Skip to main content

THE POWER OF PASSION


Could you turn your passion into a billion dollar business? That’s what Frank Wang did.
As a child, Frank had a passion for flight: “At elementary school I saw my first model helicopter in a shop. It cost the equivalent of several months’ salary for average people. My family could not afford it. But finally, after I did a good job on my high-school finals, my parents rewarded me with a model helicopter. I assembled it but I wasn’t able to fly it properly because to do that needed months of practice. So when I did try to fly it, the helicopter immediately crashed.”
Despite this early set-back Frank persisted. 10 years ago at 25 years old, he enrolled at Hong Kong University of Science & Technology and began working on his project of designing a better remote controlled helicopter.
His passion project became more important than his studies: “I spent three months intensively working on the project. At that time I was still enrolled at the university, but I skipped all the courses and just went to my home in Shenzhen. I would wake up at 2 p.m. and then work until like 5 or 6 a.m. for days at a time.”
“One time, when I did go back to the university lab, I tried to use my ID card but it didn’t work. My heart sank a little bit, because I thought I was kicked out of college by my professor. But actually I had forgotten to pay my tuition.”
Recalling the highlight of his early days: “The most memorable moment for me was when our
helicopter automatically hovered in the air (for his senior class project) in January 2006. That was a good time. Nowadays so much of what I do is management… like catching spies.”
Why the spies? Because in the last 10 years Frank has grown his company, DJI, to over $1 billion in sales (more than 70% of the global consumer drone market) led by his signature Phantom drone. In April last year, DJI raised funds at a US$8 billion valuation, making Frank worth $3.4 billion.
The growth came after plenty of struggles. After university he set up his company from a 3 bed apartment in Shenzhen, and tried to sell his drones at exhibitions, saying “We were mainly just going to exhibitions and putting ads on hobbyist websites. The first time we went to an exhibition at Nuremberg, Germany we were placed in the China section, with one of those cheap and small booths, right next to stuffed animals…We were not even in the model section, we were in the toys section.”
Then, in 2013 the drone market took off at the same time he released his best-selling Phantom. Sales went from $120 million in 2013, to $500 million in 2014, to $1 billion in 2015. The FAA projected about 15,000 drones in the U.S. by 2020. Frank now sells that many every month.
Today, he’s the world’s first drone billionaire, with the first Chinese company leading a global tech revolution. In the last 12 months, the company has attracted top hires like Former Apple antennae-design lead Rob Schlub and Tesla’s former director of autopilot engineering, Darren Liccardo.
Frank combined his passion and talents with a growing wave and the best product on the market, and has ended up with a billion dollar business doing what he loves.
To be frank, there's nothing stopping you from doing the same. The waves of the future are growing bigger and faster. Your passion and talents are your surfboard. So pick your wave and instead of sinking or swimming, take the entrepreneurial 3rd option and surf.

Comments

Popular posts from this blog

Starting a Business in Ugand PART 1-COMPANY REGISTRATION

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Uganda. It examines the procedures, time and cost involved in launching a commercial or industrial firm with between 10 and 50 employees and start-up capital of 10 times the economy's per-capita gross national income. This information was collected as part of the Doing Business project , which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 190 economies. The most recent round of data collection was completed in June 2016. Standardized Company Legal form: Private Limited Company Paid-in minimum capital requirement: UGX 0 City: Kampala No. Procedure Time to Complete Associated Costs 1 Submit the Name Reservation Form to the assessment window of t...

10 Daily habits of most successful entrepreneurs.

“You will never change your life until you change something you do daily. The secret of your success is found in your daily routine.” ~ John C Maxwell How many of these top 10 entrepreneur habits do you have today? What good habits can you start and what bad habits can you stop to change your results tomorrow? 1) Create a routine - Set a rhythm to connect to the big 5 P’s every day: Purpose (why?), Products (what?), People (who?), Processes (when?), Productivity (how?) 2) Keep the mornings for the toughest projects - Start with what’s most important, not what’s most urgent. Make yourself 80% proactive, 20% reactive. 3) Work out & meditate - Richard Branson says the #1 thing he does to improve his business success is exercise. The universe will only look after you as well as you look after yourself. 4) Give a head start to tomorrow today - Design each day ahead of time and ask the same question Steve Jobs asked: "If today were the last day of my life, would I want t...

The most successful African entrepreneurs of the future __Think beyond borders of all kinds.

By Dr Strive Masiyiwa Amongst the many things I wanted to achieve with this platform was to get young African entrepreneurs to reach out and start talking to each other, doing business deals, and partnering to find solutions to Africa's many other challenges. I'm not sure if you saw this comment I made during our discussion on partnerships a while back: "Afterthought: Here is a secret! The most successful Africans in future are those who master the ability to partner with Africans from other African countries... Shhhh! (Keep this secret to yourself, because there are many enemies out there who will try and stop you from believing this.)" As an entrepreneur, there are huge benefits for you if Africa can shift its economic narrative to what I sometimes refer to as "Africanization." We as Africans need to open up this continent to development by Africans. However, this should not be to the exclusion of working with partners from other parts of the worl...