An oil refinery worker, 52 years old, saved money for his business by working 90-hour weeks and is now worth $9.5 billion.

Todd Graves and Craig Silvey's idea for a restaurant in southern Louisiana that only sold chicken fingers did not receive the highest grade in a startup-pitching assignment for Silvey's LSU undergraduate business class, and they were rejected for bank loans when they tried to make it a reality.

Graves' ownership stake in Raising Cane's propelled him to become the 107th-richest person in the country, with an estimated net worth of $9.5 billion, according to Forbes.

Graves, now 52 and the company's co-CEO, told students at Nicholls State University in 2009 that when people say something is impossible, it motivates you even more to achieve it.

In order to open the first location of the fast-food chain in 1996, Graves relocated from Louisiana to California and worked long hours in an oil refinery and later fished for salmon in Alaska, as stated on the company's website.

He invested between $40,000 and $50,000 of his own money, along with approximately $100,000 from friends, family, and a Small Business Administration loan, to launch his restaurant, as he shared on the "Trading Secrets" podcast in May.

Graves, the owner of Raising Cane's, has more than 800 locations worldwide and made $3.7 billion in net sales last year. He owns over 90% of the company and has no plans to take it public or sell his stake to private investors.

"Graves stated that he wants his children to carry on the values of the business even after he and his wife are no longer present. He believes that they have the potential to expand the business globally and continue to thrive."

Learning to balance risk and reward

In 1999, when Graves and Silvey opened their first restaurant in Baton Rouge, Graves admitted that he had no business management skills. He worked tirelessly at the restaurant, from 8 a.m. to 3:30 a.m. the next morning, seven days a week.

Graves stated that as the company expanded, he discovered how to hire staff and cultivate leaders on the spot, saying, "I was constructing a plane while I was flying it."

Graves financed his business almost entirely with loans when he started out, according to an interview with the "How I Built This" podcast in 2022. He offered private investors a 15% interest rate on a loan, which he used to secure additional funding from community banks that treated the debt as equity, he said.

Although his approach was "stupid," it ultimately allowed him to maintain his ownership stake and grow his company, even when Hurricane Katrina hit Louisiana in 2005 and shut down 21 of his 28 storefronts in the Baton Rouge area.

"Graves stated that having proper balances in debt to equity is crucial for a business to survive tough times, such as a major hurricane. However, he admitted that he leveraged everything, which helped him get through the hurricane. Graves attributed his business's survival to quickly reopening after Katrina passed. He acknowledged that he learned to balance risk after surviving the hurricane."

Seizing the right opportunities

Raising Cane's, a 28-year-old company with its third yellow lab mascot, had its first billion-dollar quarter in sales earlier this year and is projected to finish 2024 with nearly $5 billion in sales, according to the company's spokesperson.

Graves now advises against hasty expansion and emphasizes the importance of not growing too quickly at the expense of his brand, as he shared in "Trading Secrets."

"Graves stated that Raising Cane's aims to have locations worldwide and be known for its crave-able chicken finger meals, great crew, cool culture, and active community involvement. However, he emphasized the importance of staying disciplined because if the brand becomes successful, opportunities can become overwhelming, and the growth can lead to something unremarkable."

Advice from successful entrepreneurs, such as Kind Snacks founder Daniel Lubetzky, Vuori CEO Joe Kudla, and Rocket Lab CEO Peter Beck, all emphasize the importance of taking a step back to self-reflect before making big decisions and thoroughly analyzing any potential opportunity.

"Beck advised Make It last year that sometimes it's necessary to take big risks, while other times it's crucial to be cautious and deliberate when exiting a situation. It's important to manage what you can control and accept what you can't."

To become a successful and confident communicator, enroll in CNBC's online course, "Become an Effective Communicator: Master Public Speaking." Our program will teach you how to speak clearly and confidently, manage your nerves, choose the right words, and use effective body language to make a great first impression. Sign up now.

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.