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Bar Bat Mitzvah Magazine 2018

Sheldon Adelson Sheldon

Sheldon Adelson Sheldon Adelson’s Perseverance Start a Company When You’re Young Sheldon Adelson is worth $35 billion. He is Chairman and CEO of Las Vegas Sands. His father drove a taxi, and his mother ran a knitting shop. He began his first business at 12 years old. Tired of sharing the proceeds of the newspapers he peddled, he bought - and later sold - “the rights” to sell papers on a specific Boston street corner from the youth who had been garnering the larger share of Adelson’s earnings. To accomplish that end, he borrowed $200 from his uncle, who in return borrowed the money from his credit union with the requirement that his nephew make principal and interest payments “every Tuesday night at 6 p.m.,” said Adelson. When he needed to borrow again to control a second corner, his uncle praised him for paying his debt and lent him money again. Sheldon Adelson Gets Back From Losing $25 billion Sheldon Adelson knows a thing or two about poverty, having grown up the son of a taxi driver in Dorchester, Mass. “I came from a very poor family. We were six people, four children and my parents, in one bedroom…and my parents were poor.” Living at the bottom may be one reason Mr. Adelson has been so resilient in his climb back to the top. As Wealth Report readers might recall, Mr. Adelson lost more than 90% of his fortune in 2008 when markets tanked and credit evaporated. His losses amounted to more than $1,000 a second, or more than $4 million a day. So how did he feel about losing more money at one time than anyone else in his- tory? “So I lost $25 billion,” he said. “I started out with zero.” In other words, no big deal. He also kept his cool as his company teetered on the edge of financial ruin. When many investors were abandoning ship, Mr. Adelson and his family invested $1 billion of their own money. “There is no such thing as fear–not to an entrepreneur. Concern, yes. Fear, no.” Still, Mr. Adelson’s story reminds us how background matters when it comes to building and maintaining wealth. Self-made billionaires often are confident that if they did it once, they can do it again. And having grown up poor, Mr. Adelson also knows what it is like to have nothing. So, he isn’t as fearful of temporary losses. “An entrepreneur is born with the mentality to take risks, with several important character traits: courage, faith in yourself, and above all, even when you fail, to learn from failure and get up and try again.” Successful People Are Not Driven By Money I was holding an entrepreneur exchange at Babson College of Business School in Boston. I asked an audience of 300 students: “How many of you think about entrepreneurship?” Everybody raised their hand. Then I asked them, “How many of you were or want to be in the entrepreneur business for money?” Nobody has ever guessed how many people raised their hand. I’ll tell you, one. That is the answer to the question “what is the reason why people want to be entrepreneurial?” My answer, it is the sense of achievement, not the money. 100 Bar/Bat Mitzvah Magazine Source: Go on continued on p. 102

Eshet Chayil Abraham Cohen IN HONOR OF HIS WIFE Alberta In honor of my wife Meirav by Ezra Abadi In honor of my wife Loreen by Sonny Kafif In honor of my wife Dolly by Jimmy Alfaks In honor of my wife Tina by Sam Laniado In honor of my wife Rose by Ike Betesh In honor of my wife Marlene by Alan Maleh In honor of my wife Korine by Ezra Castro In honor of my wife Sandy by Ikey Salem In honor of my wife Rachelle by Joey Esses In honor of my wife Sara by Jeffrey Terzi

Bar Bat Mitzvah Magazine 2018
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