People are always making a ton of money off of simple ideas. Take the guy who invented the little plastic thing on your iron, for example. That plastic reinforcement that keeps the cord pointed up and away from your hot iron surface was patented by the inventor. He gets a small cut of every iron sold in the United States.
But there’s an even simpler idea that has made David Zalik more than $2.5 billion with his company GreenSky Credit. The guy is a genius but he hates the limelight. I’ve read about him on Wikipedia and in Forbes Magazine. Here’s his story.
David Zalik Did Not Graduate From High School Or College
Before founding GreenSky Credit, David Zalik was a college dropout. He was able to attend Auburn University at the age of 14 after being singled out as a math prodigy. Technically, he did not graduate high school, and he dropped out of college as soon as he found an avenue to financial success.
Beliefs And $10 Million In Loans
David Zalik took his family’s Atlanta-based property and used it as collateral for a $10 million loan to fund the founding of GreenSky Credit. He envisioned a way to connect to homeowners which are the most profitable demographic in the country. And he would connect with them using a simple smartphone app.
Super Easy To Use
The app allows you to take a picture of your drivers license to automatically upload information. All you have to do is fill out your Social Security number and check a box to allow GreenSky Credit to perform a credit check, and, just like that, you have a home improvement loan.
Everyone Is Happy
Homeowners are happy to upgrade their homes while keeping some cash in their pockets. Contractors are happy to push the app and even cut GreenSky Credit 6% of the loan amounts. And traditional banks fund the loans to take on all the liability while also cutting GreenSky Credit 1% of the spreadsheet at the end of the year.
David Zalik assumes no risk, owns only the transaction and makes billions.
Vijay Eswaran is undoubtedly one of the most successful Malaysian entrepreneurs of the present times. He founded the QI Group of Companies and operates as the chairman of the business conglomeration. This establishment has invested in multiple spheres such as the provision of financial services, the education industry, direct selling and the hospitality sector. The company has a flagship subsidiary branch that is called QNET. Vijay started this company in 1998, and it has swiftly grown into a global firm. Its success can be primarily attributed to the ability to combine the conventional direct sales techniques with modern ones such as e-commerce marketing.
Vijay Eswaran says that when he was creating QNET, he dreamt of having a model that incorporated the new online selling technology with the already tried and tested direct sales technique. He explains that they spent a considerable amount of time with business partners trying to establish the most effective means of realizing this vision. To begin with, Vijay and his partners ventured into the sale of precious metals.
The partners obtained the rights to sell the commemorative coins for the then-upcoming Olympic Games that were to be held in Sydney, Australia. This was in 1998. Their entry into the market was a little bit mistimed, but this was not a setback in the long run as they managed to make immense profits. This was evidenced by the report that ranked Vijay’s firm in the top three companies among the 42 distributors of the coins. The main reason why they made such immense sales despite entering the market at a late stage was primarily due to the merging of direct sales strategy with web-based marketing. To competitors, this was something that was unheard of, and they were outdone for their sticking to the old marketing strategies.
Vijay captions that he has encountered difficulties in all the stages in his entrepreneurial journey. However, these hardships have never deterred him from this dream of achieving what he desires. He says that he doesn’t expect the future to get any easier but aims to stay grounded throughout.
Find out more about Vijay Eswaran: https://www.qbuzz.qnet.net/blog/2011/06/27/vijay-eswaran-in-forbes-philanthropy-heroes-list/