It seems like now more than ever we are hearing more and more stories about high school drop outs becoming multi-millionaires.
However, what you don’t hear often is a 20-year-old that sold one of his manufacturing businesses for $100 Million.
Quiane Crews from Fort Wayne Indiana recently made history by selling his manufacturing company Shenzhen Jinli for $100 Million on February 20th.
He sent me multiple pictures about his bank account along with bank statements for verification and for obvious reasons I can’t put them here but let me say, I was speechless when I first saw that.
Quiane is no Harvard scholar, in fact he dropped out of high school and at one point in his life he was homeless. However, with relentless determination he was able to turn it all around and invest in a company, building it by leveraging the market in China and selling it to a top buyer. Now because of what he’s accomplished he’s going to be an investor on Piranha Tank to fund companies he believes in.
At first it was incredible, I couldn’t believe that he wasn’t getting on all of the news stations because of his recent exit. However, when you think about it - it’s not so common unless you know how to approach the media.
For example, most of you don’t know who Michael Yavonditte is...and yet he’s actually a pretty big deal. He sold his company Quigo to AOL for $340 Million. Yet if you look up his name on Google, you’ll see that he doesn’t have massive press and if you look him up on Facebook, he doesn’t have thousands of followers.
So I called up with Quiane and picked his brain about how he created a million-dollar business. This is what I learned.
Most people when they start a business don’t think about how big they want to become. They don’t think on a global scale and I’m not saying it’s their fault. It just doesn’t seem realistic to most of us so we can’t even fathom the thought of becoming a global brand. You see…there’s a magic to thinking big.
But because we don’t even think of it, we can’t create a strategy for it. Usually business owners will think about starting a brick and mortar business locally or if they’re up to date with how the world’s working they’ll start an online business. But even then, that might not be big enough.
However, when speaking with Quiane he said one of the only reasons he was able to sell his company for over $100 Million was because he was thinking BIG. From a young age, he always said he wanted to become a billionaire. When people hear a dream like that they’ll scoff or say the empty words of “I believe you”.
However, no one else needs to believe it because ultimately, you’re going to be the one to make it happen. Whatever your dream is - go after it. Think big and strategize on how you plan to make your dream into a reality.
Leverage More Than 1 Market
This follows the idea of thinking big but this is turning it into actual action. For example, most startups usually think of 1 niche they want to dominate in. The reason they do so is because they feel the marketplace is to crowded so they niche down. However, Quiane says to be where the money is at. If you niche down – you’re more likely to make money but not as much. If you diversify your products and services, you can ultimately charge more and develop bigger packages which serves more people.
Are you competing with more people?
However, the payoff is a lot bigger. If there’s a crowded market than its most likely because that’s where the money is at. That’s why Quiane went from selling from the U.S to selling in China. The result? A lot more people starting buying his products. Once he bought one of the manufacturing companies from Shenzhen Jinli he was able to build it and sell it for over $100 Million.
Hire People Better Than You
Let’s face it, you’re not the best in the world at everything. Smart business owners know they need to outsource some parts of their business for it to grow. Or they need to hire where they lack. The reason for outsourcing and for hiring is because as a business owner you want to be working on your business and not in your business. You don’t want to wear too many hats and do the tasks that take time because time is money and if you’re doing the minuscule tasks – you won’t be able to do any of the big deals. Don’t be an employee, focus on scaling your business. At the times when business was good Quiane kept humble and invested every sing penny back into his business.
He hired professional marketers to advertise his business in foreign countries and as a result he was able to make a lot more money and also didn’t have to worry about marketing. Another reason to hire people better than you is because you can only grow as good as your team is. If the CEO is the best player on the team than the business will only go as far as he can take it.
But when you have a team of all-stars the possibilities are endless. All in all, this is a very inspirational story and if you get anything out of this post, make sure you go after your dream and don’t let anything stop you.