Hiroshi Mikitani was an early convert to the web. He left a promising career as an investment banker to set up his own Internet consulting firm, serving clients such as Softbank Corp.
Then, in 1997, he launched Rakuten, the first cybermall in Japan to offer retailers a low-cost way to reach consumers on the Internet.With the Japanese economy in decline, it looked like the worst possible time to launch an online retail venture. But Mikitani saw only opportunity: '"I knew that the Internet would eventually take off in Japan, and I wanted to be a part of it"
Turns out he was right. Rakuten ranks as the largest and most popular shopping destination on the Japanese-language web. Mikitani is one of the brightest stars to emerge on Japan's fledgling Internet stage.
Millions of consumers log on daily to the electronic marketplace to buy everything from fresh fish to insurance to toys from stores that don't have the money or inclination to set up their own network and operate a website. When Mikitani took Rakuten public on Jasdaq, Tokyo's overthe-counter market, it was the most successful debut by a net company in Japan.
Rakuten, so far has remained debt-free. "I wanted to set up a real Internet business, a model for other start-ups in Japan to follow," says Mikitani. His net worth is in the billions.
Got Any Ideas From This?
Start your own cybermall that sells products from toothbrushes to diamonds. But this could take a lot of work here. You have to find retailers that will support your business venture and you have set up an outstanding customer support like no other. Sound like too much hard work? – That is what made Hiroshi a billionaire.