“We are each a figment of our own imagination.”
I’ve decided to choose one Billionaire I’m interested in each week and to write a bit about them in order that I might learn something about how they attained their financial wealth and success. Of interest this week is the media magnate, David Geffen.
According to Wikipedia, Mr. Geffen was born in New York to Jewish Immigrant Parents. His Mom apparently owned a clothing store in New York. His parent immigrated to the U.S. during the Great Depression. He was born into a tough environment with tough financial characteristics: Jewish Immigrant parents, New York City, Great Depression – oy vey. His mother called him ‘King David’; she told him, ‘you have golden hands, you can do anything you want’. Parents can and do make a difference. My Mom always told me I could do anything I put my mind to, so we at least have that in common…
A college drop-out (college apparently has nothing to do with financial success, kids), Mr. Geffen lied about having a college degree just to land a job in the mail room at a talent agency, William Morris Agency (WMA). Landing this mail room job was a significant hack. Because he worked in the mail room, he was able to intercept, and modify, a letter from UCLA to WMA stating that he had not attended college at UCLA.
While working in the mail room at WMA, Mr. Geffen became friends with another college drop-out, Elliot Rabinowitz, who partnered with him in later ventures. Note to self, never underestimate the talent of people working with you, even if they are in the mail room.
Geffen soon dropped out of WMA to form his own Talent Management Company where he managed Laura Nyro primarily at first, and then became a talent manager for musicians like Crosby, Stills and Nash. It was his discovery of Jackson Browne that instigated his creation of Asylum Records.
He later sold Asylum Records after purportedly tiring of supporting the personal and professional lives of the artists he represented. He then was asked to become instrumental in merging Asylum Records with Elektra.
He fell in love with Cher and lived with her for 18 months (and he was gay)! At the same time, he had the top three selling record albums. Talk about crushing it!
“Start with what you know. You never know where it will take you.”
He then went on to form Geffen Records, signing big names such as Dianna Ross, Elton John and John Lennon. He sold Geffen records.
He went on to form the film production company, Dream Works, making hit after hit with Director Steven Spielberg and Producer Jeffrey Katzenberg (movie hits like Beetlejuice, Little Shop of Horrors, Shrek, Risky Business and Saving Private Ryan).
For a more in depth look into the life and career of David Geffen, I highly recommend the movie, ‘Inventing David Geffen’, which you can download on iTunes.