What can we learn from Ralph Lauren?

Check your closet right now and see if you have anything made by Ralph Lauren. Go ahead, I’ll wait.

You back? Great.

What did you see? Aside from shirts and pants, you might have been surprised to see polo shirts and entire suits bearing the name of this billionaire.

Currently ranked number 200 on the Forbes list of billionaires (with a net worth of $7 billion), Ralph Lauren obviously has more going for him than a good fashion sense. Let’s see what lessons what lessons Forevercashers can learn from Ralph Lauren.

Don’t waste time: Ralph Lauren got started as soon as he realized how money was made. As a kid he worked in trading rags, and by the time he was in high school he was designing and selling ties to his classmates.

Don’t give up easily: After having served in the Army, Ralph designed a new style of tie that he thought would be a hit. The company he was working for disagreed. Instead of giving up on what he was sure would be a success, he decided to work out of a drawer in the Empire State Building buying rags and turning them into ties. Neiman Marcus bought 1200 of his ties and boosted his credibility.

Don’t lose momentum: Striking while the iron was hot after the Neiman Marcus sale, Lauren got a small loan and started his own clothing shop. And the rest is history.

At the end of the day, whether we are talking about Ralph Lauren and ties or about Bill Gates and computers, the message is clear: following your passion, creating a unique product, and knowing how to market it are the keys to success in any type of business.

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