Lord Alan Sugar
South Africans know Lord Alan Sugar as a television celebrity. He is the anchor who fires contestants in the British version of the reality TV programme The Apprentice, which follows the same format as the US version featuring Donald Trump. But in real life, Lord Alan is the epitome of a successful self-made multi-millionaire, and is notorious in the UK as the controversial chairman of British Premier Division football team Tottenham Hotspur.
Lord Alan originally came from a very humble Jewish background. As a child, he watched his father struggle to support the family, and while they made the most of what they had, it was barely enough for the basics necessities. This financial hardship fuelled in Lord Alan a strong desire to succeed. He has drawn his strength from his family, his salesmanship, his dogged persistence and the knowledge gained from successful peers and hard experience. Today, he is a self-made multi-millionaire in his own right.
The Apprentice
Lord Alan built his wealth from scratch with Amstrad, his London based electronics manufacturing company, which manufactures hi-fi equipment, computers and later decoders and satellite dishes for BSkyB. Trials, tribulations and challenges almost brought the company down, but Lord Alan fought his way to the top through sheer determination and with a forthright and focused approach. Like all multi-millionaires, the cornerstone of his wealth is real estate. One of his larger real estate investments is IBM’s European headquarters on London’s South Bank. He bought the property for £112 million (about R1,4 billion), and today it is worth more than three times that amount.
He considers himself an entrepreneur, but says that it is not a word that should be used lightly. Lord Alan also believes that you cannot acquire an entrepreneurial spirit. Rather, it is something that you are born with, a talent you discover. You either have the innate ability or you don’t.
College Drop-out
Like most of his friends, Lord Alan dropped out of his A Levels to get a job. His first job involved doing research in a government ministry. He then launched a part time cosmetics business, before being employed as a salesman selling tape recorders and record players. Following his second sales job as an electronics salesman, he decided to launch his own company called AMS Trading, which imported electronic products and re-branded them under the Amstrad brand.
The business later moved into manufacturing hi-fi equipment, computers and other electronic goods. The company grew into an electronic giant in the UK. Following the listing of the company on the stock exchange, he went public in 1980 and won the Businessman of the Year award in 1984. He subsequently bought a majority share in the Tottenham Hotspur soccer team in 1991.
Ten years later, he exited the soccer business, and in the following year he was approached to be the anchor on The Apprentice. In 2006, the Queen knighted Lord Alan for his inspiring business success and he was approached by Gordon Brown, the Prime Minister of the UK at the time, to become a government advisor. He sold his business to BSkyB in 2009 and now spends most of his time managing his real estate portfolio.
Story by Neale Petersen (First Published in REIM: http://www.realestateinvestormag.co.za/)
