In 1984, David Steward Borrowed $2K From His Dad To Venture Into Entrepreneurship — Now He's The Majority Owner Of A $14.5B Company

In 1978, gospel legend Walter Hawkins pinned lyrics that stated, “a little rain mixed with God’s sunshine a little pain, makes me appreciate the good times.” These words position themselves perfectly to the rags to riches story related to tech billionaire David Steward.

Stories like these often provide hope, invigorate motivation, and inspire change, and Steward’s is no different.

Born in Chicago, IL, Steward came from humble beginnings with seven other siblings. Although he was born in the Windy City, his family moved to his mother’s hometown of Clinton, MO, where he was raised. There, they lived in a small home that did not include indoor plumbing or heating.

The family had a small farm with cows, vegetables, and crops. Tending to the land was a part of the Steward family’s daily responsibilities.

“My jobs included emptying the chamber pots, shaking down the ash in the potbelly stove and then spreading it on the driveway for traction, cleaning the barn, feeding the cows and pigs, milking the cow, and skimming the cream for the butter churn,” as documented by Horatio Alger Association.

“Our chores seemed endless,” Steward added. “But it was just the way we grew up, and it was all just a part of our lives.”

However, Steward's father's work ethic gave him his first glimpse into entrepreneurship.

“My father was the first entrepreneur I ever knew,” Steward described, per Horatio Alger Association. “He was an entrepreneur out of necessity. We probably would have qualified for welfare, but my father was proud, and he did what he had to do to support his wife and children. He was a master mechanic and should have been able to make good money working at the nearby power company, but they weren’t hiring people of color. He and my mother were caring and committed to the next generation. Having two parents who understood their roles and their responsibilities, and then watching them work together to provide for their family, making them the best teachers in the world.”

History Maker

Steward’s examples of hard work would pay off in great dividends. In the first grade, he was a part of the first Black person to attend Clinton’s newly integrated elementary school. And by 1973, he would graduate from Central Missouri State University, becoming the first person in his family to earn a college degree.

After college, Steward moved to St. Louis, where his older sister lived, to begin his career. He served as a substitute teacher while applying for other full-time roles. He would later join Wagner Electric Corporation in 1974.

A year after starting the role with Wagner, the company would shut down, leading him to accept a position with Missouri Pacific Railroad as the company’s first Black person to sell rail services.