It is difficult to imagine the future of a child placed in an orphanage at 10 because his mother had a disability, lived on welfare and struggled to raise her children. That child was GiftCards.com owner Jason Wolfe.
Now 45, Wolfe runs a gift card business based in Pittsburgh, Pennsylvania, United States. Customers pay in advance using VISA or Mastercard, then can request that their photos be placed on the cards they have purchased.
Portrait of GiftCards.com owner Jason Wolfe
From 2010 to 2013, revenue at Wolfe’s GiftCards.com rose 72%, from USD 64 million to over USD 110 million. CEO Wolfe frankly shared that, lacking higher education, he did not allow himself to dream too far into the future, but he had certainly prepared thoroughly for his business career.
Wolfe confided: “I went through a bitter, difficult childhood, so I believe I can overcome any hardship.”
Inspiration from Chocolate
Jason Wolfe said his passion for business was sparked by the founder of the orphanage, Milton Hershey School, in Hershey, Pennsylvania, US. He was also the founder of Hershey, America's renowned candy and chocolate company. Today, the company's estimated net assets are 20.8 billion USD.
Wolfe shared: “The way he did business may have sparked an idea about my future, and I felt confident that I could stand on my own two feet.”
Wolfe also shared why he chose the gift card business. CEO Wolfe recalled: “It was Christmas Day. We were huddled under blankets because the house had no heater when suddenly someone knocked. We peeked out and were overjoyed to see a gift box.”
Destiny?
In 1994, young Jason Wolfe graduated from Bloomsburg University (Pennsylvania, United States) and decided to establish a coupon business. Initially, Wolfe thought he would sell directly at video stores. However, an unexpected car accident forced him into hospital for treatment.
Wolfe recalled: “I recovered from spinal surgery after a long time bedridden. Rather than waste the time, I read many books and taught myself programming.”
With his self-taught knowledge, Jason Wolfe abandoned the idea of selling directly through video stores and instead set himself the goal of designing a website.
Wolfe founded his first business, MyCoupons.com, in 1995, when the Internet was only beginning to gain popularity. With just USD 1,000 (£586), he struggled hard to keep the company running.
On top of that, the girlfriend he lived with suddenly demanded a breakup, leaving Wolfe homeless and living in his car for two full months while urgently searching for office space for the company. Wolfe recalled bitterly: “I think she did not believe in my determination to change my life for the better.”
After many difficulties, Wolfe finally sold his first product to an owner specializing in Italian coffee machines. When the man said he would pay USD 1,500 for a coupon on MyCoupons.com, Wolfe realized that the internet was his future.
With the proceeds, young entrepreneur Wolfe founded MyCoupons.com's ‘sister’ company, GiftCards.com, in 1999.
A year after the car accident, Wolfe agreed to sell MyCoupons.com, which then had as many as 20 million views a month, for USD 20 million. Unfortunately, the buyer ran into financial difficulties, delaying payment, and Wolfe ultimately received only USD 2 million.
Wolfe recalled: “I did everything I could to survive until today,” as the workforce was cut from 40 to just 14.
Secrets to success
Once GiftCards.com was stable, Wolfe handed management of the company to another member to focus on caring for his newborn son in 2004.
Wolfe recalled: “I was only 4 when my father died. My childhood lacked father-child affection, so I don't want my children to experience what I did.”
But when his son started school in 2008, Jason Wolfe decided to return to running the company and devote himself fully to GiftCards.com. In 2013, the company achieved worldwide revenue of 118 billion USD, 90% of it through online sales and grocery stores.
Jason Wolfe devotes time to charity, caring for impoverished children in Haiti
Entrepreneur Jason Wolfe asserts that global revenue will expand much further online over the next 5 years, and GiftCards.com is ahead of the curve, poised for profit.
Wolfe refuses to invest outside his traditional business area. The young entrepreneur revealed his strategy: “I want to control every outcome of this business. At the same time, we need to create more distinctive services.”
Nguyễn Thanh Hải/DNSG
(According to BBC)
Chương trình liên quan tại YUP Education: X-Startup – khóa học khởi nghiệp «Khởi Chánh Nghiệp» · The Journey – lộ trình phát triển doanh nhân
