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19 Trailblazers Who Are Changing Your World (Some You Know and Some You Don’T—Yet)

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19 Trailblazers Who Are Changing Your World (Some You Know and Some You Don’T—Yet) http://kwhs.wharton.upenn.edu 19 Trailblazers Who Are Changing Your World (Some You Know and Some You Don’t—Yet) http://kwhs.wharton.upenn.edu 19 Trailblazers Who Are Changing Your World (Some You Know and Some You Don’t—Yet) © 2013 by Knowledge@Wharton Knowledge@Wharton The Wharton School University of Pennsylvania 332 Steinberg Hall-Dietrich Hall Philadelphia, PA 19104 All rights reserved. No part of this book may be reproduced, in any form or by any means, without written permission from the publisher. Company and product names mentioned herein are the trademarks or registered trademarks of their respective owners. Design by Lara Andrea Taber Contents Introduction...................................................................................5 Millionaire at 25: Jack Abraham on What It Takes to Be a Successful Entrepreneur.........................................................7 Generation Microfinance: Charlie Javice Believes in the Power of Students to Alleviate Poverty ....................................13 Serial Tech Entrepreneur Sachin Rekhi: Relationships Build Careers ............................................................20 Chipotle’s Steve Ells: How a Classically Trained Chef Reinvented Fast Food.....................................................................26 The Salwen Family: Doing Good, with the Power of Half....................32 Roger Farah’s Strategy for Polo Ralph Lauren: Weaving “Left Brain” Discipline with “Right Brain” Creativity .........................41 Pfizer’s Amy Schulman on What Women Need to Succeed in Their Careers ...............................................................46 Magic Johnson: Dominating the Business Arena After a Stellar Basketball Career ......................................................51 Entrepreneur Elon Musk: Why It’s Important to Pinch Pennies on the Road to Riches ...............................................55 Aramex’s Fadi Ghandour Unfolds His Roadmap for Budding Entrepreneurs in the Middle East .................................60 Shokay’s Carol Chyau: Weaving Connections Between Herders and Knitters in China ...........................................66 3 Joss Whedon’s Plan to Monetize Internet Content (Watch Out, Hollywood)................................................................74 Vivek Ramaswamy: Breaking Down Barriers to Entrepreneurship ......................................................................86 Seth Goldman: Brewing Organic Tea with a Mission-based Business Model.............................................................................93 Kareem Abdul-Jabbar: “The Things That You Achieve, You Achieve As a Team” .................................................................99 Maria Mahdaly: Succeeding as a Female Entrepreneur in Saudi Arabia ...........................................................................103 Under Armour’s Kevin Plank: Creating “the Biggest, Baddest Brand on the Planet” ......................................................110 Tal Dehtiar: Looking for “Profit with a Purpose” from Socially Conscious Footwear Customers ........................................115 Seth Berger’s Full Court Press: Building a Company from the Ground Up ...................................................................120 About Knowledge@Wharton High School......................................131 4 Introduction oday’s leaders are blazing trails in every industry, from fast food, Tfashion, and footwear to social entrepreneurism, philanthropy, and pharmaceuticals. If you’re considering heading down a specific career path, planning to start a business, or looking for leadership inspiration, there’s nothing like getting the lowdown from the people who have been there and done it. The editors of Knowledge@Wharton High School have selected 19 leaders (some you know and some you don’t—yet) who have learned a lot on their journeys—and have a lot to share. Drawn from some of the most engaging articles and interviews that have appeared in Knowledge@Wharton, this inspiring ebook offers wisdom and insights that will open your mind about the possibilities and the challenges of blazing a trail. Explore Jack Abraham’s qualities of a successful entrepreneur, including possibly the most important—the ability to sell. Learn about Steve Ells, a classically trained chef, who went against the grain of what people expect from fast food and started a restaurant called Chipotle, which now has more than $1 billion in revenues. Find out why the Salwens sold their home in order to invest their wealth for a social return rather than a financial one. Read about how Maria Mahdaly has overcome the challenge of being a female entrepreneur in Saudi Arabia to help other young women start businesses. Discover how Magic Johnson challenged people’s expectations to reinvent himself as a businessman after a top-notch career in basketball. Learn how an inconvenience inspired Kevin Plank to start Under Armour in his grandmother’s home after completing his football career. Read about how Carol Chyau has found a way to improve the lives of poor herders in remote Western China and women knitters in rural Shanghai by directly sourcing yak fiber and selling the finished products internationally. Meet Roger Farah, chief operating officer for Ralph Lauren, a company that is thriving despite the economic conditions. These leaders and others are sure to inspire you on your path. Enjoy! 5 19 Trailblazers Who Are Changing Your World Millionaire at 25: Jack Abraham on What It Takes to Be a Successful Entrepreneur ack Abraham, 25, is a successful entrepreneur. In 2008, he left Wharton to Jfound Milo.com, a shopping engine that searches local store shelves in real time to find the best prices and availability for products of all kinds. In December 2010, eBay bought Milo.com for a reported $75 million. Today, Abraham still runs Milo.com, which is a unit within eBay, and he is the director of local for eBay marketplaces, which means that he develops the company’s position in integrating online and offline commerce. Abraham spoke with Knowledge@Wharton High school from his office in San Jose, Calif., about the triumphs and challenges of entrepreneurship—starting with his days at Langley High School in McLean, Va.—and what it takes to succeed. An edited transcript of the conversation follows. Knowledge@Wharton High School: How long have you been interested in starting your own business? 7 19 Trailblazers Who Are Changing Your World 8 (Some You Know and Some You Don’t—Yet) “If you never give up, you have a 100% chance of success because eventually you’re going to get it.” Jack Abraham: Since I was pretty young. I grew up in an entrepreneurial family and saw my parents start some cool businesses [Jack’s dad is Magid Abraham, founder of comScore, an Internet marketing research company]. I fell in love with the Internet and data and what was possible with both. I started a couple of businesses in high school and one while I was in college and then did Milo after that. I also had some failures, which is important because I could learn from them. Failures are one of the key ingredients to success. Look at Vinod Khosla [co-founder of Sun Microsystems] or even Steve Jobs [of Apple]. They had a series of failures that they were able to learn from and that ultimately helped them achieve success. KWHS: What businesses did you start in high school? Abraham: One was an SAT and AP prep tutoring company. The idea was that Kaplan and all these other companies charge you an arm and a leg for these classes to prepare for the SATs and APs, but the people who instruct the classes haven’t gotten into a great school themselves; they’re just going by a book. I tried to build a network of really smart tutors who might or might not have taken these classes and were willing to work with students in the Northern Virginia area. I learned the value of having a brand behind you. Part of the reason Kaplan is successful is not because it has great service; it is because they spend a gazillion dollars on advertising. Everyone knows them and thinks that they offer a high-quality service. It was a great business for high school. But it was never able to scale into a really big success. I also started a business making custom computers. We would talk to companies and ask what most of their people would be doing on the machines, and then optimize the machines for that use and sell to them. We got some good clients, but I learned that there were so many boundaries to scaling that business. You need business development, sales, longer lead times with businesses. It was a great idea, but it didn’t catch on. It teaches Millionaire at 25: Jack Abraham on 9 What It Takes to Be a Successful Entrepreneur you a bunch of things about the approach you take, what companies you want to start and what companies you don’t want to start. KWHS: Why did you start Milo.com? Abraham: I wanted to start a big, consumer-based business that solved a pain point that people were facing. There was a lot of innovation happening in web 2.0 in social and video and other segments of the web that were being reinvented. Interestingly, shopping seemed totally stagnant and stuck in a web 1.0 world. So I got to thinking about what was happening in commerce and where shopping was going. One big trend was the Internet’s ability to drive offline behavior. I had this hunch that just like the Internet was starting to influence social interaction, it was also going to influence commerce in the real world in a very real way. I thought,
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