82-year-old self-made billionaire CEO shares business advice: 'You're not making money...'

Jack Cowin made his fortune from selling fast food in Australia. (Representational image)

At 82,  Jack Cowin is the founder and chairman of Competitive Foods Australia -- a business worth over $3 billion and brings in over $300 million a year. The self-made billionaire made his fortune from selling fast food. He bought his first KFC store in Australia in 1969, developed it into a 55-store franchise, and then sold it for over $71 million in 2013, CNBC Make It reported.

“I didn’t come from [money] ... I’m kind of self-made. I use that terminology and I’m proud of that,” he told the publication.

When asked to give advice to young professionals who may be feeling lost in life, Cowin said, “The short answer is — if you’re lost, get active with something.”

“I see people that get fired or something goes wrong in their life. They sit on the sidelines and they lose confidence ... you got to be in the game to be successful,” he told CNBC Make It. “You got to get back into the mainstream of life by doing stuff, interacting with people... Have a go, don’t stand around thinking about it.”

The billionaire CEO, who is also the biggest shareholder of Domino’s Pizza in Australia, said “business is a team sport".

“Don’t be a dentist ... when you’re not drilling teeth, you’re not making money,” Cowin told CNBC Make It. “If you want to do something [that] is bigger and has more scope, you have to become a team player and... to become a team player, you got to interact with people. Be conscious of the fact that you cannot do it on your own,” said Cowin.

He added that business isn’t just about fulfilling what others need, whether they’re employees, customers, investors or business partners, and not just satisfying your own needs. Cowin said being a “people person” and having an innate curiosity and desire to learn has been key to his success.