The Miraculous Rise of Mohamed Mansour: From Penniless to Billionaire
Riches to rags to riches. The life story of Egyptian investment billionaire Mohamed Mansour reads like a Victorian novel, with its miraculous twists of fortune and resilience in the face of adversity. From a devastating childhood accident to the confiscation of his family’s fortune, Mansour’s journey to becoming a billionaire is nothing short of extraordinary.
At the age of 10, Mansour’s life took a tragic turn when his older brother accidentally hit him with a car, nearly severing his leg. Despite the advice of the head doctor, a surgeon refused to amputate the limb, and Mansour spent three years bedridden. However, through sheer determination and perseverance, he slowly recovered and was able to walk again.
Born into a wealthy aristocratic family, Mansour’s life took a drastic turn when Egypt’s President Gamal Abdel Nasser confiscated his family’s fortune and nationalized their cotton company while he was enrolled in college at North Carolina State University. Suddenly penniless, Mansour had to move out of his fraternity house and into a crowded off-campus residence. He survived on bread and eggs for six months and took a minimum wage job at a restaurant to make ends meet.
Just as Mansour was starting to rebuild his life, he was diagnosed with kidney cancer at the age of 20. At the time, survival rates for the disease were low, but Mansour underwent surgery and radiation therapy, which led to his recovery. He has been cancer-free ever since.
Despite these setbacks, Mansour and his family managed to restart their cotton export business under a new president. They also ventured into the automobile distribution industry, which proved to be a lucrative endeavor. Mansour took over the business in the 1980s and grew it into the multibillion-dollar empire known as the Mansour Group. The group secured contracts with General Motors and Caterpillar, making it one of the world’s largest GM distributors and a prominent player in the construction equipment industry.
Mansour’s success didn’t stop there. In 2009, he made a shrewd investment of $20 million in pre-IPO Facebook stock, which turned out to be a wise move. Although he won’t disclose when he sold the stock, Mansour acknowledges that it was a profitable investment. He also established his family’s private equity firm, Man Capital, in the UK, where he currently resides.
Now in his 76th year, Mansour is entering a reflective period of his life that has inspired him to write an autobiography titled “Drive to Succeed.” In the book, he shares the lessons he has learned from his decades in business and his encounters with adversity.
Here are some key takeaways from Mansour’s remarkable journey:
1. Underpromise and overdeliver: When Mansour was starting out in the car distribution industry, he knew he had to build a reputation from scratch. To earn the trust of General Motors, he underplayed his promises, ensuring that he always exceeded expectations. This approach still guides him today.
2. Look for gaps in the market: Mansour advises aspiring entrepreneurs to identify what’s missing in the market and find ways to fill those gaps. His own success came from leveraging his knowledge of the American way of doing business in Egypt, which set him apart from other businessmen.
3. Foster teamwork and rely on others: Despite being the head of his business empire, Mansour believes in fostering a sense of teamwork and loyalty among his colleagues. He doesn’t sit at the head of the table in board meetings, symbolizing that everyone’s input is valued. He relies on the expertise and intelligence of those around him.
4. Embrace innovation and avoid living in the past: Mansour emphasizes the importance of embracing innovation and constantly seeking new frontiers. He refuses to dwell on past successes and instead focuses on staying ahead of the curve. Surrounding himself with young colleagues who bring fresh ideas and perspectives helps him achieve this.
5. Maintain boundaries between work and personal relationships: Mansour learned the hard way that blurring the lines between work and personal relationships can be detrimental. While he initially hired friends he trusted, he realized the need to establish boundaries. He now keeps work and pleasure separate, ensuring a professional environment.
6. Pay attention to macroeconomic factors: Mansour highlights the significance of macroeconomic factors in business. He advises entrepreneurs to consider how political events and economic shifts can impact their businesses. He learned this lesson when he failed to anticipate the weakening of the Egyptian currency, which almost led to his bankruptcy.
7. Use adversity as a catalyst for growth: Mansour’s experiences with a childhood accident and financial struggles taught him valuable lessons. Adversity made him a better thinker and instilled in him a reluctance to take on unnecessary debt. He encourages others to view adversity as an opportunity for personal growth.
Mohamed Mansour’s journey from penniless to billionaire is a