Question
How did people go from broke to their first million?
Response
The stories from these street interviews share a few threads. Many of the founders started with very little money, sometimes almost nothing. One Miami entrepreneur said he started the business that made him who he is today with $300, and the takeaway he drew was that you don't need a lot of capital, you need to take action. Sarah Blakeley started Spanx with $5,000 she had saved from selling fax machines door to door for seven years, and she never took outside investors, choosing to bet on herself. Michael Weistrach said he had $15 in his bank account when he started his company at 35, and he framed the key as stopping wishing and deciding to act. The oil entrepreneur from Highland Park went from a childhood heated by a wood stove to his first real deal by maxing out his credit cards for $70,000 to buy distressed loans. Andy Frisella started his business with $12,000, and said that across his first ten years he made only $58,380 in total, so the early climb was slow. The common lesson was to keep reinvesting and staying disciplined with money in the early years, and to treat rejection and early losses as part of the path.
Sources & references
- 01Asking Billionaire Women How They Got Rich!4:44(opens on YouTube in a new tab)
I started my first business that made me who I am today with $300.
- 02Asking Billionaire Women How They Got RICH!17:12(opens on YouTube in a new tab)
I had $5,000 that I had saved myself from selling fax machines doortodoor for seven years.
- 03Asking NY Billionaires If They Believe in God!7:19(opens on YouTube in a new tab)
I did not. I had $15 in my bank account when I started the business. I was 35 when I started it.
- 04Asking Billionaire Texans How They Got Rich!6:40(opens on YouTube in a new tab)
I had maxed out my credit cards, $70,000, which was more money than I'd ever seen, and I bought all these distressed loans from failed savings and loans
- 05Day in the Life of a Billionaire5:52(opens on YouTube in a new tab)
And the first 10 years total, I made $58,380.