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Sheldon Adelson: Business
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April 11 (Bloomberg) -- In 1950, the teenage Sheldon Adelson ran a business stocking Boston shoe-factory vending machines. As plants closed in the summer, he headed to the beach, outfitting delivery trucks with freezers to sell ice cream.
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Adelson offered $250,000 and asked for patience for the rest, Grossman recalls. "He said, 'Steve, I'm telling you right now, all my money is tied up in this investment, but within a few years, this business will be worth $5b.'"
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By the late 1970s Adelson had developed a clear vision of what all successful businesses have in common--and more important, a growing belief in his own knack for spotting such opportunities. Call them Adelson's Rules: "It isn't enough to have a good product. The most important thing is to understand the direction of the industry." And "Study any industry, and you inevitably hear two things: 'I've always done it this way,' or 'Everybody does it this way.' When you hear that, know there's an opportunity to do something different and add value."
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While gambling and trade shows have been Adelson's trademark businesses in recent years, he got his start in similar fashion to Gates: He invested in several computer and electronics firms, most of them in his native Boston. Most of these eventually failed, but Adelson was off and running.
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