Saturday, December 11, 2010

Wealth: Lessons from Tadashi

Tadashi Yanai
Fast Retailing Chairman & CEO
By Eugene Mahalingam
StarBizWeek; Up Close & Personal; page SBW6
Saturday 11, December 2010

61 year-old billionaire Tadashi Yanai heads Japan's largest clothes retailer Fast Retailing, a company he took over from his father in 1984 under the name of Ogori Shoji.

According to Forbes Tadashi is Japan's richest man with a net worth of US$9.2 billion. The self-made billionaire said it was all due to hard work and perseverance that he is where he is today. But making money was never the biggest part of his plan in life. "I never pursued wealth. It came naturally. It is about the business, managing it, growing it and benefiting society."

"I believe that if you pursue wealth, you will always be chasing it," Tadashi said.

"A person pursuing success should not be afraid of taking risks and making mistakes. If you want to succeed, you have to experience failures. To me, the worst people in the world are those that neither succeed nor fail. These people don't do anything and accomplish nothing."

"The second worst types are those that continuously fail. They never learn from their mistakes and never succeed," he said.

"The world is constantly changing. To succeed in this environment, you need to make mistakes, fail, learn from them and move on."

"I have always been a risk-taker. But I only take risks as long as the company doesn't go bankrupt. You need to constantly evaluate the situation. If you don't take risks, you will never profit."

"Trust and credibility are the most important traits in growing a successful business."

"I consider myself a strict boss at the office. It is necessary if you need to do what is right. A lot of managers out there say a lot of things but they never do it. At the office it is 'his way or the highway.' If I say something whether in office or in public, it will be executed and I will do it. That's what sets me apart from others."

Favorite pastime? "I like reading books on business management by people that actually run their own business."

Work and play? "Work is my playground. I find it fun and enjoying."


Learn from the successful people. Success is a journey!



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While I’ve long dreamed of becoming a millionaire (who hasn’t?), it was only last year that I began taking it seriously. What motivated me wasn’t the thought of buying lots of stuff or quitting my job (what job?!?) and retiring. Instead I got inspired by the idea that if I could figure out how to earn a million dollars, I could share what I learned and hopefully help a great number of people.