He did everything wrong — now he’s filthy rich

Jack Delosa talks about being a successful entrepreneur at a young age. Courtesy: Sky Business.

Forget going to uni and buy a business before you get a mortgage, says gen Y entrepreneur Jack Delosa. Source: Supplied

HE dropped out of uni, was horrendously in debt and says buying a house will ruin your life.

But instead of slumming it, 26-year-old Jack Delosa is a millionaire and one of Australia's hottest young entrepreneurs.

He's recently published a book Unprofessional where he says the key to success is doing everything you shouldn't. Here he shares his tips with news.com.au.

Forget everything you learn at school

Mr Delosa ignored the advice of his friends and family and dropped out of his commerce and law degree to start his own business. He said the "15-hours-a-week" pace at university was way too slow and he struggled to connect what he was learning with how it would work in his career.

"University teaches you the way things have always been done whereas if you want to be successful you need to innovate and develop things that haven't done previously," he said.

"While school can teach you foundation and theory ... we need to be careful it doesn't inhibit our ability to think outside the square."

It's great hanging out with mates all day, but you can get better experience in the real world, argues Jack. Source: Supplied

Instead he started a call centre with two friends which "went terribly" as they were working long hours and losing money.

Despite the first business failing, Mr Delosa said the trial by fire was a better apprenticeship than any university course could give him.

"Any highly successful entrepreneurs will have a string of failures behind them and that's where their education comes from."

Don't buy a house

It may be the great Aussie dream, but Mr Delosa says buying a house will only tie you down.

"The suggestion that young people invest in a property first and foremost while still young is a very irresponsible piece of advice."

"To purchase a property there are high values to entry, deposit and fees, [then people are] tied to one location and stuck paying a mortgage for 30 years they can barely afford."

He said this only stifles your ability to do things outside the box and means people end up married to their job.

It might be a dream home, but getting a mortgage can mean you're married to your job, Mr Delosa said. Source: Supplied

Instead, spending $10,000 starting a business could generate thousands in income to then spend on property.

"Going into business for yourself is one of the hardest things you can choose to do. There's no rule book, no accountability or structure like you'd find in a job. It's stressful, it's lonely and it causes one to question themselves," he said.

Mr Delosa's second business, MBE Education, works to deliver education to businesses on how to raise money from investors. It was earning him more than $1 million a year by age 22.

"It's not for everybody but for those who think they can build the emotional muscle required to sustain that kind of environment it's the most rewarding thing they'll ever do."

Forget working your way up, go straight to the top

Mr Delosa said rather than sit and wait to be plucked from obscurity, find the best people to learn from and approach them direct.

Everyone has to start somewhere. Why not make it the top? Source: News Limited

He has worked with Richard Branson at his entrepreneurial centre in South Africa and is now working with Scott Farquhar of Atlassian to build the entrepreneurial community in Australia.

"Smart people do exist outside the four walls of universities ... I've connected with some of Australia's wealthiest people by sending them a message on Facebook," Mr Delosa said.

Always mix business and pleasure

Forget the old adage that you should keep the two separate; some of his best employees are friends.

"People say don't get close to staff. I don't want to be close to staff I want to be really close with staff. If you can form a camaraderie and a strong bond, they'll go the extra mile and you can have honest and frank discussions at any time. And you'll have more fun."

"Provided that everybody has a certain level of emotional intelligence and communication skill, working with people you have prior friendships with can yield great returns."

Jack Delosa says bigger visions are easier to execute. Source: Supplied

Shoot for the stars

Mr Delosa said everyone wants to be part of something big, saying "the bigger the vision, the easier it is to execute".

"If you create a vision that is aspirational and ambitious yet you can demonstrate it's grounded in rigour thorough research and you can deliver, then you will attract resources to that project."

"The world's got really noisy. If you're doing something normal you're not going to be heard through the noise. If you're doing something remarkable …. You're going to stand out."

Do you agree with his views? Continue the conversation on Twitter @Victoria — Craw | @NewscomauHQ | @JackDelosa .

Mr Delosa is hosting Unconvention in cities around Australia.

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