Billionaires who started as small business owners and how long it took to get there
 | March 24, 2025 | 5 min read |
Many of the world’s wealthiest individuals began their stories not with a windfall or inheritance, but with modest ventures like selling books online, coding in dorm rooms or launching niche companies from a garage. Names like Mark Zuckerberg, Jeff Bezos and Bill Gates are commonly used as examples of average folks who achieved remarkable financial success through a combination of grit, intelligence and innovation. While the story of these wealthy individuals is one of hard work, it’s also a testament to the transformative power of entrepreneurship. Within each of their journeys is a valuable lesson for business owners looking to understand the roadmap from small business to major financial success.
In this analysis from Ooma, our research team zeroed in on 28 self-made billionaires from the Forbes 400 list as of September 2024 and examined how long it took these entrepreneurs to achieve billionaire status while also exploring some of the trends in their stories.
The evolution of entrepreneurship
The rise of self-made billionaires is a relatively modern trend. Throughout history, wealth was largely inherited, and opportunities to build large-scale businesses were more limited. The first billionaire to earn that title was John D. Rockefeller in 1916 through his company Standard Oil. As the economy grew throughout the 20th century, more names joined the ranks.
Then, in 1982, Forbes Magazine launched a special issue ranking the 400 richest Americans, marking a cultural shift wherein Americans celebrated not just wealth, but the stories behind it. Before this, wealth was often seen as the domain of the elite and exclusive to those born into privilege, and average people who started a business could aspire to only moderate prosperity. The self-made billionaire narrative challenged this notion, showing that regardless of background, anyone could rise to the top through hard work and ingenuity. Today, there are nearly 3,000 billionaires in the world, with the U.S. holding the record for the most at 813 billionaires, worth a combined $5.7 trillion.
As with Rockefeller and the oil industry, many of the big names on the list today are entrepreneurs who were able to spot emerging trends and capitalize on them before they blew up. For example:
- Bill Gates (Microsoft, 1975) was at the forefront of the burgeoning personal computer industry, launching Microsoft at a time when most people had little experience with PCs.
- Warren Buffett (Buffett Associates, 1956) grew his wealth by investing early and during an era when the stock market was less accessible as an avenue to wealth for average Americans.
- Elon Musk (Zip2, 1995) began his journey during the early days of the internet, devising new ways to connect businesses to clients through the Web.
Insights and trends on the self-made billionaires list
The Forbes 400 list highlights some interesting patterns and key takeaways about self-made billionaire entrepreneurs:
Tech dominates
Technology not only accelerates communication—it also fast-tracks wealth. Among the quickest billionaires to reach this milestone, tech founders like Jeff Bezos, Mark Zuckerberg and Jan Koum lead the pack. Their ventures scaled rapidly thanks to the internet’s global reach and the lower relative costs of digital product distribution.
Journeys to billionaire status vary in length
There is no one path to becoming a billionaire, and everyone’s journey has a different duration. Bezos and Zuckerberg share the distinction of reaching billionaire status in just four years. On the other hand, Donald Bern and John Menard, Jr., took 43 years. The numbers are somewhat evenly dispersed across the rest of the members on the list, proving that dedication is a key factor in the success of some wealthy individuals.
Gender diversity remains a challenge
While most self-made billionaires on this list are men, Diane Hendricks shows how female entrepreneurs can succeed on a large scale. Her company, ABC Supply Co., Inc., is a leader in its industry and a testament to her business acumen. That said, female billionaires only make up 13 percent of all billionaires worldwide, and only 3.6 percent of those are self-made.
Innovation and industry transformation are key to success
Many individuals on the list of self-made billionaires succeeded by transforming their industries with innovative ideas or technologies. For example, Google redefined how people could access information, and Tesla pushed the automotive industry toward electric vehicles.
The journey from small business owner to billionaire is no mean feat, but as the Forbes 400 list shows us, it’s certainly possible. These self-made individuals offer lessons that small business owners can benefit from. From looking for emerging trends to leveraging new technologies and making smart investments, even small enterprises can capitalize on the strategies that helped these economic powerhouses achieve their monumental success.
Whether you’re starting a small business or are a seasoned entrepreneur, you deserve tools that can grow with you. At Ooma, we provide reliable, cost-effective telecommunications solutions specifically designed for your business needs. Whether you’re just beginning or managing an enterprise organization, our services can keep you connected to your customers, team and opportunities.
The richest people in America ranked by how many years it took to become a billionaire after starting a small business
| Rank | Name | Net Worth (as of Sept. 2024) | Name of First Small Business They Started | Name of Current Company That Made Them a Billionaire | Year Small Business Began | Year They First Became a Billionaire | Net Worth When They Debuted on Forbes List of Billionaires | Number of Years it Took Them to Become a Billionaire |
| 1 | Jeff Bezos | $197 B | Amazon | Amazon | 1994 | 1998 | $1.6 B | 4 |
| 2 | Mark Zuckerberg | $181 B | 2004 | 2008 | $1.5 B | 4 | ||
| 3 | Jan Koum | $16.1 B | 2009 | 2014 | $7.6 B | 5 | ||
| 4 | Larry Page | $136 B | 1998 | 2004 | $1 B | 6 | ||
| 4 | Sergey Brin | $130 B | 1998 | 2004 | $1 B | 6 | ||
| 6 | Henry Samueli | $16.9 B | Broadcom Corporation | Broadcom Corporation | 1991 | 2000 | $5.1 B | 9 |
| 7 | Bill Gates | $107 B | Microsoft | Microsoft | 1975 | 1987 | $1.25 B | 12 |
| 8 | Michael Dell | $101 B | Dell Technologies | Dell Technologies | 1984 | 1996 | $1.1 B | 12 |
| 9 | Steve Cohen | $21.3 B | SAC Capital Advisors | Point72 Asset Management | 1992 | 2004 | $1 B | 12 |
| 10 | David Tepper | $21.3 B | Appaloosa Management | Appaloosa Management | 1993 | 2006 | $1.2 B | 13 |
| 11 | Michael Bloomberg | $105 B | Bloomberg LP | Bloomberg LP | 1981 | 1996 | $1 B | 15 |
| 12 | Larry Ellison | $175 B | Oracle | Oracle | 1977 | 1993 | $1.6 B | 16 |
| 13 | Ken Griffin | $43 B | Citadel | Citadel | 1990 | 2006 | $1.5 B | 16 |
| 14 | Elon Musk | $244 B | Zip2 | Tesla, SpaceX | 1995 | 2012 | $2 B | 17 |
| 15 | Len Blavatnik | $29.3 B | Access Industries | Access Industries | 1986 | 2004 | $1.9 B | 18 |
| 16 | Stephen Schwarzman | $43.6 B | The Blackstone Group | The Blackstone Group | 1985 | 2006 | $2.5 B | 21 |
| 17 | Jensen Huang | $104 B | Nvidia | Nvidia | 1993 | 2017 | $2.7 B | 24 |
| 18 | Jeff Yass | $49.6 B | Susquehanna International Group | Susquehanna International Group | 1987 | 2012 | $1 B | 25 |
| 19 | Diane Hendricks | $21.9 B | ABC Supply | Hendricks Holding Company | 1982 | 2008 | $3 B | 26 |
| 20 | Daniel Gilbert | $33.1 B | Rocket Mortgage | Rocket Mortgage | 1985 | 2012 | $1.5 B | 27 |
| 21 | Warren Buffett | $150 B | Buffett Associates | Berkshire Hathaway | 1956 | 1985 | $1 B | 29 |
| 22 | Phil Knight | $36.8 B | Nike | Nike | 1964 | 1996 | $5.3 B | 32 |
| 23 | Thomas Peterffy | $40 B | Interactive Brokers | Interactive Brokers | 1978 | 2010 | $1.4 B | 32 |
| 24 | Stephen Ross | $17 B | Related Companies | Related Companies | 1972 | 2007 | $2.5 B | 35 |
| 25 | Eric Smidt | $15.6 B | Harbor Freight Tools | Harbor Freight Tools | 1977 | 2017 | $2 B | 40 |
| 26 | Harold Hamm | $18.5 B | Continental Resources | Continental Resources | 1967 | 2008 | $4.4 B | 41 |
| 27 | Donald Bren | $18.9 B | The Bren Company | The Irvine Company | 1958 | 2001 | $4 B | 43 |
| 28 | John Menard, Jr. | $22.9 B | Menards | Menards | 1958 | 2001 | $2 B | 43 |
Sources:
https://www.forbes.com/forbes-400/
Husain Sumra is a former journalist who reported on the biggest companies in tech, from Apple to Amazon, covering cloud services, consumer technology and communication solutions. His journalism background has helped him bring a customer-first approach to content marketing, creating pieces of content aimed at helping people.
