In 1966, a dyslexic 16-year-old boy dropped out of school. With the help of a friend, he founded a magazine for students and made money by selling advertisements to local businesses. With only a little bit of money to get started, he ran the operation out of the crypt inside a local church.
Four years later, he was looking for ways to grow his small magazine and started selling mail-order records to the students who bought the magazine. The records sold well enough that he built his first record store the next year. After two years of selling records, he decided to open his own record label and recording studio.
He rented the recording studio out to local artists, including one named Mike Oldfield. In that small recording studio, Oldfield created his hit song “Tubular Bells,” which became the record label’s first release. The song went on to sell more than five million copies.
Over the next decade, the young boy grew his record label by adding bands such as the Sex Pistols, Culture Club and the Rolling Stones. Along the way, he continued starting companies: an airline business, then trains, mobile phones, and on and on. Almost 50 years later, more than 400 companies were under his direction.
By Danny Rubin
Hey, super smart people. Got some news for you.
During a recent TED Talk, psychologist Angela Lee Duckworth said that while intelligence matters, a high IQ is not the greatest predictor of success.
Rather, the key is to have grit, or determination — the willingness to push through even when the odds are against you.
Watch Duckworth’s short lecture, and then we’ll keep going:
Tim Ferriss popularized the idea that many seemingly difficult pursuits — running a business, getting in shape, learning a language — can be achieved in much less time than most of us imagine.
Ferriss started out as a small business owner working 90-hour weeks to grow his online supplement company, BrainQuicken. Dissatisfied with his workaholic lifestyle, he transformed the way he used his time and spent his days. Focusing in on the effective use of his time quickly increased sales and helped him drastically cut his hours.
He’s exploring this time-use theory again in a new television show, “The Tim Ferriss Experiment,” which premieres on Sunday on HLN. On each episode, he uses rapid-learning techniques to master a new skill, such as learning to play a musical instrument and competing at the professional level of a sport, in just five days.
We caught up with Ferriss to get his advice for small business owners who want to be more productive and effective with their time. Here are his three best tips: