From rags to riches?

Posted: 29 May 2012 12:54 AM PDT

This blog post is about those rags to riches stories we love and how they are not always quite what they seem!

People love a good story. So much so, that facts are often changed in order to make the story more compelling.

Now, with some types of story, it’s unlikely to cause us any problems if the story we hear has been embellished a little. If that prince was a little less hansom in real life than in the story, it’s okay. Similarly, if the fish Bob caught wasn’t quite as big as he told us, that’s fine.

Where we have a challenge, is when the stories we hear are intended to provide us with a business lesson, yet they have a key piece of information missing. Like the rags to riches stories, which contained no rags!

2 Types of business story

There are 2 types of story, which are commonly highlighted in business books, self improvement seminars and business blogs:

The first kind of story is by far the most popular. It’s where we hear about the kid, who is born into poverty, yet goes from rags to riches. We love these stories, because many of us start off with nothing and aspire to make a success of our lives. As the son of penniless immigrants, I know I found these stories inspirational. They helped me believe anything was possible, even starting from zero.
The second kind of story is also powerful and used as a warning. It’s the story of those wealthy business owners who self destruct.

However, there is a third type of story – a story which is seldom told, because it seems to lack the obvious impact of the other two.

A third type of story

Today, I’d like to salute a third group of people, whose stories don’t neatly fit into either of those 2 popular stereotypes. I’m talking about those who come from a wealthy, comfortable and / or privileged background, but elect to use it as a springboard for something even greater.

Wealth to extreme wealth

Such is the demand for rags to riches stories that many riches to greater riches stories have been incorrectly retold, usually for the sake of emphasis.

I remember listening to the charismatic Easyjet founder, Stelios Haji-Ioannou being introduced on a radio program as ‘a poor kid who did good‘. Stelios politely interrupted the interviewer, to remind her that he was in fact, the son of an extremely wealthy shipping magnate. Stelios’ father gave him £30MILLION to start up his shipping business.

However, our desire to believe that hard working people like Stelios, must have come up the hard way, means these stories often mutate into one of rags to riches.

Sir Richard Branson

Like Stelios, Sir Richard Branson’s success story is often referred to incorrectly, as rags to riches. Nothing could be further from the truth. Sir Richard was actually born into a wealthy, extremely influential family, in Blackheath, London. He is the grandson of The Right Honourable Sir George Arthur Harwin Branson and the son of a leading UK barrister. Sir Richard’s story is one of wealth to extreme wealth. His achievements have been incredible, but we gain nothing in learning from his achievements, if we change the facts to make the story sound better.

As we all know, many people born into that kind of wealth, choose to sit on their butt or self-destruct. Others spend their lives travelling the world spending their trust fund and then their inheritance, which is their prerogative. Few have done as Branson did (starting at age 16) and put their assets to work for them, to grow multiple successful businesses, in many different industries worldwide. That should be a good enough story, without story tellers inventing a rags to riches beginning to the storyline.

Seth Godin

Seth Godin has always been upfront about his business career, a journey that followed a superb business education at the best place possible. His father, a successful entrepreneur and factory owner, saw Seth educated at the world famous Stanford Business School (see Stanford Graduate School for Business). For those who don’t know, Stanford is regarded by many as the finest business school in the world. Seth’s fellow Stanford students went on to become CEO’s of; Microsoft, eBay, Paypal, Trader Joe’s, Gap, Nike, Wells Fargo, Ford and countless other multinational corporations. It’s a great place to get a world class business education and build a priceless network of super-influential contacts. Indeed this post is being published on John F Kennedy Day, and the late U.S President Kennedy was also a Stanford student.

Despite Seth’s transparency about his background and the inspirational story behind all he has achieved, his story is often shared by others, as one of rags to riches.

We learn nothing from incorrect information

The stories behind the success of people like Stelios, Sir Richard and Seth, are inspirational and have lessons we can all learn from. My point, is that these stories do not need to be repackaged. They stand up as they are. Bloggers, authors and trainers don’t need to pretend these inspirational people grew up in poverty, in order to make their journey an inspiration for us.

On a more serious note, by repackaging those stories, so they sound like rags to riches, the stories can become toxic. New entrepreneurs often find themselves stuck, wondering why they are not seeing the kind of results that their inspirational, rags to riches role models did; unaware that their role model may have started off with a world-class business education, the most influential contacts imaginable, the support of wealthy family and friends – or all of those assets.

It’s also worth remembering that in every case I have researched, including the 3 examples I mention here, the people themselves never claimed to have started from zero. If you really want to learn from what they do, read THEIR books and what THEY have to say.

In short: Be careful measuring your progress against anyone, but especially people you do not know. In my experience, the best way to gauge your success is to have a well balanced set of goals and ensure you are making measurable progress toward them, in reasonable time.

Jim Connolly can help you grow your business and achieve the breakthrough marketing results your hard work deserves. To find out more, simply click here!