Question
How did people start with almost no money and still build a million-dollar business?
Response
Several founders in these interviews started with very little money and reinvested everything they earned. Sarah Blakeley of Spanx started with $5,000 she had saved from selling fax machines door to door for seven years, and she self-funded the business rather than taking investors. Andy Frisella started his retail store with $12,000, and in its first 10 years he personally made only $58,380, living in the back of the store for the first couple of years. Michael Weistrach started with $15 in his bank account. The Anastasia Beverly Hills founder reinvested every dollar back into the business, skipping cars and spending to save for it. Jim Cook of Samuel Adams stripped his startup to the bare minimum, using pay phone booths and bars as his office, and contracting out production instead of building a brewery. A billionaire the host met also reportedly started his billion-dollar company with $4,000.
Sources & references
- 01Asking 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.
- 02Day in the Life of a Billionaire5:35(opens on YouTube in a new tab)
We started with $12,000.
- 03Asking NY Billionaires If They Believe in God!7:19(opens on YouTube in a new tab)
I had $15 in my bank account when I started the business.
- 04Asking Billionaire Women How They Got RICH!8:07(opens on YouTube in a new tab)
Every money I will generate I will put back into the business.
- 05Asking Billionaires How They Got RICH! (Boston)17:51(opens on YouTube in a new tab)
I stripped everything down. What do I really need? Not what I want, not what I'd like to have.
- 06Asking Billionaire Women How They Got Rich!4:55(opens on YouTube in a new tab)
I was just with a billionaire that I was introduced to by the grace of God that started his billion-dollar company with $4,000 and he just sold it for $4 billion.