Jack Cowin is an Australian self-made billionaire with many companies in and outside food business, including 3,000 restaurants (Hungry Jack's, Domino's Pizza) and meat and greens producing companies. I visited him in his home in Sydney and interviewed him for my book "The Billion Dollar Secret". We spent a day talking about his success secrets. In this video I reveal what he told me and talk about the three things that made him so outrageously successful in business.
Jack Cowin on Forbes List of Billionaires:
https://www.forbes.com/profile/jack-cowin/#50d3782f2aab
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Follow me on twitter: http://twitter.com/BillionairePal
Follow me on steemit: https://steemit.com/@billionairepal
And read the blog where I test the limits of human capabilities: http://nolimits.co
Buy the book "Ready, Set, Go!" that I have co-authored with Brian Tracy:
E-Book: https://www.amazon.com/Ready-Set-Special-Entrepreneurs-Professionals-ebook/dp/B078WZXJDW/
Hardcover: https://www.amazon.com/Ready-Set-Go-Nick-Nanton/dp/0999171402/
Get free chapter of my upcoming book about billionaire thinking: http://TheBillionDollarSecret.com
VIDEO TRANSCRIPTION
Hi guys. Today I will tell you the 3 lessons that I've received from the Australian billionaire Jack Cowin. See you in the next part.
[Music]
Hi and welcome from Sydney, Australia. I am in the residential area of Point Piper.
This is the most expensive residential area in the entire southern [...]
I am standing in front of the house of mr. Jack Cowin. Jack is a Canadian born Australian billionaire.
He came to Australia with the business idea to sell fast food in Australia. And he build the Burger King franchise.
And developed it under his name Hungry Jack. He also owns the franchise of KFC in Australia and is major shareholder in Domino's Pizza.
With these 3 investments / companies and many other companies he became one of the most successful and the wealthiests entrepreneurs in Australia.
We will meet today to talk about his success secret; to talk about his life story and what made his so ectremely successful.
And you can see I am very excited about this interview and I will tell you later, after the interview, what he told me.
And of course, the details I will write about in my upcoming book.
Jack Cowin is the guy who braught fast food in Australia. First he built the KFC franchise there.
Then he built the Burger King in Australia. And you may wonder if you are from Australia or you have been to Australia
That the Burger King in Australia is called actually Hungry Jack's. And this is the only country in the world where Burger King is not called Burger King
But it's called by the name of its creator, Hungry Jack's, after Jack Cowin's name.
And of course, Burger King was trying to get Jack, to name it differently, to name it Burger King after a while, after he became so successful
But they didn't manage it and they were trying to go in to court with that, pursue him and so on, and so on... A long story!
But he prevailed. So, when you go to Australia and you see... it looks the same. The look and feel is the same as Burger King
But it just has a different name, Hungry Jack's.
And then he also built the Australian Domino's Pizza which is active in over 10 countries right now.
And they are actually bigger than the mother company, than the American Domino's Pizza.
And today I will tell you 3 lessons that he gave me when I visited him in Melbourne and we spent a day in his house
Talking about what made him so extremely successful in business. He has shares in Competitive Foods Australia. His company is called Competitive Foods Australia
And Competitive Foods Australia owns roughly 3000 restaurants right now.
And most of it is in Domino's Pizza but also as I said Burger King Australia.
So, the 3 lessons!
The first lesson that he gave me is "Don't get a job. Go in to business instead".
This is something that he realized when he was at the university, actually after the university.
This was an advise that his mentor gave him. After graduating from the university he was looking for a job.
And he had a friend, an experienced entrepreneur, Bill Pollock who had a company in temporary services.
He was an experienced entrepreneur and Jack went to him to apply for a job and Bill told him... he was prepared to give him a job
But he advised him if he really wants to be successful, he should go in to business himself.
But Jack didn't really realized a value of that advise at that moment and started to work for a big insurance company in Canada.
And he was always good in sales. So, he was making quite a good money, but a friend of him owned 2 stores in fast food franchise.
I'm not sure if it was KFC, Burger King or McDonalds... one of them.
And the friend of him made less money a year than Jack was making. He was making really good money in that insurance company.
He was one of the most successful sales people in that insurance company and it was considered a lot of money.
But this friend of him, after 2 years of building a business, he sold these 2 stores an amount 10 times as much as Jack.
So, he realized Jack wasn't really building value for himself. He wasn't building something that is saleable
And he realized the difference between making money and building value.
So, he went again to Bill Pollock and Bill Pollock became a mentor of him and also an investor in his company that he built.
And he emigrated actually from Canada, because he was a Canadian, went to Australia to build this KFC franchise.
And Jack told me to avoid thi so called golden cage. So, it's really a danger for your future success if you have a really good paid job.
And when you start building up your expenses like taking a mortgage, maybe or having luxury life, being in a golfclub
Or sending children your children to private school. If you have this monthly expenses, this good job that allows you to afford these expenses
This is really a danger, because you become a prisoner of that job. And he told me about the speech he gave to a MBA class.
And in that speech he told the students that they are really in disadventage in comparison to him, because at his times, when graduated
He could get a job for $6,000 maybe, but they are going to be offered $150,000 a year and it is really difficult for them to reject such offer.
And they will build a lifestyle, they will become member of a golf club, they will take a mortgage, buy huge house.
They will maybe send their children to private school and they will become a prisoner of their lifestyle.
So it will be really difficult to give up this job and to go in to business with all these risks, with a risk of loosing everything
nd of course not making money, maybe having to live without money for several years, maybe for decades, not being able to afford all that luxury.
He said "When I made a decision I was going to go into business. I had everything to gain and not much to loose".
So, this is really disadventage. The so called golden cage that you easily can get into and this may be detrimental to your future
And to you becoming entrepreneur, and then of course a successful entrepreneur.
And he said "Most satisfied people I know have control over their own lives and affairs. We are probably all seeking an independence to do what we want to
When and where we want to do it. How many unhappy people are there? 90% of the population are in job activities or relationships out of economic necessity
They stay in a job they hate because they have got a mortgage, got school payments and they become prisoners. So how do you control it?
How do you maintain the ability to control that? And I'll eplain to you how to do it.
You just avoid this golden cage. You go into business and you build your own company that creates value and that is the source of your life
Of you maintaining your lifestyle and not being dependent on the paychecks somebody else is paying you.
This was the first lesson I want to share with you that I got from Jack Cowin.
The other lesson is one of the billionaire skills and this is relationships and understanding people.
Jack Cowin is probably one of the most generous people I know, the most networked and connected people in the world.
He was the global president of YPO - Young Presidents Organization. This is an organization for people below 40 who are CEOs or owners of big companies.
And he was not only a member of that. He was the global president. The top 1 person in that organization.
I asked Jack what is the most important thing in business.
And he told me "Relationships for me are what's all about it. Business is about people and relationships. How do you get them to cooperate.
Do it together rather than against each other. So to me there is one thing that's important. That's it! Relationships.
And you have to realize you can't build a big and great organization without people. You can't do it alone. There are always people.
Either they are your employees or your business partners or your customers, your invetors, the society.
And if you base the development of your company on relationsips then it's just much more sustainable.
And to build relationships you have to understand people. How they think. What motivates them. What drives them and how to cooperate with them
To the adventage of all participants, of all people involved. And I asked Jack what determined his success.
His answer won't surprise you. He said "Probably the ability to understand people. What they want, how to enable them to achieve their goals.
While at the same time helping me achieve mine.
So, again this win-win stratedy that I've been talking abaout in several videos already. How to cooperate with people in a way that they achieve their goals
And you achieve your goals as well.
And the third lesson I've learned from Jack is the proactivity. This is something that billionaires are extremely good at.
So, most people think that life happens to them, that they are product of circumstances
And a billionaire sees himself as the driving force, as the creator of the circumstances and not its victim.
So, don't wait for things to happen around you. You should take action. You should take things in your hand and make them happen.
And Jack's motto is "Don't wait for your ship to come in. Roll out to meet it."
And it really incorporates what Jack and all the self-made billionaires that I've interviewed are about.
About taking the faith in your hands, taking your future in your hands, about making things happen, about making things possible
Not waiting for anything around you, for the favourable conditions, for the success to fall from the sky upon you
For some lucky strike, whatever. Take your faith in your hands and make it happen.
I wonder what are your experiences in your businesses, in your life with understanding people, with relationships,
With going in to business and maybe about the golden cage. Are you maybe in a golden cage or maybe in any prisoner relationship
Where you can't afford to take risk to go in to business because you have so many expenses, maybe debt, maybe mortgage
That you have to pay off and you are dependent on the income from a corporation, from a company, from your job
You are dependent on your pay check and not being able to actually decide really about your future, about your life, about your faith
What about the proactivity? What about taking action?
Of course I learned much more from Jack Cowin. All of that you will find in my book The Billion Dollar Secret. I invite you to read it.
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