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Kicking off hours after an assassination attempt on a presidential candidate, the Republican National Convention took on heightened significance this year. In my role as President and CEO of the International Franchise Association (IFA), I traveled to Milwaukee for a policy roundtable entitled “Franchising, the American Dream,” with U.S. Representative Kevin Hern (R-OK), who is the co-chair of the congressional franchise caucus, McDonald’s franchisee Jimmy Williams, and hotelier Jyoti Sarolia.

Matt Haller and Jyoti Sarolia Credit: Matt Haller

To be clear, IFA is non-partisan and does not take sides in presidential campaigns. We will be in Chicago for the Democratic National Convention in August, and we work with anyone from any party who champions our priorities and fights for our franchise small business owners. That’s also why we partnered with POLITICO and CNN with Milwaukee-based Batteries+. We created a brand activation at the POLITICO/CNN Grill, where over four days we gave away wireless battery chargers to over a thousand attendees, communicating the economic benefits of franchising to convention-goers, with a QR-code that linked to IFA’s Open for Opportunity campaign.

Related: Check out the 2024 Franchise 500 Ranking

Political conventions are always exciting, and this year was no different, especially after COVID-19 curtailed the in-person festivities in 2020. The buzz and energy were palpable. In my conversations with various stakeholders from all walks of life, certain commonalities emerged. Here are four of them.

1. Unions and franchising are not incompatible

The fiery speech from Sean O’Brien, president of the International Brotherhood of Teamsters, got people’s attention. It marked the first time a teamster addressed the RNC in its 121-year history. The Wall Street Journal headline read, “Trump Courts the Union Vote.” The GOP is not used to speakers at their convention railing about “economic terrorism.” But as O’Brien pointed out, the Teamsters have supported Republican candidates before, including Presidents Richard Nixon, Ronald Reagan and George H.W. Bush.

For the franchise community, O’Brien’s presence served as a reminder that we have a compelling story to tell and we need to tell it.

First of all, our model provides nearly 9 million direct jobs, and not a single one is being outsourced overseas. Second, jobs in franchising pay up to 3.4 percent higher wages and provide higher rates of paid leave and other benefits than those at non-franchises, according to data from Oxford Economics. Third, franchises ARE small businesses, and that is the benefit of our business model.

Related: 7 Ways The Expanded Joint Employer Rule Would Hurt Franchises — And Your Wallet

While we are not going to agree with the Teamsters or other unions on much, one thing we do agree on is that policymakers should be focused on creating good jobs right here in America, and that’s what the franchising community is doing. Even when our brands open new franchises overseas, we are bringing money back ashore to the U.S. via the royalty stream paid to operate a U.S. brand abroad, creating a net-trade benefit to the U.S. economy.

We must push back on the idea that the franchise model and unions are incompatible. It’s false. We can and do have both. It is true that the union’s top policy agenda, the PRO Act and an expanded definition of joint employer, and franchising cannot co-exist, but unions are not inherently an opponent. It’s their history of policy priorities that would bring down franchising that we oppose.

2. Franchising is re-aligning party lines

Second, the traditional political and party lines are re-aligning, creating another golden opportunity to expand the franchise tent. For example, public polls have shown former President Donald Trump receiving as high as 30 percent of the Black vote — nearly three times higher than the 12 percent he earned in 2020.

Here again, franchising has an important role to play. Franchising has higher rates of business ownership among women, veterans and minorities. In fact, more than one-quarter (26 percent) of franchises are owned by people of color, compared to 17 percent of non-franchised businesses.

Paul Calkins (IFA), House Speaker Mike Johnson and Matt Haller (IFA) Credit: Matt Haller

As Clement Troutman, an IFA member, U.S. Navy veteran, author, and Maryland-based Tropical Smoothie Cafe franchisee, wrote in a column for the Washington Times observing Juneteenth, “the last few years have been challenging for Black entrepreneurs. From challenges accessing capital to a disproportionate impact stemming from the pandemic, Black small business owners face major obstacles.”

Clement noted, “Franchising can help, but only if elected leaders do their part in creating the right business environment.” These are wise words and lessons that all candidates should take to heart if they want to expand their political base of supporters.

3. J.D. Vance has sided with franchising in the past

There was a lot of scrutiny on Senator J.D. Vance after his selection as the vice-presidential nominee, and nearly every conversation I had with members of Congress and others in Milwaukee centered around what to make of Senator Vance’s selection. In the event of a Trump victory, many view him as the natural GOP standard-bearer in 2028. Throughout his two years in the Senate, Vance has raised eyebrows by deviating from traditional Republican orthodoxy. For example, he has marched on union picket lines and famously praised Federal Trade Commission (FTC) Chair Lina Khan as “one of the few people in the Biden administration who I think is doing a pretty good job.” Yet when it came to franchise issues, particularly joint employer, Senator Vance sided with franchising. When the stakes were the highest during this spring’s repeal of the joint employer rule, Vance stood with us, and that is telling.

4. The next president will have a huge impact on franchising

Members of the franchise community — like all voters — are assessing their presidential choices through the prism of past policies. We have a sense of what a second Trump and Biden administration could look like by evaluating their previous time in office. Certainly, IFA is focused much more on economic and regulatory visions than we do on political ideology. What is the plan for job creators?

Related: Decoding the Massive Impact of the NLRB’s Joint Employer Rule

For example, the individual tax provisions in the Tax Cuts and Jobs Act (TCJA) are set to expire next year. The law significantly restructured numerous aspects of the federal tax system for small businesses, including reductions in individual and corporate tax rates, a new 20% deduction for income from pass-through businesses, 100% bonus depreciation for capital investments, and a new limitation on the deductibility of business interest. The GOP platform expressly calls for tax cuts and many Ways and Means Committee members who will write the next tax law, including Chairman Jason Smith of Missouri, Vern Buchanan of Florida, and Lloyd Smucker of Pennsylvania, have all highlighted the importance of ensuring pass-through businesses like most franchises are treated fairly in the next round of tax reform.

Beyond tax issues, the next president will choose their own FTC chair, who can in turn update the Franchise Rule, something that hasn’t happened since 2007 — the same year the first iPhone was introduced — and will make appointments to the NLRB, including the general counsel, who is arguably the most powerful position at that agency.

The stakes are high for franchisors and franchisees alike. We do not vote as a monolith or along strict party lines. But one thing is clear, the list of issues facing franchising is long, and the importance of having a seat at the table is more important than ever. Thanks to the support of so many IFA members, and what our brands, franchisees and suppliers do every day, I’m confident that whatever November brings, franchising will continue to thrive and IFA will be at the forefront fighting for the best interest of franchising.

At 27 years old, Jake Paul has amassed 26.6 million Instagram followers, 17.8 million TikTok followers, and nearly 20.7 million YouTube subscribers. He started in content creation when monetization was in its infancy, and managed to amass almost two billion views making comedy videos on Vine (RIP), beginning around 2013.

Fast-forward a decade, and Paul’s consistent work ethic has catapulted him from influencer to entrepreneur to professional boxer. He is fighting former UFC fighter and bare-knuckle-boxing champion Mike Perry in his eighth pro match on Saturday, and taking on Boxing Hall of Famer Mike Tyson on November 15, which will be streamed on Netflix.

Paul, it seems, is no longer just about comedy and pranks.

“It’s just very surreal and it feels like all my hard work is starting to pay off,” Paul tells Entrepreneur over a video call. “I’m very honored to be in the ring with Mike Tyson. After 12 to 15 years of knocking down the door of opportunity, I was able to open this door. So it just goes to show that you have to start with one step at a time and grow into things like these, that you can’t even believe you’re doing.”

^{Jake Paul is seen at Michael Rubin’s Annual Fourth of July party on July 4, 2024, in East Hamptons, NY. (Photo by Gotham/GC Images)}

When the Tyson fight was announced, Paul emerged as the favorite to win. But his response wasn’t one of an untouchable heavyweight — he’s just happy to be here. And yes, he says he is scared to fight Tyson.

“Fear is always going to be there, you’re always going to be scared,” Paul said. “I’m scared to fight Mike Tyson. I’m scared to fight Mike Perry. It’s about being brave enough to have the courage to do it when the fear is never going away. You have to embrace it and let it fuel you versus let it stop you from maybe making the best decision of your life.”

Still, he hasn’t been without controversy. Business Insider reports allegations of online scams, abusive behavior, and vandalism.

His videos filming protests during the pandemic in 2020 led to the FBI raiding his home in 2021 in connection to a looting incident at an Arizona shopping mall. Paul was charged with trespassing and unlawful assembly.

Following an investigation, the U.S. Attorney’s Office ruled that he would not face federal charges.

Around the same time, Paul had tension with the mayor of Calabasas, California, when he threw a massive party during the pandemic, despite social distancing restrictions.

Despite the setbacks, Paul didn’t step away from the spotlight and took it as a learning lesson. Paul’s net worth is now an estimated $34.3 million.

Jake Paul, Brand Builder

Paul owns four businesses — sportsbook app Betr, VC fund Antifund, sports promotion company Most Valuable Promotions — and now his latest, a men’s body care line, W, sold direct-to-consumer at Walmart, which launched in June.

“I started not knowing what anything was, I just learned a little every single day, accumulated knowledge, applied all my learnings, and worked harder than my peers,” Paul said.

Paul likens W products to “a new, better version of Axe for millennials.”

“These old legacy brands that we’re going up against are companies owned by massive conglomerates. We’re coming in with a new game plan, and a new way to market,” Paul added. “There’s so much room to grow and to change things here and to innovate on a product that can connect with a younger audience of men, which is my audience.”

Related: Ringside Tyson-Paul Fight VIP Tickets Selling for Millions

Paul’s marketing techniques are not for everyone (he was nearly attacked by a shark, and filmed a lie detector test on Instagram), but they feel authentic to who he is and his already hyper-online social media presence.

“I think people should be themselves. Authenticity is what’s winning, show your failure, show your mistakes, tell your story,” Paul said. “The struggle is what people can relate to, and I think that’s what’s missing with a lot of entrepreneurs.”

Paul says when he was making videos on Vine as a teen a decade ago, he anticipated how big the influencer economy could be one day. He was right: A recent report from Emarketer projected that U.S. marketer spending on sponsored social-media content could rise 16% this year to $8.14 billion.

“[Back then], the numbers spoke for themselves,” he said. “We were Viners getting millions of views on our Vines and getting paid like $2,000 for a video, but a commercial slot on TV would get maybe 500,000 views, and they get paid $100,000 or $200,000.”

Paul said he knew eventually that numbers “would be the most important thing,” and that influencers and creators would become more valued. “And that’s becoming true,” he added.

Paul says his first paycheck was for $300, and he spent it on Christmas-edition LeBron James sneakers and a Diesel watch.

“You have to embrace it and let it fuel you versus let it stop you from maybe making the best decision of your life.”

Transitioning into the business world didn’t come without a slew of haters, either.

“I [was] scared to put W into the world to see how people are going to receive it,” he said.

Paul says that he heard a quote years ago about entrepreneurs being the best at sweeping their mistakes under the rug, learning, and moving on, and he tries to remember that when things get tough.

“It hasn’t been easy at all, it’s difficult every single day still,” Paul said.

Related: Jake Paul Reportedly Earned Sky-High Amount for Fight

And he may just be fighting his old reputation for a while: After all, he knows the Internet is forever.

“I want people to look at me as an example of the American dream, of relentlessly pursuing my dreams for over a decade and never stopping when I fell flat on my face and persevering through all of those moments,” he said.

Many banks, media outlets, and airlines experienced the blue screen of death this morning when they turned on their Microsoft Windows machines. The dreaded error page, with the message “Your device ran into a problem and needs to restart” was caused by a single update from Austin, Texas-based CrowdStrike, a cybersecurity giant with operations in more than 170 countries.

Most (70%) of the $900 million in revenue CrowdStrike earned for the quarter ending in April came from its U.S. customers, including Google, Amazon, and Microsoft.

CrowdStrike’s wide reach resulted in “the largest IT outage in history,” according to some cybersecurity experts. The update delayed Delta, United, and American Airlines flights, canceled scheduled surgeries at hospitals in Massachusetts and Ohio, disrupted 911 services, and impacted other public and private sector operations across the globe.

^{George Kurtz, CEO of Crowdstrike. Martina Albertazzi/Bloomberg via Getty Images}

CrowdStrike CEO George Kurtz wrote in an X post Friday that CrowdStrike has found the cause of the issue and released a fix.

“This is not a security incident or cyberattack,” he emphasized, adding that organizations should communicate with CrowdStrike representatives and check the support page.

“Our team is fully mobilized to ensure the security and stability of CrowdStrike customers,” he added.

CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed. We…

— George Kurtz (@George_Kurtz) July 19, 2024

In a blog post, he said: “We know that adversaries and bad actors will try to exploit events like this. I encourage everyone to remain vigilant and ensure that you’re engaging with official CrowdStrike representatives.”

Kurtz also went on TODAY and apologized for the disruption, giving more details on what went wrong. He explained that the update CrowdStrike implemented had a software bug in it, which caused problems with the Microsoft Windows operating system.

“As systems come back online as they’re rebooted, they’re coming up and they’re working,” he said. “Now we are working with each and every customer to make sure that we can bring them back online.”

When asked how a single content update could immediately shut down everything from emergency services to credit card payment systems around the globe, with no backup, Kurtz said, “We have to go back and see what happened here.”

Related: I’ve Gone From Entrepreneur to the Corporate World and Back Again. This Is What It Takes to Lead a Company.

CrowdStrike currently leads the worldwide market in endpoint security or protection for devices like desktops and laptops.

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Even though there’s a .00006% chance that a startup will reach a $1 billion valuation, Silicon Valley investor Mike Maples Jr. has placed early bets on more than one startup that beat the odds.

Across his nearly two-decade investing career, Maples found that startups he invested in early that are now worth over a billion dollars, like Twitch, Twitter, and Lyft, shared one thing in common — they broke patterns. Instead of competing in a crowded space, successful startups defined the future on their own terms.

“Most people, when they saw the iPhone 4S, didn’t realize that the thing in their hand or in their pockets could change the future, but the Lyft guys and the Uber guys did,” Maples said on a Thursday episode of the Masters of Scale podcast with LinkedIn co-founder Reid Hoffman.

Maples added: “I have to break the pattern in order to escape the gravitational pull of the present, right? And so, I like to say great start-ups have to force a choice and not a comparison.”

Related: How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Maples gave Airbnb as an example of a startup that successfully forced a choice. According to Maples, Airbnb turned the strengths of the status quo (identical stays wherever you go around the world) into a weakness (wouldn’t you rather have a unique stay that reflects the place you’re in for the same price?).

In doing so, Airbnb created a separate category noticeably different from what was already out there — which forced consumers to make a choice and not a comparison to what already existed.

Maples said that Airbnb also had another trait of a groundbreaking startup: It created a social movement beyond money or business. Instead, Airbnb focused on transforming society and people’s lives.

“What I find is that the great startups very often are more like social movements,” Maples pointed out. “Typically a movement has a minority of people who feel a sense of grievance with the status quo majority. And that minority of people wants to change the future.”

Related: How to Start Your Dream Business This Weekend, According to a Tech CEO Worth $36 Million

Pattern-breaking, social movement-starting startup ideas are polarizing and most people won’t like them at first — but Maples says that all you need are those few people, the minority who can start a movement, who think the idea is “amazing” and can’t live without it.

In a separate Harvard Business School profile, Maples explained that when Twitter co-founder Evan Williams pitched him the idea for Twitter, Williams had no roadmap or revenue model.

Williams’ rationale was that when he made Blogger, a million people wrote blogs. If there was a micro-blogging platform, maybe he could get 10 million people to write micro-blogs.

Twitter, now X, was acquired for $44 billion in 2022 by Elon Musk.

^{Twitter co-founder and CEO Evan Williams. (Photo by David Paul Morris/Getty Images)}

What gets an investor to say yes at an early stage to an idea like Twitter, with little data to go off of about the startup’s track record of success or the market it is trying to create? The answer is the founders themselves. Maples stated in the profile that he was looking for technically excellent founders with drive and tenacity.

Maples pointed out additional qualities on the Masters of Scale podcast: the founder’s ability to find groundbreaking ideas and their ability to deliver on those ideas.

“Time and again, the product that ends up winning is not the product that you see when you’re doing a seed investment,” he said on Masters of Scale. “That was true of Twitter. It was true of Twitch. It was true of Lyft.”

Related: This One Talent Is ‘the Greatest Skill You Can Develop’ for Entrepreneurship, Says Professor Scott Galloway

Entrepreneurial dreams are only far-fetched until they come true. This proved true for Think Greek, a family-owned Greek restaurant in Port St. Lucie, Florida, that started as a food truck and has since won “Best Bite” on Food Network’s Best Bite in Town. General manager Rosanne Leo attributes the restaurant’s success to focusing on providing authentic Greek recipes and a distinctive Greek fusion menu.

“We are first-generation Greek Americans, so we knew when we started the food truck in 2014 that is what we wanted to do,” she says. “But we didn’t want to [just] do regular Greek food. We wanted to incorporate a fusion menu, coming up with different items that people haven’t heard of before.”

When South Beach Wine & Food Festival asked Think Greek to participate in 2020, the team immediately knew their original fusion menu item, Gyropitakia (Greek wontons), would be a hit. Their hunch was correct, and they won the title of “Best Bite on the Beach.” Listen to the episode below to hear directly from Leo.

“It was just an incredible feeling because this is something that we came up with,” Leo says. “It wasn’t anybody else’s recipe. It was [us] brainstorming one day on the food truck.”

The following year, Think Greek returned and won again, helping it solidify its reputation for tastiness and consistency.

Earlier this year, Think Greek participated in another cooking show, but the stakes were even higher this time. Food Network contacted Leo to be on the first season of Best Bite in Town, a spin-off of Diners, Drive-Ins, and Dives with celebrity chef Guy Fieri.

“This was our dream to be on Food Network, but more specifically, we wanted to be on Triple D… I was so excited,” Leo shared.

Related: Guy Fieri, Cable’s Highest-Paid Chef, Hopes to Save His Industry With ‘Restaurant Reboot’

The show’s premise involved Fieri sending three people to a town to try two dishes from six different local restaurants, ultimately choosing one “Best Bite” in that town. The dishes were judged based on capability, presentation and taste. Think Greek won “Best Bite” of Port St. Lucie and then went on to win “Best Bite in Town” during the show’s finale with its Gyropitakia.

The judges explained that they’d never eaten anything like Gyropitakia before, leading to Think Greek’s win. The dish’s novelty and creativity set the local restaurant apart, a huge testament to the family-owned business’s efforts.

“That really made us feel all the hard work, energy, brainstorming and everything is working and is paying off,” Leo says. “Sometimes, as a family-owned business and as a mom-and-pop, you get overlooked a little bit, and it’s disheartening. But to hear that our efforts are not being ignored really does give us that energy to keep working.”

Related: Guy Fieri Is Insanely Busy. Here’s How He Gets It All Done.

With new attention from the TV show and increased media visibility came many comments from customers and viewers. Leo says that scrolling social media to see the latest feedback sometimes becomes overwhelming. She decided to take it day by day and hold space for both positive and critical reviews.

“You can’t please everybody, and that’s okay. Some comments are less than nice, and that’s fine,” Leo says. “Everybody’s entitled to their opinion. All I know is that we’re trying our best, and we’re putting out the food the way we put out our food.”

Leo’s willingness to take risks and seize big opportunities, such as being featured on a TV show, has elevated Think Greek’s brand. Over time, her persistence helped establish the restaurant’s positive reputation.

Her advice for business owners seeking this kind of success is to stay consistent with their creative efforts and values and use social media to engage their audiences and uncover feedback for improving operations. She also encourages business owners to believe in themselves and what they can achieve.

 ”Sometimes I’m just like, wow, I can’t believe it,” she says. “But people should never say never. Anything is possible. Some days, you want to give up, but keep going because this is your baby. This is your dream. This is your opportunity to show what you’re made of.”

For over a decade, Think Greek has stood by these simple — but crucial — tools for success:

• Seize opportunities as they come. Attending local festivals and competitions can lead to gaining more visibility, which can snowball into larger opportunities in the future. Being open to trying new things can springboard your business into fresh and exciting arenas.
• Embrace innovation to set yourself apart. Innovating your products or services can distinguish a business and attract customers seeking novel experiences. Creating your own niche can help customers choose you over competitors.
• Value feedback, but don’t let negativity deter you. Receiving criticism can be challenging and requires resilience. Recognizing it’s impossible to please everyone allows you to focus on giving your best effort to the things you know you can do well or even improve.

Subscribe to Behind the Review for more from new business owners and reviewers every Thursday. Available on Spotify, Apple Podcasts, Google Podcasts, Pandora and Soundcloud.

Editorial contributions by Angela Lee and Kristi Lindahl

This article is part of our ongoing America’s Favorite Mom & Pop Shops™ series highlighting family-owned and operated businesses.

3 Benefits of owning an Exit Factor franchise:

1. Niche market focus with specialized exit strategy coaching.
2. Flexible lifestyle with the ability to work from anywhere.
3. Comprehensive training and ongoing support for franchisees.

Exit Factor is a business coaching and consulting franchise that specializes in training small to medium-sized companies to enhance their value and prepare for a successful business exit. Founded by industry expert Jessica Fialkovich and part of the United Franchise Group, Exit Factor offers a low-cost opportunity with multiple revenue streams in the growing business services market. Click Here to learn more about Exit Factor.

Key Facts:

• Minimum Initial Investment: $59,415 – $82,345
• Initial Franchise Fee: $39,500
• Liquid Capital Required: $100,000
• Net Worth Required: $250,000
• Veteran Incentives: 10% off franchise fee

People reports that Chiefs star Travis Kelce just attended his 13th performance of Taylor Swift‘s The Eras Tour, and the significance of that number is lost on no one.

Swift is a big fan of the number 13 — so much so that before every show she paints a 13 on her hand for good luck. Why are those digits so near and dear to her heart?

Swift was born on December 13, 1989, and explained in an interview with MTV News: “I turned 13 on Friday the 13th. My first album went gold in 13 weeks. My first No. 1 song had a 13-second intro. Every time I’ve won an award I’ve been seated in either the 13th seat, the 13th row, the 13th section or row M, which is the 13th letter. Basically, whenever a 13 comes up in my life, it’s a good thing.”

Swift isn’t the only one who leans into superstitions to give herself an extra boost of confidence. In the book Recipes for Good Luck, author Ellen Weinstein researched the superstitions and rituals of some of the most famous and successful people in modern history. And while some might seem odd or silly to others, Weinstein writes that beliefs, rituals and routines can “help you face the world with ambition and confidence and inspire you to go on making good luck of your own.”

Here are some other superstars who used pre-performance rituals to get ready to go.

• During his playing days, NBA superstar Michael Jordan wore UNC shorts underneath his Chicago Bulls uniform. They were the same shorts he wore in 1982 when he scored the winning jump shot that brought his college team, the University of North Carolina Tar Heels, their first NCAA championship since 1957.
• Tennis great Serena Williams has several distinctive pre-performance and on-court rituals: before a match, she’d tie her shoelaces in the exact same way and always bounced the ball five times before her first serve and twice before her second.
• Before beginning the opening monologue of her former talk show, Ellen DeGeneres would be sure to throw a mint in the air and catch it in her mouth.
• Rihanna has said that she doesn’t allow anything yellow in her dressing room before a show, believing it is bad luck.
• Soccer legend David Beckham has a thing against odd numbers. His wife Victoria told The Chicago Sun-Times that their house had several refrigerators, each devoted to different types of food. “In the drinks one, everything is symmetrical,” she explained. “If there’s three cans, he’ll throw one away because it has to be an even number.”

Austin Russell is a Stanford University dropout who became the world’s youngest self-made billionaire in 2020 at the age of 25 when his startup Luminar went public. Luminar creates sensing technology to help cars navigate their surroundings; Volvo, Toyota, and Mercedes-Benz use the sensors.

Russell, now 29, spoke on the Masters of Scale podcast with Will.i.am on Wednesday about how he got rich at an early age. Russell, who had a father in real estate and a mother who did some modeling and public speaking, says he was 100% self-taught and created a lab in his parent’s garage at the age of 10 or 11.

“[My parents] would always joke, oh you just let Austin do his black magic in the garage and slip food under the door,” Russell said.

He said he always wanted to know how and why things worked, and explored that curiosity from a young age.

Russell began focusing on optics and lasers in his home lab at 13; then, at 17 years old, he worked at UC Irvine’s Beckman Laser Institute. He decided to focus on entrepreneurship, instead of the tenured professor route, because he wanted to create innovations with immediate real-world impact.

Related: How to Start Your Dream Business This Weekend, According to a Tech CEO Worth $36 Million

Russell founded Luminar, where he’s also the chief executive, at age 17 to build sensors that would make driving safer. He graduated high school, went to Stanford for a few months, then dropped out after receiving a $100,000 Thiel Fellowship to build his idea over two years.

His goal with Luminar became more ambitious: to save as many as 100 million lives and 100 trillion hours over the next 100 years. An April report from reinsurance company Swiss Re shows that progress towards that goal is being made — Luminar’s software reduced car accident severity by as much as 40%.

“I think the way that you ultimately apply and scale yourself has to be through some kind of business and some kind of endeavor at the end of the day,” he said.

^{Luminar founder Austin Russell. Photo by Taylor Hill/Getty Images}

Russell said he benefitted from the wealth of information online, including lectures that previously would’ve been available only to graduate students. He claims to have once watched four years’ worth of lectures on the technical subjects he needed to know “in less than a month.”

Related: Billionaires Warren Buffett, Bill Gates, Jeff Bezos and Mark Zuckerberg Have 3 Habits for Success in Common — But Very Different Routines. Which One Resembles Yours?

“You can do it,” he said. “There’s nothing stopping you.”

Russell has an estimated net worth of $1.6 billion, though Luminar’s stock price has dropped by about 40% year-to-date. Possible causes could be a highly competitive market and a small number of customers that drive a large chunk of the company’s revenue.

He’s also no longer the world’s youngest self-made billionaire; 27-year-old MIT dropout and Scale AI co-founder Alexandr Wang now holds the title.

How many people do you know who are “born leaders“? I can’t think of too many. The old saying about natural leadership is mostly wrong. Yes, there are people who are blessed with qualities that will take them into positions of influence; they may be naturally outgoing or creative.

But most times, it is something that is worked on and mastered over years until the leader becomes so skilled everyone thinks they’re a natural — like an entertainer who becomes an “overnight sensation” after decades of plugging away in the smaller corners of show business.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

Stepping up

This ‘born leadership’ myth keeps many talented people from taking charge and making valuable contributions to businesses and organizations. Too many employees think they need to have a formal title to take the lead on a project and don’t believe they possess what it takes to be tapped for that management spot.

But unappointed leaders show up every day and should be encouraged to do so. Both employees and managers should realize that leaders can succeed without formal authority. Here is how informal leaders can rise to the top and how their managers can help them:

Related: Find Out Which Brands Have Ranked on the Franchise 500 for Longest, Earning a Spot In our New ‘Hall of Fame’

Become someone people want to follow

Instead of declining when someone asks you to take charge, start saying yes. Volunteer to help others when you see opportunities. If you are afraid of looking pushy, present it as a benefit to the boss or team leader, not for yourself. “Can I take that off your plate?”

Even formal leaders need willing followers. Offering to help other team members achieve their goals creates goodwill and gives them the sense that you’re not out for yourself — a quality too few “real” leaders have. When your boss looks around for someone to put in charge, you will be top of mind.

Related: Why Taco Bell’s New Boss Says He’s ‘Not the Dictionary Definition of a CEO’

Set an example

The first rule of leadership is “lead by example.” If you’re just giving orders, you’re doing it wrong. The secret is to show, not tell. That means working alongside the team so your behavior can be easily modeled.

Remember, if you want to take the lead on a project when you’re not technically running the show, second-guessing and criticizing the person in charge is no way to move up. It’s wrong, and you may live to regret the payback if you do ultimately get placed in charge.

Related: This Pizza Chain Will Pay You to Become a Small Business Owner — No Money or Experience Required

Recognize potential leaders

Some people are happy just being on the team, doing their work without the stress of administration or responsibility for others’ progress. There’s nothing wrong with that. But almost everyone has a moment when they can contribute to a leadership role — and should be encouraged to do so.

Managers should always be on the lookout for employees who can shine as leaders even when they’re not in charge. Look for demonstrated leadership behavior in the ranks, such as employees who offer good ideas for projects, are trusted by co-workers and actively support your company’s mission and goals. If you have a new initiative, these employees may help you get other workers on board.

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Decisions and accountability

Decision-making is a critical skill and it doesn’t come naturally, it takes practice. Whenever an employee comes to you or their supervisor for an answer, turn the question around and have them offer what they think the solution is. Make them think.

Power can go to someone’s head and turn a formerly cooperative team player into a bossy authoritarian who’s quickly losing friends on the staff. When you see that happen, pull them aside and ask them how they would feel if someone treated them like this. Sometimes, just opening their eyes to a problem makes people want to change; other times, you may have to be more direct.

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Have faith

Every organization has untapped leadership potential within their teams, often in unexpected places. You may be one of those people who shies away from it, thinking it’s just not one of your skills. Once you realize it’s not something you’re born with but can be developed with practice, you may want to start working on it.

Bring a positive attitude as you work to become a trusted leader. Your attitude is one of the most important characteristics you can get across to others in any capacity, but especially as a leader. Having a positive attitude with everything you do will take you far in life and in business.