We all know about entrepreneurs and billionaires, who are doing well in their respective industries and businesses but do you know how a Pakistani has achieved and accomplished his dreams and what he has done to be named in the Forbes magazine. Read about an inspirational and determined entrepreneur here.
Shahid Khan is known as the Pakistani-American business magnate and billionaire. He is known to be one of the successful entrepreneur. He is the owner of the automobile parts manufacturer Flex-N-Gate in Urbana, Illinois, owner of the Jacksonville Jaguars of the National Football League (NFL) and the English Football League Championship team Fulham F.C. Dream. On September 2016, Khan’s net worth was over $6.9 billion, ranked 84th in the Forbes 400 list of richest Americans. He is currently overall the 360th wealthiest person in the world moreover the richest person of Pakistani origin. Shahid Khan was featured on the front cover of Forbes magazine in 2012, with the headlines as American big dream.
Current Net-worth : 8.5 billion USD (2017)
Shahid Khan was born on 18th July 1950, is a Muslim and was raised in a middle-class family in Lahore, Pakistan. His family was involved in the construction industry. His mother, who is now retired was a professor of mathematics. Shahid moved to the United States in 1967 when he was just 16 years old with the dream to achieve big in life. He studied at the University of Illinois at Urbana–Champaign. On arriving to United States, he had few dollars with him to serve his living but Shahid did not lose hope and he used to spend his first night in a $2/night room at the University Y-YMCA. His first job was to wash dishes in a hotel for $1.20 per hour. Shahid graduated from the UIUC College of Engineering with Degree of BSc in Mechanical Engineering in 1971 and later was awarded the Mechanical Science and Engineering Distinguished Alumni Award in 1999. Shahid Khan was issued the US citizen in 1991.
Shahid Khan at Flex-N-Gate
Flex-N-Gate is an automotive manufacturing industry, Shahid Khan used to work at the automotive Flex-N-Gate while attending the University of Illinois. Shahid khan was hired as the engineering director in Flex-N-Gate after graduating. In 1978, Shahid had an idea of doing something innovative and different than what others were doing. Shahid started a company as Bumper Works, which made car bumpers for customized pickup trucks and body shop repairs. He was required a total of $66,000 to start his idea, later he managed to get $50,000 loan from the Small Business Administration and $16,000 from his savings.
In 1980, Shahid khan was developing and generating good money, bought Flex-N-Gate from his former employer Charles Gleason Butzow to bring Bumper Works into the unite. Shahid khan grew the company and it has supplied bumpers for the Big Three automakers of that time. In 1984, he started supplying bumpers for Toyota pickups in small numbers. Shahid khan knew what is coming next and in 1987 it was the only supplier for Toyota pickups and it was the sole supplier for the whole Toyota line in the United States by 1989.
Adopting the Toyota Way increased company efficiency and capability to change its manufacturing process within a few minutes. Shahid khan and the company since then has emerged from $17 million in sales to an estimated of $2 billion by 2010. In 2011, Flex-N-Gate had 12,450 employees and 48 manufacturing plants in the United States and several other countries, generating $3 billion in revenue.
Jacksonville Jaguars and Fulham F.C.
Shahid Khan tried to purchase a National Football League team on February 11, 2010, when he signed an agreement to hold the 60% of the St. Louis Rams from Chip Rosenbloom and Lucia Rodriguez including approval by other NFL owners. Shahid Khan purchased the Jacksonville Jaguars from Weaver and his ownership associated to NFL approval on November 19, 2011. It was announced by Weaver the sale of the team to Khan later on the same day. The details about the deal was not disclosed except the verbal commitment to keep the team in Jacksonville, Florida. The sale of Jacksonville Jaguar was finalized on January 4, 2012 successfully. The purchase price for 100% share in the Jaguars was estimated to have been $760 million, making Shahid Khan the first member of a different race and caste to own an NFL team. Shahid Khan is a board member of the NFL Foundation currently.
Another big initiative was takeen by Shahid Khan in July 2013, when Khan attempted to purchase the famous London football club Fulham of the English Premier League from its old owner Mohamed Al Fayed. The deal was successfully finalized on July 12, 2013 and the amount estimated to complete the deal was between £150–200 million. No official purchase price was announced as Shahid khan stated it as “highly confidential”.
Shahid Khan belonged to a middle-class family, believed and achieved his big dreams in life. Shahid khan was assure of his success if he stays determined towards his ideas. He was passionate about the business he was doing, leading him to become one of the famous entrepreneurs today.