“Only in America” can a Turkish dairy farmer come to learn English, start a small business with borrowed money and become a billionaire in five years while beating the pants off of Fortune 500, writes Bryan Gruley of Bloomberg Businessweek. That’s the life story of Hamdi Ulukaya, founder and sole owner of Chobani, maker of Greek yogurt.
Ulukaya’s path to entrepreneurial success began when he decided to buy a yogurt plant that was closing close to his home in New York. Using an SBA loan, he acquired the plant and then set out to make yogurt like his mother made back in Turkey. It took almost two years to perfect the formula. He then choose innovative European-style packaging to enhance the experience of eating a European-style Yogurt. This combination of quality and packaging allowed the company to capture marketshare from large food conglomerates.
Chobani controls about one-third of the U.S. Yogurt market today, only five years after starting his company. The billionaire is expanding aggressively to ensure he builds enough scale to compete effectively with larger companies.
Read the full article at Bloomberg Businessweek.
Read more Finance Watch articles.