When Kylie Jenner found herself on the famous Forbes Billionaire List, all hell broke loose on social media.
What set so many people off was the usage of the phrase, self-made billionaire.
It seems, there were many who did not agree that Kylie was self-made.
So, is Kylie self-made?
As many of you know, I study self-made millionaires. When you are a student of self-made millionaires, you notice things; things that separate the self-made from everyone else.
And I’ve noticed a few things about Kylie Jenner that are responsible for her rocket ship ride from nubile entrepreneur into billionaire status.
#1 Self-Made Millionaires Create a Valuable Brand
A brand is anything that creates followers, or a herd. It could be a name (Tony Robbins), a logo (Nike), a book (Harry Potter), a recognizable product (Coke) or a powerful social media following.
Kylie Jenner’s brand is her social media following. Kylie has 110 million Instagram followers, 26 million Twitter followers and millions of Snapchat followers.
That didn’t happen overnight. Over many years, Kylie leveraged her famous family name and her modeling career to build up her social media following through frequent daily social media posts.
The true value of your brand is dictated by how many people you have in your herd.
Those in the upper middle-class have hundreds in their herd. Millionaires have thousands in their herd. Deca-millionaires have hundreds of thousands in their herd. And billionaires, like Kylie, have millions in their herd.
#2 Self-Made Millionaires Have an Outstanding Team
The wealthiest and most successful self-made millionaires have a team of outstanding people who help them pull their cart, help guide them and help mentor them.
Kylie Jenner’s mother, Kris Jenner, is a very astute and successful business woman. Her sisters are also very successful. And Kylie’s father? Well, he’s a former Olympian.
She is literally surrounded by successful people, guiding and mentoring her for success.
#3 Self-Made Millionaires Know Their Target Market
Self-made millionaires are very good at figuring out who their target market is. They know their target market.
Because Kylie nurtured her brand over many years, she knew exactly who her target market was – young women and young girls.
#4 Self-Made Millionaires Create Products or Services Their Target Market Desires
One of the reasons it takes most self-made millionaires so long to succeed is because they are simultaneously building their brand, forming their team and figuring out who their target market is.
Their brand, team and target market are therefore in constant flux in the early years. During this school of hard knocks period, they tweak their product or service offering as they are developing their brand, team and target market, all at the same time.
Doing all of those things simultaneously, just takes time.
Kylie Jenner’s brand, team and target market, however, were already in place long before she launched her first product. Because she used social media to build her brand, she knew exactly who her target market was. She knew what they liked and what they didn’t like.
Finding a product to sell to them was actually the easiest part of her journey to becoming a self-made billionaire.
And, she’s only just begun. In my opinion, we’ll be seeing Kylie Jenner on the Forbes list for many years to come, which will no doubt further agitate her envy-driven haters.
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About Thomas C. Corley
you don’t make the Forbes list by luck or a family name – good article Tom
Bob Brooks Prudent Money
Tks Bob.
I’ve been following you for a few months know and every time you’re on point with your view! I’ve learned a lot from your valuable insight. Thank you .
Tks Bunky!
Although I see your point, I don’t think she is entirely a self made millionaire. To say that somehow implies that she started from square 1 like everyone else. If you have a famous last name it isn’t as difficult to obtain as many followers on Twitter, instagram, etc as it would be if you didn’t come from a famous family. You mentioned that she built her business on her followers but those followers weren’t obtained because of some clever plan she had, they were simply following her because her last name is Kardashian and she’s a pretty girl. For an average person to obtain that many followers they’d have to do some pretty creative stuff. I don’t see that she did anything ground breaking to obtain her followers or make that much money, she was simply riding on her name. I am positive that if she wasn’t part of the Kardashian family she wouldn’t have that many followers nor that much money..