call attention to the urgent need for gender-balanced boardrooms, a gender-balanced government, a gender-balance of employees, more gender-balance in wealth and more.

Utilize this awareness day on Mar. 8 to showcase the various ways your organization is women-friendly both internally and externally via social media. internal intranets and email blasts. Highlight women-friendly policies such as paid maternity leave, promote women-friendly ERGs, and celebrate the women within your organization who have broken the glass ceiling. Take it a step further, and call on the women in your organization to share their workplace experiences publically, with options for anonymous sharing.

2. Host a Women Equality Celebration

Some companies, particularly big ones, offer opportunities for employees to hear thought leaders speak on various topics on a regular basis. For those with the budget and space, consider inviting a few women equality champions to speak to your staff as part of your office's IWD celebrations.

A more budget-friendly option is hosting a potluck where everyone brings in a dish from the cookbook "Share," which includes recipes of women in the war-torn countries, renowned international chefs, and humanitarians. One hundred percent of the profits from the sales of "Share" go to Women for Women International to help women of war-torn countries rebuild their lives. When sitting around the table, have each team member share a little about the woman behind their chosen recipe.                           

3. Host a Volunteer Day or Fundraiser

For companies that offer Volunteer Time Off, use IWD as an opportunity for a team outing. Volunteer at a local organization the services women. It could be anything from volunteering at a domestic violence shelter to helping young women learn to code.

For some, leaving the office for a large part of the day is not always an option, so use IWD as an opportunity to fundraise. Host a company-wide book fair featuring works of women, or even a bake sale, where proceeds go to benefit organizations that champion women rights.

Celebrations and recognition can take place in many different shapes and forms. It is important to remember that IWD is a day to celebrate women and their contributions to your workplace, as well as take stock of the work that needs to come next to make our organizations and society more equitable.

 

Need a Culture Overhaul? How to Engineer a Company Turnaround

Posted: 05 Mar 2019 07:00 AM PST

 

Before I became Chairman and CEO at PuroClean in 2015 — an emergency property restoration franchise with more than 270 locations throughout North America — there was some internal restoration that needed to be done to our culture. Specifically, our franchise owners were dissatisfied with our system. This meant engineering a comprehensive company turnaround that would reinforce a supportive culture — one in which franchise owners felt valued, respected, and heard.

Culture change, and consequently a turnaround, cannot happen if your stakeholders and team members don't buy into your vision for the business and believe that you have their best interests at heart. In my experience, there are a couple specific strategies, detailed below, that when implemented with purpose and commitment can effectively create that trusting relationship that shifts the culture and turns the business around.

Lock Down Your Management Team

Securing your management team is the first step in any turnaround plan, and it's absolutely crucial when establishing trusting relationships with your franchise owners. Culture is typically driven top-down, meaning you cannot effectively change the culture if you're not also strengthening your management team at the same time. You must set up the management team first. You put your company's credibility in jeopardy if you say, "Here's our new leadership team, we're here for you," and then you spiral into the same scenario as previous regimes — your CFO leaves for another company, you have to let go of your director of training and so on. Your vetting process in recruiting this talent must reinforce the significance of your turnaround efforts. If it doesn't, then you run the risk of bringing in the wrong individuals to lead your company and further undermine your relationship with franchise owners.

When my business partner, Frank Torre, and I came to PuroClean in 2015, we changed both our CFO and vice president of operations to reiterate our commitment toward building stronger relationships with franchise owners. These individuals, and others we brought on, were aligned with our vision for the company. However, there may be those who are already with the company — as was the case with Steve White, President and COO — who may be the right leader for the job.

To that point, you're going to be more successful retaining talent at the management level if you hire people who buy into the new culture you're implementing. It's your responsibility as a business owner to find talented people, no matter where they are, who will serve as ideal role models for the franchise owners as it relates to the kind of culture you want to espouse. Locking down the right individuals becomes imperative to turn the company around.

Don't Talk, Listen

Once you have the group of people who you know form the right team, shift focus to the franchise owners and their needs. It's important for business owners to understand the value of listening; don't tell franchise owners how you're going to do something. Meet them. Engage them. Ask them questions to get their insight regarding how problems should be tackled. Demonstrating concern for their thoughts and opinions goes a long way in creating mutual respect and trust.

Before we began to develop our turnaround plan, we met with over 200 of our franchise owners face-to-face and listened to what they had to say. We listened to new franchise owners who just completed initial training and those who had been with us for two decades. We wanted their recommendations on how to improve our franchise system because they're the ones living and breathing it every day. Because of that concern, the percentage of PuroClean franchise owners who are looking to get out of our system, as compared to four years ago, is incredibly low.

Businesses should, and quite frankly need to treat franchise owners with the same amount of concern and respect they expect franchise owners to treat their customers. Exhibiting characteristics such as transparency, kindness, trustworthiness, a strong work ethic, and willingness to listen at the management level will go a long way in establishing a company culture that retains and attracts the kind of franchise owners your system wants.

Implement Initiatives to Address Concerns

As a company attempting to orchestrate a turnaround, trust can also be earned by demonstrating your actions and following through with your promises; you actually have to do what you say you're going to do. Listening is critical, but the follow-up actions to address such concerns is what gets people's attention.

For example, at PuroClean, we refreshed our initial training and continuing education programs for franchise owners. Then, franchise owner turnover was the biggest issue we were facing — partially because they weren't properly trained or educated on how to do the job. Now, our franchise owners go through a 30-day pre-training regimen before a three-week long formal training schedule. Pre-training includes how to operate industry-specific software programs and taking classes through the company's online learning portal, while formal training is where they earn industry certification and on-the-job skills/practices to confidently prepare them for field work.

If a business wants to positively change its culture and grow its relationship with franchise owners, investing in education and providing tools for success is incredibly effective. Planning for and engineering a company-wide turnaround can be an overwhelming proposition for any business and its owner(s). However, it becomes a much more digestible and conquerable task when recognizing the importance of relationships; people in your business need to trust and believe in you.

By following through on the strategies above, a business can establish those trusting relationships that make up the kind of culture that will permeate the organization — effectively pushing the business toward its desired goals.

How to Build Excitement for Your Product Launch

Posted: 05 Mar 2019 05:00 AM PST

According to Harvard Business School professor Clayton Christensen, around 30,000 new products are launched each year, and 95 percent of those launches end in failure. Why? Oftentimes, there's not enough planning or strategizing going into the actual launch. There's a lack of promotion, not knowing who your target market is, and being generally confused as to how to build buzz over your new product.

A crucial aspect of whether or not your website or product launch will be successful depends on how much excitement has been created around it. You can have the most innovative product coming out on the market, but if barely anyone knows about it, you can't expect it to bring you the success you want. You have to create an effective strategy that centers around building genuine enthusiasm that your audience can feel through the screen.

If you're launching your product or website soon, here are a few tips to get you started so that you're able to generate the buzz you want.

Create a pre-launch webpage

Don't leave your website blank with nothing to offer potential customers when they decide to check you out. They may never stumble upon your brand again so it's important you're able to collect their information until the official launch.

If you're looking to build excitement for your brand before it's launched any content, having a beautifully optimized webpage shows visitors you're professional, you have good taste in design, and you're eager to give them what they want at the right time. Boost your lead generation strategy by including an optin form so you can connect with and update them on your launch.

Create informational content

If you're putting a new product on the market, users have to know all about it: what it does, what it's for, who it's for, when to use it and how to use it. Without knowing the details, they won't be able to come to an informed decision about whether or not they want to be a customer.

Remove your target audience's doubts by creating content that explains your product or website. A WyzOwl survey found that 81 percent of consumers end up buying a product or service after watching the brand's video about it. Present a problem and demonstrate how your product is the solution. Show potential customers that your brand has endless value to bring them and this will create tons of buzz and excitement.

An industry report by Social Media Examiner found that 32 percent of marketers consider visual content the most important form of content for their business while 24 percent voted for video. Catching your audience's attention matters and the best way to do this is to show them what they're missing out on and what they can potentially have if they stick around.

Allow customers to pre-order

If you've done a good job of marketing yourself and showing your target market what you have to offer, there's a good chance you have a line of customers waiting to purchase your product or join your website launch. Pre-orders are crucial because they build a solid customer base before you've even sold or put out anything. They also give you a good idea of how successful or not your official launch will be.

Before setting up for pre-order, do the promotional work. Post regularly on your social media platforms about your launch, what it has to offer, and who'd be interested. If you have an existing email list, which you should, send out emails close to launch day telling visitors how they'll benefit and what they'll enjoy about it. Marketing your launch is crucial to your success because you need to get people excited long before you're ready to sell.

Optimize your pre-order page for the highest chance of conversions. Use persuasive language to encourage users to enter their information. Use A/B split tests on your copy as well as CTA copy and CTA button to determine different colors and text that push your audience to buy. Take your results and use them in your next campaign for even better conversions.

By now you know that conducting a successful business launch isn't really about the product and is more about the hype you can create around it. Consumers want to feel excited about what they spend their hard-earned money on, and if you don't make them feel like this is a great decision they're making, they'll go elsewhere. How will you generate buzz for your next launch?
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