We hear about the success stories…
- In the 1980’s A&W released a 1/3 pound burger to beat McDonald’s Quarter Pounder for the same price. The idea failed because people thought 1/4 was bigger than a 1/3.
- In 1973 Spencer Haywood (basketball player) was offered $100,000 or 10% of Nike, he chose the $100,000. Today 10% of Nike is worth roughly $1.5 billion.
- In 2013 a German banker fell asleep on his keyboard and by mistake transferred €222,222,222.
- A man was offered a credit card but did’t like the terms, so he amended the contract (which the bank automatically accepted) to include 0% interest and unlimited credit, he sued the bank for not sticking to the terms and won.
- In 1976 Ronald Wayne sold his 10% share in Apple for $800. Today that would be worth $100 billion. He also invented their logo.
- Pete Best was ousted from the Beatles about a year before they became famous. His net worth today is roughly $600,000- compare that to Paul McCartney’s $1.2 billion, John Lennon’s $800 million, Ringo Starr’s $350 million (the guy who replaced Best) and George Harrison’s $300 million. He says he has no regrets.
- Kodac had the first digital camera in 1977 but never introduced it to market since they were making so much money on film. By the time digital cameras became mainstream, they were too far behind their competitors.
- Blockbuster turned down Netflix for $50 million in 2000 because it was ‘too niche’, today Netflix is worth over $150 billion and Blockbuster has 1 store left.
[Credit: Various sources]